Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0330%/8h= +36.1% APRpaid last 24h +0.036%

Price spread now: edgeX against Phoenix−0.025%7-day average −0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$620.619% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 4 days (all we have)+0.105%+$10 · spread now −0.025%, 7d avg −0.106%

Together, before fees+0.313%+ Points / potential airdropedgeX: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and edgeX is 0.081% dearer against Phoenix than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.106%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.208% in total (about 10.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	233.42	0.0306	pay 0.0038% / 1h	35m 15s	$7K	$152K	10x
Short	edgeX NBISUSDC	233.36	0.0636	get 0.0318% / 4h	2h 35m	$37K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $69.33
Price spread: −0.025% → −0.106%: $8.13
Slippage, 4 orders: −$45.93
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $15.53
Costs to cover: 0.619%
Break-even: 5.4 days

Slippage from Phoenix: live order book, 26 min ago; edgeX: live order book, 32 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, 26 min ago	5.09 bp	15.1 bp −$15	32.3 bp −$323	doesn't fit	doesn't fit
Sell edgeX live order book, 32 min ago	5.52 bp	16.5 bp −$16	doesn't fit	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
Bybit NBISUSDT	0.0000%	8h	233.55	+0.056%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.54	+0.051%	$3.4M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.57	+0.064%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.54	+0.051%	$2.4M	$4.5M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.56	+0.060%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.40	−0.009%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.58	+0.069%	$1.6M	$972K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0016%	8h	233.46	+0.019%	$5K	$129K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	233.49	+0.030%	$1.5M	$4.6M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.35	−0.030%	$42K	$132K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	233.55	+0.056%	—	$226K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.44	+0.009%	$148K	$456K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.43	+0.004%	$93	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.49	+0.030%	$163K	$499K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.39	−0.012%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.38	−0.017%	$481K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.44	+0.009%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.43	+0.004%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0111%	1h	233.46	+0.017%	$54.7M	$20.0M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	236.05	+1.127%	$386K	$721K	10x	as long as short
Nado NBIS-PERP	+0.0139%	1h	233.26	−0.067%	$67K	$94K	3x	as long as short
Variational Omni NBIS	+0.0207%	8h	233.54	+0.051%	$2.8M	$571K	—	as long as short
Aster NBISUSDT	+0.0211%	8h	233.59	+0.071%	$81K	$314K	50x	as long as short
Binance NBISUSDT	+0.0231%	8h	233.53	+0.048%	$19.2M	$85.0M	25x	as long as short
Extended NBIS-USD	+0.0232%	1h	233.46	+0.017%	$150K	$701K	10x	as long as short
BloFin NBIS-USDT	+0.0234%	8h	234.04	+0.266%	$207K	$209K	20x	as long as short
Lighter NBIS	+0.0296%	1h	233.46	+0.017%	$901K	$4.4M	10x	as long as short
Phoenix NBISlong	+0.0306%	1h	233.42	long leg	$7K	$152K	10x
Entropy io:NBIS	+0.0361%	1h	233.46	+0.017%	$10.1M	$3.3M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0436%	1h	233.39	−0.013%	$35K	$48K	10x	as long as short
edgeX NBISUSDCshort	+0.0636%	4h	233.36	−0.025%	$37K	$226K	10x