Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.043%

Price spread now: Phoenix against HTX−0.057%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.244%+$24 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.057%, 7d avg −0.010%

Together, before fees+0.274%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.048% cheaper against HTX than usual: you would sell low and buy high (spread −0.057% now, against its 7-day average of −0.010%). If the spread goes back, that is −$5 on $10k: about 36 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX NVDA-USDT	226.52	0	get 0.0000% / 8h	1h 26m	$198K	$451K	30x
Short	Phoenix NVDA	226.39	0.0106	get 0.0013% / 1h	26m 49s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.057%Rate

Funding earned: $22.24
Price spread: −0.057% → −0.010%: −$4.77
Slippage, 4 orders: −$18.2
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$19.73
Costs to cover: 0.372%
Break-even: 13.2 days

Slippage from HTX: live order book, 17 min ago; Phoenix: live order book, 8 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 HTX live order book, 17 min ago	0.22 bp	7.9 bp −$8	8.1 bp −$81	16.7 bp −$1,669	doesn't fit
Sell Phoenix live order book, 8 min ago	3.10 bp	9.1 bp −$9	19.4 bp −$194	doesn't fit	doesn't fit

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
Aster NVDAUSDT	0.0000%	8h	226.47	−0.022%	$482K	$571K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	226.45	−0.031%	$12.4M	$14.9M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.41	−0.049%	$14.1M	$20.6M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.40	−0.053%	$7.2M	$9.9M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.48	−0.018%	$15.2M	$16.0M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.34	−0.079%	$21K	$419K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.11	−0.181%	$2K	$3.6M	20x	as long as short
HTX NVDA-USDTlong	0.0000%	8h	226.52	long leg	$198K	$451K	30x
Phemex NVDAUSDT	0.0000%	4h	226.64	+0.053%	$2.2M	$42K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0015%	1h	226.21	−0.137%	$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
Variational Omni NVDA	+0.0016%	8h	226.32	−0.090%	$3.5M	$2.2M	—	as long as short
edgeX NVDAUSDC	+0.0039%	4h	226.42	−0.045%	$170K	$1.9M	20x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.35	−0.075%	$399K	$731K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.56	+0.018%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.31	−0.093%	$147.0M	$43.5M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.40	−0.053%	$391K	$285K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.35	−0.075%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.08	−0.194%	$1.6M	$1.9M	15x	as long as short
QFEX NVDA-USD	+0.0056%	1h	226.43	−0.040%	$1.3M	$9.1M	10x	as long as short
Lighter NVDA	+0.0080%	1h	226.42	−0.044%	$2.1M	$3.3M	20x	as long as short
Binance NVDAUSDT	+0.0084%	8h	226.44	−0.035%	$154.4M	$217.9M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	226.29	−0.103%	$297K	$46K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.40	−0.053%	$1.6M	$742K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.36	−0.071%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.45	−0.031%	$36K	$21K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0103%	1h	226.42	−0.044%	$53K	$1.8M	10x	as long as short
Hotstuff NVDA-PERP	+0.0104%	1h	226.33	−0.084%	$35K	—	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	226.46	−0.025%	—	—	10x	as long as short
Phoenix NVDAshort	+0.0106%	1h	226.39	−0.057%	$93K	$112K	20x
Coinbase International NVDA-PERP-INTX	+0.0112%	1h	226.29	−0.102%	$1.3M	$732K	10x	as long as short
Lighter RH NVDA	+0.0120%	1h	226.61	+0.040%	$5.0M	$7.0M	20x	as long as short
Nado NVDA-PERP	+0.0124%	1h	226.30	−0.095%	$481K	$224K	20x	as long as short
BloFin NVDA-USDT	+0.0204%	8h	226.48	−0.018%	$715K	$194K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.67	+0.066%	$73K	$138	30x	as long as short
Extended NVDA_24_5-USD	+0.0416%	1h	226.32	−0.088%	$623K	$833K	10x	as long as short