Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0027%/8hnext payment +$0.03 per $10,000 · paid last 24h +0.004%

Price spread now: Phoenix against Lighter+0.008%254s7-day average −0.023% · you sell dearer than you buy

to open and close $10k−$16fees + slippage, both legs, in and out

costs, in % of the position0.165%what the two incomes have to cover

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now +0.008%, 7d avg −0.023%

Together, before fees−0.097%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.032% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.023%. Mind the row above: over the last 7 days funding on this pair cost −0.052%, so the current rate has only just turned in your favour. The two prices were read 254 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	Lighter NVDA	227.73	0.0184	pay 0.0023% / 1h	51m 00s	$2.0M	$3.1M	20x
Short	Phoenix NVDA	227.75	0.0211	get 0.0026% / 1h	51m 00s	$94K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now +0.008%Rate

Funding earned: $5.6
Price spread: +0.008% → −0.023%: $3.15
Slippage, 4 orders: −$9.47
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.72
Costs to cover: 0.165%
Break-even: 16.7 days

Slippage from Lighter: live order book, 8 min ago; Phoenix: live order book, 64 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 Lighter live order book, 8 min ago	0.11 bp	0.4 bp $0	2.1 bp −$21	23.8 bp −$2,376	doesn't fit
Sell Phoenix live order book, 64 min ago	2.20 bp	7.9 bp −$8	16.1 bp −$161	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
Bybit NVDAUSDT	0.0000%	8h	227.61	−0.053%	$12.7M	$14.2M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.64	−0.040%	$14.5M	$20.1M	50x	as long as short
Hotstuff NVDA-PERP	0.0000%	1h	227.60	−0.058%	$35K	—	20x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.58	−0.066%	$7.2M	$8.8M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.69	−0.020%	$20K	$489K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.24	−0.216%	$3K	$3.9M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.62	−0.049%	$197K	$440K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.74	+0.004%	$2.2M	$41K	10x	as long as short
Variational Omni NVDA	+0.0022%	8h	227.90	+0.074%	$3.4M	$2.1M	—	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.50	−0.104%	$530K	$326K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NVDA-USD	+0.0040%	1h	227.54	−0.084%	$378K	$565K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.77	+0.017%	—	$73K	25x	as long as short
Aster NVDAUSDT	+0.0046%	8h	227.63	−0.043%	$512K	$392K	20x	as long as short
QFEX NVDA-USD	+0.0050%	1h	227.65	−0.036%	$1.4M	$10.5M	10x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.60	−0.058%	$147.7M	$46.8M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.60	−0.058%	$397K	$220K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.59	−0.062%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.44	−0.128%	$1.6M	$2.0M	15x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0058%	1h	227.60	−0.058%	$49K	$1.3M	10x	as long as short
Lighter RH NVDA	+0.0088%	1h	227.81	+0.035%	$4.8M	$6.5M	20x	as long as short
Binance NVDAUSDT	+0.0092%	8h	227.65	−0.036%	$157.0M	$204.1M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	227.53	−0.089%	$299K	$52K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.57	−0.071%	$1.6M	$691K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.54	−0.084%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.61	−0.053%	$36K	$22K	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	227.66	−0.033%	—	—	10x	as long as short
Nado NVDA-PERP	+0.0111%	1h	227.56	−0.073%	$478K	$216K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0120%	1h	227.83	+0.043%	$1.3M	$815K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0159%	1h	227.67	−0.028%	$118K	$53K	10x	as long as short
Lighter NVDAlong	+0.0184%	1h	227.73	long leg	$2.0M	$3.1M	20x
Bitget NVDAUSDT	+0.0200%	8h	227.67	−0.027%	$15.8M	$17.6M	100x	as long as short
Phoenix NVDAshort	+0.0211%	1h	227.75	+0.008%	$94K	$112K	20x
BloFin NVDA-USDT	+0.0213%	8h	227.69	−0.018%	$738K	$185K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.33	+0.263%	$73K	$124	30x	as long as short
edgeX NVDAUSDC	+0.0320%	4h	227.70	−0.014%	$165K	$1.8M	20x	as long as short