Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h +0.080%

Price spread now: Phoenix against Variational Omni−0.012%7-day average +0.101% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.056%+$6 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.012%, 7d avg +0.101%

Together, before fees+0.097%+ Points / potential airdropVariational Omni: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.113% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.012% now, against its 7-day average of +0.101%). If the spread goes back, that is −$11 on $10k: about 4.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NBIS	233.46	0.0223	pay 0.0223% / 8h	6h 39m	$2.8M	$570K	—
Short	Phoenix NBIS	233.43	0.0306	get 0.0038% / 1h	39m 02s	$7K	$152K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Variational Omni. 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 Variational OmnibpFee PhoenixbpOrdersPrice spread, now −0.012%Rate

Funding earned: $17.45
Price spread: −0.012% → +0.101%: −$11.34
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$0.89
Costs to cover: 0.070%
Break-even: 7.4 days

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Phoenix: live order book, 22 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 5 min ago	2.78 bp	doesn't fit	38.3 bp −$383	doesn't fit	doesn't fit
Sell Phoenix live order book, 22 min ago	5.09 bp	15.1 bp −$15	32.4 bp −$324	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	233.49	+0.013%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.41	−0.021%	$3.4M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.47	+0.005%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.39	−0.029%	$2.4M	$4.5M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.40	−0.025%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.78	+0.138%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.42	−0.017%	$1.6M	$971K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	233.30	−0.068%	$1.5M	$4.7M	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0036%	8h	233.58	+0.052%	$5K	$129K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.42	−0.017%	$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	233.43	−0.012%	—	$226K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.29	−0.072%	$148K	$468K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.35	−0.047%	$98	$20K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0050%	1h	233.26	−0.085%	$35K	$48K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.39	−0.029%	$163K	$498K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.24	−0.095%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.34	−0.051%	$481K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.33	−0.055%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.36	−0.042%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0112%	1h	236.05	+1.110%	$386K	$721K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0120%	1h	233.31	−0.064%	$54.7M	$20.0M	10x	as long as short
Nado NBIS-PERP	+0.0156%	1h	233.22	−0.100%	$67K	$94K	3x	as long as short
Aster NBISUSDT	+0.0218%	8h	233.52	+0.025%	$81K	$314K	50x	as long as short
Variational Omni NBISlong	+0.0223%	8h	233.46	long leg	$2.8M	$570K	—
BloFin NBIS-USDT	+0.0234%	8h	234.04	+0.249%	$207K	$209K	20x	as long as short
Binance NBISUSDT	+0.0240%	8h	233.43	−0.012%	$19.2M	$85.1M	25x	as long as short
Extended NBIS-USD	+0.0240%	1h	233.37	−0.037%	$150K	$705K	10x	as long as short
Lighter NBIS	+0.0288%	1h	233.41	−0.021%	$901K	$4.4M	10x	as long as short
Phoenix NBISshort	+0.0306%	1h	233.43	−0.012%	$7K	$152K	10x
edgeX NBISUSDC	+0.0339%	4h	233.68	+0.095%	$38K	$225K	10x	as long as short
Entropy io:NBIS	+0.0355%	1h	233.52	+0.026%	$10.1M	$3.3M	10x	as long as short