Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0870%/8h= −95.3% APRpaid last 24h −0.136%

Price spread now: OKX against Entropy−0.081%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Entropy Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.562%−$56 on $10k

Price spread, last 7 days−0.008%−$1 · spread now −0.081%, 7d avg −0.028%

Together, before fees−0.570%−$57 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and OKX is 0.053% cheaper against Entropy than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.562% in total (about -29.3% 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	Entropy io:NBIS	235.75	0.0870	pay 0.0109% / 1h	23m 43s	$10.3M	$3.4M	10x
Short	OKX NBIS-USDT-SWAP	235.56	0	get 0.0000% / 8h	7h 23m	$3.4M	$16.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Entropy. 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 EntropybpFee OKXbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$182.76
Price spread: −0.081% → −0.028%: −$5.29
Slippage, 4 orders: −$18.23
Fee Entropy: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: −$234.27
Costs to cover: 0.462%
Break-even: never at this rate

Slippage from Entropy: live order book, 3 min ago; OKX: live order book, 5 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 Entropy live order book, 3 min ago	1.48 bp	13.0 bp −$13	33.3 bp −$333	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.06 bp	10.1 bp −$10	24.9 bp −$249	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
Kraken Futures PF_NBISUSD	−0.0178%	1h	235.56	−0.082%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAPshort	0.0000%	8h	235.56	−0.081%	$3.4M	$16.8M	25x
Gate NBIS_USDT	0.0000%	8h	235.61	−0.059%	$2.8M	$5.1M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.91	+0.068%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.64	−0.047%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	236.25	+0.212%	$15K	$112K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.55	−0.085%	$1.6M	$973K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	+0.127%	$386K	$739K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.57	−0.076%	$1.5M	$4.9M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	236.10	+0.148%	—	$224K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NBISUSDT	+0.0049%	8h	235.63	−0.051%	$5.1M	$6.5M	50x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	236.13	+0.161%	$176K	$505K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.45	−0.127%	$485K	$23K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.72	−0.013%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.69	−0.027%	—	—	10x	as long as short
Bitget NBISUSDT	+0.0108%	8h	235.64	−0.047%	$2.5M	$4.6M	20x	as long as short
SoDEX NBIS-USD	+0.0150%	1h	235.60	−0.064%	$52	$20K	10x	as long as short
Nado NBIS-PERP	+0.0186%	1h	235.69	−0.024%	$31K	$66K	3x	as long as short
Variational Omni NBIS	+0.0240%	8h	236.09	+0.145%	$2.9M	$820K	—	as long as short
edgeX NBISUSDC	+0.0246%	4h	236.29	+0.228%	$38K	$227K	10x	as long as short
Aster NBISUSDT	+0.0248%	8h	235.88	+0.053%	$82K	$308K	50x	as long as short
Binance NBISUSDT	+0.0270%	8h	235.58	−0.071%	$19.6M	$85.6M	25x	as long as short
Extended NBIS-USD	+0.0272%	1h	235.33	−0.178%	$151K	$819K	10x	as long as short
BloFin NBIS-USDT	+0.0291%	8h	236.20	+0.191%	$207K	$212K	20x	as long as short
Polymarket Perps NBIS-USD	+0.0322%	1h	235.72	−0.013%	$135K	$442K	10x	as long as short
Lighter NBIS	+0.0328%	1h	235.67	−0.034%	$925K	$4.5M	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.76	+0.004%	$44K	$132K	5x	as long as short
Phoenix NBIS	+0.0409%	1h	236.14	+0.165%	$7K	$163K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0412%	1h	235.50	−0.106%	$55.1M	$23.7M	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0500%	8h	236.27	+0.221%	$5K	$133K	10x	as long as short
Entropy io:NBISlong	+0.0870%	1h	235.75	long leg	$10.3M	$3.4M	10x