Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h −0.103%

Price spread now: Bitget against Phoenix−0.072%79s7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as 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−$620.625% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.428%−$43 on $10k

Price spread, last 4 days (all we have)−0.159%−$16 · spread now −0.072%, 7d avg −0.104%

Together, before fees−0.587%−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.032% dearer against Phoenix than usual: you sell high and buy low (spread −0.072% now, against its 7-day average of −0.104%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 79 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	235.50	0.0308	pay 0.0039% / 1h	4m 04s	$7K	$150K	10x
Short	Bitget NBISUSDT	235.33	0	get 0.0000% / 8h	5h 04m	$2.4M	$4.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$64.7
Price spread: −0.072% → −0.104%: $3.18
Slippage, 4 orders: −$43.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$124
Costs to cover: 0.625%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Bitget: live order book, 4 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, 52 min ago	5.12 bp	15.7 bp −$16	34.0 bp −$340	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	2.34 bp	15.4 bp −$15	24.5 bp −$245	46.9 bp −$4,692	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	−0.0010%	1h	235.51	+0.004%	$64K	$100K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.44	−0.025%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.36	−0.059%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.36	−0.059%	$2.8M	$5.1M	50x	as long as short
Bitget NBISUSDTshort	0.0000%	8h	235.33	−0.072%	$2.4M	$4.4M	20x
GRVT NBIS_USDT_Perp	0.0000%	8h	235.28	−0.093%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.34	−0.068%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.35	−0.064%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.57	+0.030%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.37	−0.055%	$1.6M	$960K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0023%	1h	235.43	−0.030%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.31	−0.081%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.68	+0.076%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.30	−0.085%	$150K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.36	−0.059%	$61	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.52	+0.008%	$165K	$501K	10x	as long as short
edgeX NBISUSDC	+0.0052%	4h	235.46	−0.016%	$38K	$226K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0066%	1h	235.19	−0.132%	$55.1M	$19.6M	10x	as long as short
Variational Omni NBIS	+0.0075%	8h	235.50	0.000%	$2.9M	$565K	—	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.24	−0.110%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.36	−0.059%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.31	−0.079%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	235.35	−0.064%	$389K	$725K	10x	as long as short
Aster NBISUSDT	+0.0113%	8h	235.42	−0.034%	$81K	$307K	50x	as long as short
BloFin NBIS-USDT	+0.0115%	8h	235.57	+0.030%	$207K	$205K	20x	as long as short
Binance NBISUSDT	+0.0119%	8h	235.43	−0.030%	$19.2M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0120%	1h	235.33	−0.072%	$147K	$706K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0151%	1h	235.30	−0.086%	$24K	$15K	20x	as long as short
Lighter NBIS	+0.0272%	1h	235.37	−0.055%	$901K	$4.3M	10x	as long as short
Phoenix NBISlong	+0.0308%	1h	235.50	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0524%	1h	235.42	−0.034%	$10.2M	$3.3M	10x	as long as short