Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Orderly against Phemex−0.048%53s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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. Orderly is 0.048% cheaper against Phemex than usual: you would sell low and buy high (spread −0.048% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 39 hours of funding at the current rate (+$3 a day). The two prices were read 53 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	Phemex NVDAUSDT	226.96	0	get 0.0000% / 4h	2h 45m	$2.2M	$43K	10x
Short	Orderly PERP_NVDA_USDC	226.85	0.0100	get 0.0100% / 8h	2h 45m	$36K	$21K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phemex. 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 PhemexbpFee OrderlybpOrdersPrice spread, now −0.048%Rate

Funding earned: $21
Price spread: −0.048% → 0.000%: −$4.85
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1.85
Costs to cover: 0.180%
Break-even: 7.6 days

Slippage unknown: Phemex: live order book, 3 min ago; Orderly: 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 Phemex live order book, 3 min ago	0.66 bp	33.7 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Aster NVDAUSDT	0.0000%	8h	226.86	−0.045%	$483K	$571K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	226.86	−0.044%	$12.5M	$14.9M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.86	−0.044%	$14.3M	$20.3M	50x	as long as short
Hotstuff NVDA-PERP	0.0000%	1h	226.74	−0.097%	$35K	—	20x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.85	−0.048%	$7.3M	$9.7M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.90	−0.026%	$15.3M	$16.3M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.91	−0.023%	$21K	$410K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.61	−0.154%	$2K	$3.7M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	0.0000%	1h	226.82	−0.062%	$52K	$1.7M	10x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.01	+0.022%	$198K	$462K	30x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex NVDAUSDTlong	0.0000%	4h	226.96	long leg	$2.2M	$43K	10x
Variational Omni NVDA	+0.0006%	8h	226.86	−0.046%	$3.6M	$2.1M	—	as long as short
Aftermath Perps NVDAUSD	+0.0006%	1h	226.73	−0.101%	$118K	$52K	10x	as long as short
Lighter NVDA	+0.0032%	1h	226.84	−0.052%	$2.1M	$3.3M	20x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.84	−0.053%	$398K	$728K	20x	as long as short
QFEX NVDA-USD	+0.0042%	1h	226.88	−0.035%	$1.3M	$9.1M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.98	+0.009%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.75	−0.093%	$147.3M	$43.4M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.84	−0.053%	$399K	$277K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.74	−0.097%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.73	−0.101%	$1.6M	$2.0M	15x	as long as short
Nado NVDA-PERP	+0.0054%	1h	226.77	−0.084%	$482K	$226K	20x	as long as short
Binance NVDAUSDT	+0.0079%	8h	226.92	−0.018%	$155.3M	$217.2M	50x	as long as short
Lighter RH NVDA	+0.0088%	1h	227.00	+0.018%	$5.1M	$7.1M	20x	as long as short
Pacifica NVDA	+0.0100%	1h	226.75	−0.094%	$298K	$50K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.92	−0.018%	$1.6M	$734K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.77	−0.084%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDCshort	+0.0100%	8h	226.85	−0.048%	$36K	$21K	20x
Aevo NVDA-PERP	+0.0104%	1h	226.88	−0.034%	—	—	10x	as long as short
Phoenix NVDA	+0.0106%	1h	226.79	−0.075%	$93K	$112K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0128%	1h	226.63	−0.145%	$1.3M	$781K	10x	as long as short
BloFin NVDA-USDT	+0.0200%	8h	226.92	−0.018%	$718K	$191K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.12	+0.070%	$73K	$136	30x	as long as short
Extended NVDA_24_5-USD	+0.0264%	1h	226.74	−0.097%	$668K	$767K	10x	as long as short
edgeX NVDAUSDC	+0.0508%	4h	226.91	−0.024%	$170K	$1.9M	20x	as long as short