Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.042%

Price spread now: Phoenix against Bybit−0.044%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.206%+$21 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.044% cheaper against Bybit than usual: you would sell low and buy high (spread −0.044% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 17 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.206% in total) that is about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NVDAUSDT	226.23	0	get 0.0000% / 8h	7h 18m	$12.5M	$14.8M	100x
Short	Phoenix NVDA	226.13	0.0212	get 0.0027% / 1h	18m 54s	$93K	$83K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: $44.57
Price spread: −0.044% → 0.000%: −$4.42
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $22.15
Costs to cover: 0.180%
Break-even: 3.5 days

Slippage unknown: Bybit: live order book, 4 min ago; Phoenix: no order-book sample. 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 Bybit live order book, 4 min ago	0.22 bp	7.3 bp −$7	8.9 bp −$89	70.1 bp −$7,009	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NVDA on 35 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
Hotstuff NVDA-PERP	−0.0112%	1h	226.05	−0.080%	$35K	—	20x	as long as short
Bybit NVDAUSDTlong	0.0000%	8h	226.23	long leg	$12.5M	$14.8M	100x
OKX NVDA-USDT-SWAP	0.0000%	8h	226.19	−0.018%	$14.1M	$20.4M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.18	−0.022%	$7.2M	$10.0M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.28	+0.022%	$15.7M	$16.0M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.24	+0.007%	$21K	$431K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	225.88	−0.155%	$2K	$3.5M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	226.28	+0.022%	$198K	$436K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	226.43	+0.088%	$2.2M	$41K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0010%	1h	225.98	−0.110%	$117K	$51K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter NVDA	+0.0032%	1h	226.13	−0.043%	$2.1M	$3.2M	20x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	226.01	−0.095%	$640K	$872K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.16	−0.031%	$392K	$739K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.29	+0.027%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.04	−0.084%	$147.2M	$43.8M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.14	−0.040%	$391K	$240K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.04	−0.084%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.06	−0.075%	$1.6M	$1.9M	15x	as long as short
Aster NVDAUSDT	+0.0065%	8h	226.26	+0.015%	$483K	$544K	20x	as long as short
Nado NVDA-PERP	+0.0068%	1h	226.06	−0.073%	$480K	$221K	20x	as long as short
QFEX NVDA-USD	+0.0072%	1h	226.23	0.000%	$1.3M	$9.1M	10x	as long as short
Lighter RH NVDA	+0.0072%	1h	226.29	+0.027%	$5.1M	$7.2M	20x	as long as short
Variational Omni NVDA	+0.0090%	8h	226.27	+0.019%	$3.2M	$2.5M	—	as long as short
Pacifica NVDA	+0.0100%	1h	226.04	−0.084%	$297K	$50K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.02	−0.093%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.22	−0.004%	$36K	$20K	20x	as long as short
KuCoin NVDAUSDTM	+0.0107%	8h	226.24	+0.004%	$1.6M	$1.0M	20x	as long as short
Aevo NVDA-PERP	+0.0120%	1h	226.22	−0.006%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0136%	1h	226.17	−0.027%	$1.3M	$682K	10x	as long as short
Binance NVDAUSDT	+0.0151%	8h	226.26	+0.014%	$155.1M	$222.3M	50x	as long as short
Phoenix NVDAshort	+0.0212%	1h	226.13	−0.044%	$93K	$83K	20x
Injective NVDA/USDC PERP	+0.0220%	1h	226.54	+0.137%	$73K	$138	30x	as long as short
BloFin NVDA-USDT	+0.0271%	8h	226.23	0.000%	$715K	$200K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0325%	1h	226.14	−0.040%	$53K	$1.9M	10x	as long as short
edgeX NVDAUSDC	+0.0910%	4h	226.21	−0.008%	$171K	$1.9M	20x	as long as short