Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0376%/8h= +41.1% APRpaid last 24h +0.033%

Price spread now: Phoenix against Gate+0.026%62s7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as 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−$650.651% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.460%+$46 on $10k

Price spread, last 3 days (all we have)+0.100%+$10 · spread now +0.026%, 7d avg +0.079%

Together, before fees+0.560%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.054% cheaper against Gate than usual: you would sell low and buy high (spread +0.026% now, against its 7-day average of +0.079%). If the spread goes back, that is −$5 on $10k: about 11 hours of funding at the current rate (+$11 a day). The two prices were read 62 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	Gate NBIS_USDT	234.36	0	get 0.0000% / 8h	44m 25s	$2.8M	$5.3M	50x
Short	Phoenix NBIS	234.42	0.0376	get 0.0047% / 1h	44m 25s	$7K	$163K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.026%Rate

Funding earned: $78.9
Price spread: +0.026% → +0.079%: −$5.39
Slippage, 4 orders: −$43.11
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $8.4
Costs to cover: 0.651%
Break-even: 6.3 days

Slippage from Gate: live order book, 4 min ago; Phoenix: live order book, 27 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 Gate live order book, 4 min ago	3.20 bp	20.4 bp −$20	36.3 bp −$363	62.1 bp −$6,208	doesn't fit
Sell Phoenix live order book, 27 min ago	4.27 bp	13.5 bp −$13	28.6 bp −$286	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	234.42	+0.026%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.39	+0.013%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDTlong	0.0000%	8h	234.36	long leg	$2.8M	$5.3M	50x
Bitget NBISUSDT	0.0000%	8h	234.32	−0.017%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.34	−0.009%	$874	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.29	−0.030%	$35K	$48K	10x	as long as short
Coinbase International NBIS-PERP-INTX	0.0000%	1h	233.76	−0.256%	$358K	$699K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.37	+0.004%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.39	+0.013%	$1.6M	$967K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.53	+0.073%	—	$234K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	234.40	+0.017%	$147K	$706K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.37	+0.004%	$33	$20K	10x	as long as short
QFEX NBIS-USD	+0.0051%	1h	234.32	−0.017%	$1.5M	$5.1M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.23	−0.055%	$483K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.42	+0.026%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.43	+0.031%	—	—	10x	as long as short
Variational Omni NBIS	+0.0202%	8h	234.45	+0.039%	$2.9M	$821K	—	as long as short
Nado NBIS-PERP	+0.0222%	1h	234.30	−0.027%	$28K	$63K	3x	as long as short
Aster NBISUSDT	+0.0227%	8h	234.32	−0.017%	$79K	$306K	50x	as long as short
BloFin NBIS-USDT	+0.0234%	8h	234.48	+0.051%	$206K	$214K	20x	as long as short
Extended NBIS-USD	+0.0240%	1h	234.32	−0.018%	$142K	$697K	10x	as long as short
Binance NBISUSDT	+0.0240%	8h	234.40	+0.016%	$19.4M	$86.3M	25x	as long as short
Kraken Futures PF_NBISUSD	+0.0249%	1h	234.20	−0.067%	$24K	$13K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0261%	8h	234.41	+0.021%	$5K	$139K	10x	as long as short
Arcus NBIS-USD	+0.0269%	1h	234.34	−0.009%	$44K	$134K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0290%	1h	234.43	+0.030%	$54.7M	$23.3M	10x	as long as short
edgeX NBISUSDC	+0.0320%	4h	234.32	−0.018%	$38K	$235K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0332%	1h	234.33	−0.013%	$174K	$498K	10x	as long as short
Lighter NBIS	+0.0360%	1h	234.50	+0.060%	$931K	$4.6M	10x	as long as short
Phoenix NBISshort	+0.0376%	1h	234.42	+0.026%	$7K	$163K	10x
Entropy io:NBIS	+0.0501%	1h	234.40	+0.017%	$10.2M	$3.3M	10x	as long as short