Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0950%/8h= +104.1% APRpaid last 24h +0.135%

Price spread now: Entropy against Bitget−0.074%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$670.669% of the position

Long on Bitget Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.464%+$46 on $10k

Price spread, last 7 days+0.108%+$11 · spread now −0.074%, 7d avg +0.021%

Together, before fees+0.573%+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 0.095% cheaper against Bitget than usual: you would sell low and buy high (spread −0.074% now, against its 7-day average of +0.021%). If the spread goes back, that is −$9 on $10k: about 8 hours of funding at the current rate (+$29 a day). At the pace of the last 7 days (+0.464% in total) that is about 34 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.464% in total (about 24.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget NBISUSDT	230.96	−0.0589	get 0.0589% / 8h	1h 24m	$2.3M	$4.5M	20x
Short	Entropy io:NBIS	230.79	0.0361	get 0.0045% / 1h	24m 37s	$10.0M	$3.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Bitget. 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 BitgetbpFee EntropybpOrdersPrice spread, now −0.074%Rate

Funding earned: $199.59
Price spread: −0.074% → +0.021%: −$9.47
Slippage, 4 orders: −$36.88
Fee Bitget: 6 bp × 2 orders: −$12
Fee Entropy: 9 bp × 2 orders: −$18
Net: $123.25
Costs to cover: 0.669%
Break-even: 2.7 days

Slippage from Bitget: live order book, 3 min ago; Entropy: live order book, 2 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 Bitget live order book, 3 min ago	1.95 bp	15.9 bp −$16	25.5 bp −$255	34.5 bp −$3,448	doesn't fit
Sell Entropy live order book, 2 min ago	0.87 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit

NBIS on 31 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
Bitget NBISUSDTlong	−0.0589%	8h	230.96	long leg	$2.3M	$4.5M	20x
BloFin NBIS-USDT	−0.0005%	8h	230.94	−0.009%	$204K	$205K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.80	−0.069%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.89	−0.032%	$149K	$635K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.95	−0.005%	$18.5M	$87.3M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.96	0.000%	$4.9M	$6.6M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.81	−0.065%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.03	+0.030%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.85	−0.048%	$2.8M	$601K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.78	−0.078%	$5K	$116K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	230.74	−0.095%	$1K	$1.6M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.87	−0.039%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.98	+0.009%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.91	−0.022%	$1.6M	$963K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.68	−0.121%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.81	−0.065%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.82	−0.061%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.88	−0.035%	$102	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.43	−0.229%	$151K	$548K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.91	−0.022%	$1.5M	$3.8M	10x	as long as short
Nado NBIS-PERP	+0.0075%	1h	230.94	−0.011%	$38K	$115K	3x	as long as short
tradeXYZ xyz:NBIS	+0.0089%	1h	230.86	−0.043%	$54.3M	$21.0M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.83	−0.056%	$476K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.93	−0.013%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.89	−0.032%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.39	−0.247%	$351K	$812K	10x	as long as short
Lighter NBIS	+0.0224%	1h	230.90	−0.026%	$956K	$4.0M	10x	as long as short
Phoenix NBIS	+0.0311%	1h	230.72	−0.104%	$7K	$150K	10x	as long as short
Entropy io:NBISshort	+0.0361%	1h	230.79	−0.074%	$10.0M	$3.1M	10x
edgeX NBISUSDC	+0.0511%	4h	230.68	−0.121%	$37K	$226K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0684%	1h	230.92	−0.018%	$23K	$15K	20x	as long as short