Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0186%/8h= −20.4% APRpaid last 24h −0.066%

Price spread now: Aster against Phoenix−0.119%65s7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1401.403% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.468%−$47 on $10k

Price spread, last 4 days (all we have)−0.134%−$13 · spread now −0.119%, 7d avg −0.108%

Together, before fees−0.603%+ Points / potential airdropAster: Stage 5 · farm board−$60 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.108%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	234.85	0.0308	pay 0.0039% / 1h	28m 16s	$7K	$150K	10x
Short	Aster NBISUSDT	234.57	0.0122	get 0.0122% / 8h	5h 28m	$81K	$307K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee AsterbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$39.04
Price spread: −0.119% → −0.108%: −$1.08
Slippage, 4 orders: −$125.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$180.47
Costs to cover: 1.403%
Break-even: never at this rate

Slippage from Phoenix: live order book, 28 min ago; Aster: live order book, 34 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 28 min ago	5.12 bp	15.7 bp −$16	34.0 bp −$340	doesn't fit	doesn't fit
Sell Aster live order book, 34 min ago	11.74 bp	18.3 bp −$18	1364.1 bp −$13.6K	doesn't fit	doesn't fit

NBIS on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado NBIS-PERP	−0.0008%	1h	234.28	−0.245%	$65K	$98K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.48	−0.158%	$5.0M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.38	−0.200%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.51	−0.145%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.49	−0.153%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.85	−0.002%	$4K	$127K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.73	−0.051%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.72	−0.055%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.74	−0.047%	$1.6M	$963K	10x	as long as short
QFEX NBIS-USD	+0.0023%	1h	234.51	−0.145%	$1.5M	$4.3M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NBIS-USD	+0.0040%	1h	234.53	−0.136%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.72	−0.055%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.45	−0.170%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.50	−0.149%	$38	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.70	−0.064%	$164K	$499K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0071%	1h	234.46	−0.166%	$54.9M	$19.7M	10x	as long as short
Variational Omni NBIS	+0.0095%	8h	234.77	−0.035%	$2.9M	$569K	—	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.22	−0.268%	$483K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.45	−0.170%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.41	−0.186%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	233.53	−0.562%	$382K	$712K	10x	as long as short
BloFin NBIS-USDT	+0.0109%	8h	234.77	−0.034%	$206K	$204K	20x	as long as short
Aster NBISUSDTshort	+0.0122%	8h	234.57	−0.119%	$81K	$307K	50x
Extended NBIS-USD	+0.0128%	1h	234.43	−0.177%	$146K	$702K	10x	as long as short
Binance NBISUSDT	+0.0131%	8h	234.51	−0.145%	$19.1M	$84.5M	25x	as long as short
Kraken Futures PF_NBISUSD	+0.0152%	1h	234.33	−0.221%	$23K	$15K	20x	as long as short
Lighter NBIS	+0.0264%	1h	234.43	−0.179%	$903K	$4.3M	10x	as long as short
Phoenix NBISlong	+0.0308%	1h	234.85	long leg	$7K	$150K	10x
edgeX NBISUSDC	+0.0334%	4h	234.66	−0.080%	$38K	$227K	10x	as long as short
Entropy io:NBIS	+0.0467%	1h	234.48	−0.158%	$10.2M	$3.3M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0476%	1h	234.40	−0.192%	$35K	$48K	10x	as long as short