Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.055%

Price spread now: Bybit against Coinbase International−0.138%54s7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$550.553% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.337%−$34 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.138%, 7d avg −0.096%

Together, before fees−0.334%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bybit is 0.043% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.096%). Swap the legs. The two prices were read 54 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	Coinbase International NBIS-PERP-INTX	231.07	0.0120	pay 0.0015% / 1h	44m 27s	$351K	$813K	10x
Short	Bybit NBISUSDT	230.75	0	get 0.0000% / 8h	1h 44m	$4.9M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$25.2
Price spread: −0.138% → −0.096%: −$4.25
Slippage, 4 orders: −$34.29
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$84.75
Costs to cover: 0.553%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 64 min ago; Bybit: 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 Coinbase International live order book, 64 min ago	7.11 bp	13.8 bp −$14	21.3 bp −$213	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.95 bp	17.4 bp −$17	67.7 bp −$677	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 NBISUSDT	−0.0441%	8h	230.80	−0.117%	$2.3M	$4.5M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.78	−0.127%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.65	−0.180%	$145K	$688K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.70	−0.160%	$18.5M	$87.2M	25x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	230.75	−0.138%	$4.9M	$6.5M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	230.59	−0.208%	$3.3M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.66	−0.177%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.87	−0.085%	$2.8M	$602K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.91	−0.070%	$5K	$116K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.94	−0.056%	$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
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.58	−0.212%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.86	−0.091%	$15K	$61K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.92	−0.065%	$1.6M	$962K	10x	as long as short
BloFin NBIS-USDT	+0.0008%	8h	230.87	−0.087%	$203K	$205K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.86	−0.091%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.64	−0.186%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.67	−0.173%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.87	−0.087%	$88	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.65	−0.182%	$151K	$547K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.85	−0.095%	$1.5M	$3.9M	10x	as long as short
Nado NBIS-PERP	+0.0070%	1h	230.70	−0.162%	$37K	$115K	3x	as long as short
edgeX NBISUSDC	+0.0082%	4h	230.87	−0.085%	$37K	$227K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.67	−0.173%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.69	−0.164%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.66	−0.178%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTXlong	+0.0120%	1h	231.07	long leg	$351K	$813K	10x
tradeXYZ xyz:NBIS	+0.0152%	1h	230.59	−0.208%	$54.2M	$21.0M	10x	as long as short
Lighter NBIS	+0.0240%	1h	230.95	−0.052%	$946K	$4.0M	10x	as long as short
Phoenix NBIS	+0.0311%	1h	231.29	+0.095%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0430%	1h	230.96	−0.048%	$10.0M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0685%	1h	230.66	−0.176%	$23K	$15K	20x	as long as short