Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0340%/8hnext payment −$0.42 per $10,000 · paid last 24h −0.065%

Price spread now: Extended against Phoenix+0.097%88s7-day average −0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as 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−$560.558% of the position

Long on Phoenix Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.512%−$51 on $10k

Price spread, last 3 days (all we have)−0.516%−$52 · spread now +0.097%, 7d avg −0.148%

Together, before fees−1.028%+ Points / potential airdropExtended: Active · farm board−$103 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.245% dearer against Phoenix than usual: you sell high and buy low (spread +0.097% now, against its 7-day average of −0.148%): +$25 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.4 days. The two prices were read 88 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	234.30	0.0340	pay 0.0042% / 1h	21m 49s	$7K	$180K	10x
Short	Extended NBIS-USD	234.53	0	get 0.0000% / 1h	21m 49s	$141K	$694K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.097%Rate

Funding earned: −$71.32
Price spread: +0.097% → −0.148%: $24.54
Slippage, 4 orders: −$43.76
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$102.54
Costs to cover: 0.558%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Extended: live order book, 10 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, 6 min ago	4.70 bp	14.1 bp −$14	30.1 bp −$301	doesn't fit	doesn't fit
Sell Extended live order book, 10 min ago	3.43 bp	13.5 bp −$14	94.8 bp −$948	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
Kraken Futures PF_NBISUSD	−0.0161%	1h	234.39	+0.037%	$25K	$11K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	234.55	+0.107%	$111K	$266K	50x	as long as short
Extended NBIS-USDshort	0.0000%	1h	234.53	+0.097%	$141K	$694K	10x
Binance NBISUSDT	0.0000%	8h	234.61	+0.132%	$20.3M	$82.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.52	+0.094%	$5.2M	$6.1M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.55	+0.107%	$3.5M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.39	+0.038%	$2.9M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.58	+0.120%	$2.5M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	234.16	−0.060%	$2.9M	$923K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.23	−0.028%	$5K	$140K	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	234.34	+0.017%	$933	$1.8M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.21	−0.038%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.40	+0.043%	$1.6M	$907K	10x	as long as short
BloFin NBIS-USDT	+0.0022%	8h	234.44	+0.060%	$213K	$215K	20x	as long as short
QFEX NBIS-USD	+0.0033%	1h	234.40	+0.043%	$1.5M	$5.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.22	−0.034%	$40K	$118K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.53	+0.098%	—	$230K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.44	+0.060%	$135K	$554K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.35	+0.021%	$98	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.18	−0.051%	$160K	$491K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.24	−0.026%	$494K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.37	+0.030%	$2K	$4K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.35	+0.023%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0114%	1h	234.51	+0.090%	$54.8M	$22.3M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	235.35	+0.448%	$370K	$652K	10x	as long as short
Entropy io:NBIS	+0.0129%	1h	234.30	0.000%	$10.3M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0141%	4h	234.26	−0.018%	$38K	$238K	10x	as long as short
Nado NBIS-PERP	+0.0166%	1h	234.24	−0.027%	$29K	$65K	3x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0177%	1h	234.35	+0.021%	$36K	$88K	10x	as long as short
Lighter NBIS	+0.0216%	1h	234.67	+0.158%	$986K	$4.4M	10x	as long as short
Phoenix NBISlong	+0.0340%	1h	234.30	long leg	$7K	$180K	10x