Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0177%/8hpaid last 24h −0.033%

Price spread now: Phemex against Deribit+0.021%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Phemex is 0.021% dearer against Deribit than usual: you sell high and buy low (spread +0.021% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NBIS_USDC-PERPETUAL	234.35	0.0177	pay 0.0022% / 1h	21m 18s	$36K	$88K	10x
Short	Phemex NBISUSDT	234.40	0	get 0.0000% / 8h	4h 21m	$1.6M	$907K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$37.15
Price spread: +0.021% → 0.000%: $2.13
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.01
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 1 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	3.20 bp	61.4 bp −$61	doesn't fit	doesn't fit	doesn't fit

Deribit: 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.

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
Kraken Futures PF_NBISUSD	−0.0161%	1h	234.39	+0.016%	$25K	$11K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	234.64	+0.124%	$111K	$266K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	234.60	+0.106%	$141K	$694K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	234.56	+0.089%	$20.3M	$82.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.53	+0.077%	$5.2M	$6.1M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.47	+0.051%	$3.5M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.48	+0.055%	$2.9M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.51	+0.068%	$2.5M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	234.16	−0.082%	$2.9M	$923K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.36	+0.004%	$5K	$141K	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	234.34	−0.004%	$933	$1.8M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.21	−0.060%	$15K	$115K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	234.40	+0.021%	$1.6M	$907K	10x
BloFin NBIS-USDT	+0.0022%	8h	234.44	+0.038%	$213K	$215K	20x	as long as short
QFEX NBIS-USD	+0.0033%	1h	234.52	+0.073%	$1.5M	$5.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.49	+0.060%	$40K	$118K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.67	+0.137%	—	$230K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.58	+0.098%	$135K	$554K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.35	0.000%	$98	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.18	−0.073%	$160K	$491K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.32	−0.013%	$494K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.56	+0.090%	$2K	$4K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.35	+0.002%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0114%	1h	234.45	+0.043%	$54.8M	$22.3M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	235.35	+0.427%	$370K	$652K	10x	as long as short
Entropy io:NBIS	+0.0129%	1h	234.30	−0.021%	$10.3M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0141%	4h	234.37	+0.010%	$38K	$238K	10x	as long as short
Nado NBIS-PERP	+0.0167%	1h	234.41	+0.026%	$30K	$65K	3x	as long as short
Deribit NBIS_USDC-PERPETUALlong	+0.0177%	1h	234.35	long leg	$36K	$88K	10x
Lighter NBIS	+0.0216%	1h	234.67	+0.137%	$986K	$4.4M	10x	as long as short
Phoenix NBIS	+0.0340%	1h	234.30	−0.021%	$7K	$180K	10x	as long as short