Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.061%

Price spread now: BloFin against Phoenix+0.081%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.460%−$46 on $10k

Price spread, last 4 days (all we have)−0.197%−$20 · spread now +0.081%, 7d avg −0.074%

Together, before fees−0.657%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.156% dearer against Phoenix than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of −0.074%): +$16 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	233.68	0.0377	pay 0.0047% / 1h	44m 44s	$7K	$127K	10x
Short	BloFin NBIS-USDT	233.87	0.0197	get 0.0197% / 8h	5h 44m	$207K	$217K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$37.78
Price spread: +0.081% → −0.074%: $15.58
Slippage, 4 orders: −$31.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$72.57
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from Phoenix: live order book, 60 min ago; BloFin: live order book, 61 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, 60 min ago	5.20 bp	15.3 bp −$15	33.0 bp −$330	doesn't fit	doesn't fit
Sell BloFin live order book, 61 min ago	2.17 bp	9.6 bp −$10	20.1 bp −$201	doesn't fit	doesn't fit

NBIS on 31 exchanges

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
OKX NBIS-USDT-SWAP	0.0000%	8h	233.70	+0.009%	$3.3M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.77	+0.039%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.79	+0.047%	$2.3M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.59	−0.039%	$1K	$1.4M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.85	+0.073%	$35K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.47	+0.338%	$13K	$62K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.87	+0.081%	$1.6M	$969K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.13	+0.193%	—	$250K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.37	−0.133%	$152K	$532K	10x	as long as short
QFEX NBIS-USD	+0.0058%	1h	233.86	+0.077%	$1.6M	$3.6M	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NBISUSDTM	+0.0100%	8h	233.67	−0.004%	$474K	$185K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.86	+0.077%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.83	+0.065%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	234.06	+0.163%	$383K	$883K	10x	as long as short
Variational Omni NBIS	+0.0111%	8h	233.75	+0.028%	$2.9M	$646K	—	as long as short
Bybit NBISUSDT	+0.0111%	8h	233.91	+0.098%	$5.4M	$7.0M	50x	as long as short
edgeX NBISUSDC	+0.0130%	4h	234.18	+0.215%	$31K	$234K	10x	as long as short
Polymarket Perps NBIS-USD	+0.0131%	1h	233.73	+0.021%	$133K	$476K	10x	as long as short
Aster NBISUSDT	+0.0146%	8h	234.30	+0.267%	$75K	$314K	50x	as long as short
Binance NBISUSDT	+0.0181%	8h	233.81	+0.056%	$20.6M	$91.4M	25x	as long as short
Extended NBIS-USD	+0.0184%	1h	233.73	+0.023%	$149K	$846K	10x	as long as short
BloFin NBIS-USDTshort	+0.0197%	8h	233.87	+0.081%	$207K	$217K	20x
Nado NBIS-PERP	+0.0254%	1h	233.89	+0.089%	$38K	$85K	3x	as long as short
Kraken Futures PF_NBISUSD	+0.0370%	1h	233.58	−0.043%	$22K	$11K	20x	as long as short
Phoenix NBISlong	+0.0377%	1h	233.68	long leg	$7K	$127K	10x
Lighter NBIS	+0.0392%	1h	233.88	+0.086%	$945K	$3.8M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0397%	1h	233.83	+0.064%	$55.3M	$19.2M	10x	as long as short
Arcus NBIS-USD	+0.0413%	1h	233.79	+0.047%	$42K	$119K	5x	as long as short
GRVT NBIS_USDT_Perp	+0.0560%	8h	234.24	+0.240%	$4K	$101K	10x	as long as short
SoDEX NBIS-USD	+0.0584%	1h	233.83	+0.064%	$84	$19K	10x	as long as short
Entropy io:NBIS	+0.0773%	1h	233.90	+0.094%	$10.2M	$3.0M	10x	as long as short