Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0242%/8h= −26.4% APRpaid last 24h −0.070%

Price spread now: Binance against Phoenix−0.009%7-day average −0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.457%−$46 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now −0.009%, 7d avg −0.115%

Together, before fees−0.500%−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.106% dearer against Phoenix than usual: you sell high and buy low (spread −0.009% now, against its 7-day average of −0.115%): +$11 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	230.44	0.0242	pay 0.0030% / 1h	24m 59s	$7K	$150K	10x
Short	Binance NBISUSDT	230.42	0	get 0.0000% / 8h	2h 24m	$18.4M	$86.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.009%Rate

Funding earned: −$50.72
Price spread: −0.009% → −0.115%: $10.6
Slippage, 4 orders: −$35.42
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$92.54
Costs to cover: 0.524%
Break-even: never at this rate

Slippage from Phoenix: live order book, 16 min ago; Binance: live order book, 3 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, 16 min ago	6.07 bp	17.2 bp −$17	37.7 bp −$377	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.43 bp	9.3 bp −$9	27.0 bp −$270	97.2 bp −$9,724	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
Bitget NBISUSDT	−0.0479%	8h	230.59	+0.065%	$2.3M	$4.6M	20x	as long as short
BloFin NBIS-USDT	−0.0029%	8h	230.52	+0.035%	$204K	$204K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.47	+0.014%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.45	+0.003%	$146K	$757K	10x	as long as short
Binance NBISUSDTshort	0.0000%	8h	230.42	−0.009%	$18.4M	$86.7M	25x
Bybit NBISUSDT	0.0000%	8h	230.45	+0.004%	$4.9M	$6.4M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.33	−0.048%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.64	+0.087%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.38	−0.027%	$2.9M	$554K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.84	+0.173%	$5K	$118K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	230.70	+0.113%	$974	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.52	+0.035%	$15K	$61K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.54	+0.043%	$1.6M	$955K	10x	as long as short
Nado NBIS-PERP	+0.0013%	1h	230.19	−0.107%	$37K	$115K	3x	as long as short
QFEX NBIS-USD	+0.0029%	1h	230.48	+0.017%	$1.5M	$3.9M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.36	−0.035%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.26	−0.078%	—	$220K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.43	−0.004%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.36	−0.035%	$97	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.21	−0.100%	$152K	$531K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0063%	1h	230.33	−0.048%	$53.5M	$20.6M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.37	−0.030%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.43	−0.004%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.39	−0.023%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0168%	1h	230.62	+0.078%	$353K	$792K	10x	as long as short
Lighter NBIS	+0.0216%	1h	230.51	+0.030%	$928K	$4.0M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0223%	1h	230.40	−0.019%	$23K	$15K	20x	as long as short
Phoenix NBISlong	+0.0242%	1h	230.44	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0292%	1h	230.42	−0.009%	$10.0M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0361%	4h	230.33	−0.050%	$37K	$226K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0618%	1h	230.53	+0.039%	$34K	$49K	10x	as long as short