Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0680%/8h= +74.5% APRpaid last 24h +0.093%

Price spread now: Lighter against Bitget−0.047%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.381%+$38 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.047%, 7d avg +0.017%

Together, before fees+0.432%+ Points / potential airdropLighter: Season 3 · farm board+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.064% cheaper against Bitget than usual: you would sell low and buy high (spread −0.047% now, against its 7-day average of +0.017%). If the spread goes back, that is −$6 on $10k: about 8 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.381% in total) that is about 28 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.381% in total (about 19.9% 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	232.06	−0.0408	get 0.0408% / 8h	2h 03m	$2.3M	$4.6M	20x
Short	Lighter NBIS	231.95	0.0272	get 0.0034% / 1h	3m 48s	$938K	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.047%Rate

Funding earned: $142.8
Price spread: −0.047% → +0.017%: −$6.44
Slippage, 4 orders: −$22.9
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $101.45
Costs to cover: 0.349%
Break-even: 2.0 days

Slippage from Bitget: live order book, 4 min ago; Lighter: live order book, 4 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, 4 min ago	1.51 bp	16.6 bp −$17	19.6 bp −$196	31.9 bp −$3,189	doesn't fit
Sell Lighter live order book, 4 min ago	0.43 bp	0.8 bp −$1	2.8 bp −$28	75.6 bp −$7,562	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	−0.0408%	8h	232.06	long leg	$2.3M	$4.6M	20x
Aster NBISUSDT	0.0000%	8h	231.92	−0.060%	$85K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	231.97	−0.038%	$146K	$753K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	232.05	−0.004%	$18.6M	$87.0M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	232.08	+0.009%	$4.9M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	231.92	−0.060%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	232.06	0.000%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	232.29	+0.101%	$2.8M	$602K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	232.27	+0.089%	$5K	$117K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	232.11	+0.022%	$1K	$1.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NBIS-USDT	0.0000%	8h	232.23	+0.073%	$15K	$61K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	231.98	−0.034%	$1.6M	$958K	10x	as long as short
BloFin NBIS-USDT	+0.0027%	8h	232.16	+0.043%	$202K	$206K	20x	as long as short
QFEX NBIS-USD	+0.0029%	1h	231.99	−0.030%	$1.5M	$3.9M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	232.06	0.000%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.93	−0.056%	—	$220K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.86	−0.086%	$138K	$473K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	232.29	+0.099%	$151K	$548K	10x	as long as short
Nado NBIS-PERP	+0.0053%	1h	231.83	−0.099%	$38K	$115K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	231.85	−0.090%	$478K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.93	−0.056%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.90	−0.071%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0117%	1h	231.97	−0.039%	$54.5M	$21.1M	10x	as long as short
SoDEX NBIS-USD	+0.0135%	1h	231.93	−0.056%	$88	$20K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0168%	1h	232.18	+0.052%	$352K	$816K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0222%	1h	231.90	−0.067%	$23K	$15K	20x	as long as short
Phoenix NBIS	+0.0242%	1h	232.20	+0.060%	$7K	$150K	10x	as long as short
Lighter NBISshort	+0.0272%	1h	231.95	−0.047%	$938K	$4.0M	10x
Entropy io:NBIS	+0.0399%	1h	231.98	−0.034%	$10.1M	$3.2M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0570%	1h	231.87	−0.082%	$34K	$49K	10x	as long as short
edgeX NBISUSDC	+0.0630%	4h	232.29	+0.099%	$37K	$226K	10x	as long as short