Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0449%/8h= −49.1% APRpaid last 24h −0.115%

Price spread now: Variational Omni against Entropy+0.034%7-day average −0.012% · you sell dearer than you buy

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

Long on Entropy Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.076%−$8 on $10k

Price spread, last 7 days−0.102%−$10 · spread now +0.034%, 7d avg −0.012%

Together, before fees−0.178%+ Points / potential airdropVariational Omni: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.045% dearer against Entropy than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of −0.012%): +$5 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 3 days (−0.076% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.076% in total (about -8.0% 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	235.42	0.0524	pay 0.0066% / 1h	4m 05s	$10.2M	$3.3M	10x
Short	Variational Omni NBIS	235.50	0.0075	get 0.0075% / 8h	5h 04m	$2.9M	$565K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Entropy. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.034%Rate

Funding earned: −$94.23
Price spread: +0.034% → −0.012%: $4.53
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$107.7
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Entropy: live order book, 3 min ago; Variational Omni: RFQ quote, 5 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 Entropy live order book, 3 min ago	0.64 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.12 bp	doesn't fit	40.5 bp −$405	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
Nado NBIS-PERP	−0.0010%	1h	235.51	+0.038%	$64K	$100K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.44	+0.008%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.36	−0.025%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.36	−0.025%	$2.8M	$5.1M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.33	−0.038%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.28	−0.060%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.34	−0.034%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.35	−0.030%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.57	+0.064%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.37	−0.021%	$1.6M	$960K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0023%	1h	235.43	+0.004%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.31	−0.047%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.68	+0.110%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.30	−0.051%	$150K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.36	−0.025%	$61	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.52	+0.042%	$165K	$501K	10x	as long as short
edgeX NBISUSDC	+0.0052%	4h	235.46	+0.018%	$38K	$226K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0066%	1h	235.19	−0.098%	$55.1M	$19.6M	10x	as long as short
Variational Omni NBISshort	+0.0075%	8h	235.50	+0.034%	$2.9M	$565K	—
KuCoin NBISUSDTM	+0.0100%	8h	235.24	−0.076%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.36	−0.025%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.31	−0.045%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	235.35	−0.030%	$389K	$725K	10x	as long as short
Aster NBISUSDT	+0.0113%	8h	235.42	0.000%	$81K	$307K	50x	as long as short
BloFin NBIS-USDT	+0.0115%	8h	235.57	+0.064%	$207K	$205K	20x	as long as short
Binance NBISUSDT	+0.0119%	8h	235.43	+0.004%	$19.2M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0120%	1h	235.33	−0.038%	$147K	$706K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0151%	1h	235.30	−0.052%	$24K	$15K	20x	as long as short
Lighter NBIS	+0.0272%	1h	235.37	−0.021%	$901K	$4.3M	10x	as long as short
Phoenix NBIS	+0.0308%	1h	235.50	+0.034%	$7K	$150K	10x	as long as short
Entropy io:NBISlong	+0.0524%	1h	235.42	long leg	$10.2M	$3.3M	10x