Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0082%/8h= −8.9% APRpaid last 24h −0.045%

Price spread now: Phemex against Nado+0.068%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$990.987% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now +0.068%, 7d avg +0.040%

Together, before fees−0.101%+ Points / potential airdropNado: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.028% dearer against Nado than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of +0.040%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 28 hours. At the pace of the last 3 days (−0.035% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado NVDA-PERP	227.70	0.0082	pay 0.0010% / 1h	22m 27s	$484K	$229K	20x
Short	Phemex NVDAUSDT	227.86	0	get 0.0000% / 4h	3h 22m	$2.2M	$42K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$17.14
Price spread: +0.068% → +0.040%: $2.82
Slippage, 4 orders: −$79.66
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$112.98
Costs to cover: 0.987%
Break-even: never at this rate

Slippage from Nado: live order book, 50 min ago; Phemex: live order book, 6 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 Nado live order book, 50 min ago	0.22 bp	8.8 bp −$9	20.8 bp −$208	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.75 bp	39.9 bp −$40	doesn't fit	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	227.65	−0.022%	$483K	$586K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.79	+0.038%	$12.7M	$15.3M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.79	+0.038%	$14.4M	$20.7M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.76	+0.024%	$7.2M	$9.7M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.86	+0.067%	$3.5M	$1.9M	—	as long as short
SunX NVDA-USDT	0.0000%	8h	227.37	−0.147%	$2K	$3.8M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.87	+0.073%	$198K	$510K	30x	as long as short
Phemex NVDAUSDTshort	0.0000%	4h	227.86	+0.068%	$2.2M	$42K	10x
Aftermath Perps NVDAUSD	+0.0015%	1h	227.71	+0.004%	$118K	$55K	10x	as long as short
Hotstuff NVDA-PERP	+0.0016%	1h	227.69	−0.006%	$35K	—	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended NVDA_24_5-USD	+0.0032%	1h	227.68	−0.013%	$524K	$474K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.65	−0.024%	$400K	$724K	20x	as long as short
QFEX NVDA-USD	+0.0042%	1h	227.82	+0.051%	$1.6M	$11.1M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.87	+0.073%	—	$74K	25x	as long as short
Bitget NVDAUSDT	+0.0046%	8h	227.89	+0.081%	$15.5M	$16.9M	100x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.64	−0.028%	$147.8M	$46.0M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.76	+0.024%	$402K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.63	−0.033%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.63	−0.033%	$1.6M	$2.1M	15x	as long as short
Binance NVDAUSDT	+0.0057%	8h	227.83	+0.056%	$156.5M	$217.6M	50x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0080%	1h	227.46	−0.107%	$1.3M	$800K	10x	as long as short
Nado NVDA-PERPlong	+0.0082%	1h	227.70	long leg	$484K	$229K	20x
GRVT NVDA_USDT_Perp	+0.0092%	8h	227.86	+0.068%	$20K	$387K	10x	as long as short
Aevo NVDA-PERP	+0.0096%	1h	227.76	+0.024%	—	—	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.68	−0.012%	$299K	$60K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.73	+0.011%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.76	+0.024%	$36K	$22K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0101%	1h	227.73	+0.011%	$49K	$1.4M	10x	as long as short
Phoenix NVDA	+0.0106%	1h	227.81	+0.046%	$94K	$112K	20x	as long as short
KuCoin NVDAUSDTM	+0.0131%	8h	227.86	+0.068%	$1.6M	$740K	20x	as long as short
Lighter NVDA	+0.0144%	1h	227.85	+0.066%	$2.2M	$3.2M	20x	as long as short
Lighter RH NVDA	+0.0144%	1h	227.98	+0.121%	$5.1M	$7.1M	20x	as long as short
BloFin NVDA-USDT	+0.0176%	8h	227.82	+0.051%	$718K	$205K	20x	as long as short
edgeX NVDAUSDC	+0.0181%	4h	227.87	+0.072%	$170K	$1.9M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.22	+0.226%	$73K	$138	30x	as long as short