Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0409%/8h= −44.8% APRpaid last 24h −0.104%

Price spread now: Phemex against Phoenix−0.051%47s7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as 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−$1381.379% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.600%−$60 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.051%, 7d avg −0.088%

Together, before fees−0.638%−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.037% dearer against Phoenix than usual: you sell high and buy low (spread −0.051% now, against its 7-day average of −0.088%): +$4 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 7 hours. The two prices were read 47 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	235.10	0.0409	pay 0.0051% / 1h	57m 34s	$7K	$152K	10x
Short	Phemex NBISUSDT	234.98	0	get 0.0000% / 8h	6h 57m	$1.6M	$972K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$85.92
Price spread: −0.051% → −0.088%: $3.7
Slippage, 4 orders: −$118.89
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$220.11
Costs to cover: 1.379%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; Phemex: live order book, 5 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, 4 min ago	5.09 bp	15.1 bp −$15	32.3 bp −$323	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.24 bp	43.3 bp −$43	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	234.80	−0.128%	$5.1M	$6.4M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.91	−0.081%	$3.4M	$16.7M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.00	−0.043%	$2.8M	$4.9M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.98	−0.051%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.92	−0.077%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.61	+0.217%	$15K	$66K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	234.98	−0.051%	$1.6M	$972K	10x
QFEX NBIS-USD	+0.0024%	1h	234.74	−0.153%	$1.5M	$4.9M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.33	+0.098%	$43K	$135K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.16	+0.026%	—	$223K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	234.82	−0.119%	$142K	$462K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.98	−0.051%	$99	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.07	−0.013%	$174K	$506K	10x	as long as short
Nado NBIS-PERP	+0.0051%	1h	234.78	−0.136%	$31K	$66K	3x	as long as short
Bitget NBISUSDT	+0.0091%	8h	234.95	−0.064%	$2.5M	$4.6M	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0095%	1h	234.97	−0.053%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.91	−0.081%	$484K	$22K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.11	+0.004%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.02	−0.034%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	236.05	+0.404%	$386K	$736K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0124%	1h	234.79	−0.132%	$54.9M	$23.7M	10x	as long as short
Lighter NBIS	+0.0184%	1h	234.98	−0.051%	$916K	$4.4M	10x	as long as short
Aster NBISUSDT	+0.0257%	8h	235.19	+0.039%	$81K	$308K	50x	as long as short
Variational Omni NBIS	+0.0263%	8h	235.53	+0.182%	$2.9M	$591K	—	as long as short
Binance NBISUSDT	+0.0281%	8h	234.93	−0.072%	$19.5M	$85.4M	25x	as long as short
Extended NBIS-USD	+0.0288%	1h	234.88	−0.093%	$151K	$705K	10x	as long as short
Entropy io:NBIS	+0.0294%	1h	235.25	+0.064%	$10.3M	$3.4M	10x	as long as short
BloFin NBIS-USDT	+0.0310%	8h	235.50	+0.170%	$207K	$210K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0325%	8h	235.40	+0.128%	$5K	$131K	10x	as long as short
Phoenix NBISlong	+0.0409%	1h	235.10	long leg	$7K	$152K	10x
edgeX NBISUSDC	+0.0967%	4h	235.39	+0.122%	$38K	$225K	10x	as long as short