Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0278%/8h= +30.4% APRpaid last 24h +0.027%

Price spread now: tradeXYZ against Variational Omni+0.100%7-day average −0.048% · you sell dearer than you buy

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

Long on Variational Omni Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.039%+$4 on $10k

Price spread, last 7 days−0.121%−$12 · spread now +0.100%, 7d avg −0.048%

Together, before fees−0.083%+ Points / potential airdropVariational Omni: Active · tradeXYZ: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and tradeXYZ is 0.149% dearer against Variational Omni than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.048%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.039% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NBIS	233.75	0.0111	pay 0.0111% / 8h	5h 42m	$2.9M	$646K	—
Short	tradeXYZ xyz:NBIS	233.98	0.0388	get 0.0049% / 1h	42m 42s	$55.3M	$19.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.100%Rate

Funding earned: $58.3
Price spread: +0.100% → −0.048%: $14.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $55.18
Costs to cover: 0.180%
Break-even: 0.4 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; tradeXYZ: live order book, 10 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, 4 min ago	3.22 bp	doesn't fit	44.0 bp −$440	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 10 min ago	1.07 bp	13.1 bp −$13	doesn't fit	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
Deribit NBIS_USDC-PERPETUAL	−0.0049%	1h	233.91	+0.070%	$35K	$49K	10x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.07	+0.139%	$3.3M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.05	+0.130%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.08	+0.143%	$2.3M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.59	−0.066%	$1K	$1.4M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.87	+0.053%	$13K	$62K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.14	+0.169%	$1.6M	$969K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.13	+0.165%	—	$250K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.37	−0.161%	$152K	$532K	10x	as long as short
QFEX NBIS-USD	+0.0058%	1h	233.88	+0.058%	$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	233.88	+0.058%	$474K	$187K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.94	+0.083%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.06	+0.133%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	234.06	+0.135%	$383K	$883K	10x	as long as short
Variational Omni NBISlong	+0.0111%	8h	233.75	long leg	$2.9M	$646K	—
Bybit NBISUSDT	+0.0112%	8h	234.06	+0.135%	$5.4M	$7.0M	50x	as long as short
Polymarket Perps NBIS-USD	+0.0114%	1h	233.98	+0.100%	$134K	$476K	10x	as long as short
Aster NBISUSDT	+0.0144%	8h	234.28	+0.227%	$81K	$314K	50x	as long as short
Extended NBIS-USD	+0.0176%	1h	233.98	+0.099%	$149K	$842K	10x	as long as short
Binance NBISUSDT	+0.0181%	8h	234.05	+0.130%	$20.5M	$91.5M	25x	as long as short
BloFin NBIS-USDT	+0.0188%	8h	234.13	+0.165%	$208K	$217K	20x	as long as short
Nado NBIS-PERP	+0.0222%	1h	233.98	+0.102%	$38K	$85K	3x	as long as short
edgeX NBISUSDC	+0.0334%	4h	233.78	+0.016%	$31K	$234K	10x	as long as short
Lighter NBIS	+0.0360%	1h	234.05	+0.130%	$946K	$3.8M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0369%	1h	233.79	+0.019%	$22K	$11K	20x	as long as short
Phoenix NBIS	+0.0377%	1h	233.68	−0.028%	$7K	$127K	10x	as long as short
tradeXYZ xyz:NBISshort	+0.0388%	1h	233.98	+0.100%	$55.3M	$19.2M	10x
Arcus NBIS-USD	+0.0413%	1h	234.03	+0.122%	$42K	$119K	5x	as long as short
SoDEX NBIS-USD	+0.0465%	1h	233.83	+0.036%	$80	$19K	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0560%	8h	234.24	+0.212%	$4K	$101K	10x	as long as short
Entropy io:NBIS	+0.0758%	1h	234.02	+0.117%	$10.2M	$3.0M	10x	as long as short