Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.085%

Price spread now: Phemex against Coinbase International−1.025%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$168as in the Funding arb table

Net, price: spread back to 7d avg − costs−$211as in the Price arb table

costs, in and out, $10k−$1161.165% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.514%−$51 on $10k

Price spread, last 3 days (all we have)+0.874%+$87 · spread now −1.025%, 7d avg −0.082%

Together, before fees+0.360%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.943% cheaper against Coinbase International than usual: you would sell low and buy high (−$94 if the spread goes back to its 7-day average of −0.082%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International NBIS-PERP-INTX	236.05	0.0112	pay 0.0014% / 1h	36m 01s	$386K	$721K	10x
Short	Phemex NBISUSDT	233.63	0	get 0.0000% / 8h	6h 36m	$1.6M	$972K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −1.025%Rate

Funding earned: −$23.52
Price spread: −1.025% → −0.082%: −$94.34
Slippage, 4 orders: −$94.48
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$234.34
Costs to cover: 1.165%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 32 min ago; Phemex: 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 Coinbase International live order book, 32 min ago	4.88 bp	11.3 bp −$11	18.0 bp −$180	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.43 bp	42.8 bp −$43	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
Bybit NBISUSDT	0.0000%	8h	233.46	−1.097%	$5.1M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	233.55	−1.059%	$3.4M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.50	−1.080%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.55	−1.059%	$2.4M	$4.5M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.56	−1.055%	$997	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	233.40	−1.123%	$15K	$60K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	233.63	−1.025%	$1.6M	$972K	10x
GRVT NBIS_USDT_Perp	+0.0016%	8h	233.46	−1.096%	$5K	$129K	10x	as long as short
QFEX NBIS-USD	+0.0024%	1h	233.49	−1.085%	$1.5M	$4.6M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.33	−1.152%	$42K	$132K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0046%	1h	233.54	−1.063%	—	$226K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.46	−1.097%	$148K	$456K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.42	−1.114%	$84	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.49	−1.085%	$163K	$499K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0093%	1h	233.55	−1.059%	$35K	$48K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0096%	1h	233.42	−1.116%	$24K	$15K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.40	−1.123%	$481K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.49	−1.085%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.52	−1.074%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0109%	1h	233.36	−1.140%	$54.7M	$20.0M	10x	as long as short
Coinbase International NBIS-PERP-INTXlong	+0.0112%	1h	236.05	long leg	$386K	$721K	10x
Nado NBIS-PERP	+0.0140%	1h	233.31	−1.161%	$67K	$94K	3x	as long as short
Variational Omni NBIS	+0.0207%	8h	233.54	−1.064%	$2.8M	$571K	—	as long as short
Aster NBISUSDT	+0.0213%	8h	233.59	−1.044%	$81K	$314K	50x	as long as short
Binance NBISUSDT	+0.0232%	8h	233.49	−1.084%	$19.2M	$85.0M	25x	as long as short
Extended NBIS-USD	+0.0232%	1h	233.42	−1.116%	$150K	$701K	10x	as long as short
BloFin NBIS-USDT	+0.0234%	8h	234.04	−0.852%	$207K	$209K	20x	as long as short
Lighter NBIS	+0.0280%	1h	233.66	−1.012%	$902K	$4.4M	10x	as long as short
Phoenix NBIS	+0.0306%	1h	233.42	−1.114%	$7K	$152K	10x	as long as short
Entropy io:NBIS	+0.0353%	1h	233.48	−1.089%	$10.1M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0636%	4h	233.36	−1.139%	$37K	$226K	10x	as long as short