Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0095%/8h= −10.4% APRpaid last 24h −0.047%

Price spread now: BloFin against Lighter+0.150%60s7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as 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−$230.232% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.414%−$41 on $10k

Price spread, last 4 days (all we have)−0.278%−$28 · spread now +0.150%, 7d avg −0.044%

Together, before fees−0.692%+ Points / potential airdropLighter: Season 3 · farm board−$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.194% dearer against Lighter than usual: you sell high and buy low (spread +0.150% now, against its 7-day average of −0.044%): +$19 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 6.8 days. At the pace of the last 7 days (−0.414% in total) that is about 3.3 days. The two prices were read 60 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	Lighter NBIS	233.57	0.0384	pay 0.0048% / 1h	56m 06s	$947K	$3.7M	10x
Short	BloFin NBIS-USDT	233.92	0.0289	get 0.0289% / 8h	4h 56m	$208K	$217K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now +0.150%Rate

Funding earned: −$19.97
Price spread: +0.150% → −0.044%: $19.37
Slippage, 4 orders: −$11.23
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$23.83
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; BloFin: live order book, 42 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 Lighter live order book, 5 min ago	1.07 bp	1.1 bp −$1	2.2 bp −$22	46.4 bp −$4,642	doesn't fit
Sell BloFin live order book, 42 min ago	0.21 bp	10.4 bp −$10	22.3 bp −$223	doesn't fit	doesn't fit

NBIS on 31 exchanges

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
OKX NBIS-USDT-SWAP	0.0000%	8h	233.56	−0.004%	$3.3M	$16.3M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.57	0.000%	$2.7M	$4.8M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.50	−0.030%	$2.3M	$4.4M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.84	+0.116%	$959	$1.4M	10x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.53	−0.017%	$1.6M	$968K	10x	as long as short
HTX NBIS-USDT	+0.0017%	8h	233.85	+0.120%	$13K	$61K	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0039%	1h	233.46	−0.046%	$22K	$10K	20x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	233.50	−0.030%	$129K	$478K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	233.53	−0.017%	$1K	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.86	+0.124%	$151K	$524K	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NBIS-USD-PERP	+0.0052%	1h	233.94	+0.158%	—	$250K	5x	as long as short
QFEX NBIS-USD	+0.0053%	1h	233.68	+0.047%	$1.6M	$3.6M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	233.58	+0.004%	$474K	$240K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.60	+0.013%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.60	+0.014%	—	—	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0135%	1h	233.59	+0.009%	$35K	$48K	10x	as long as short
edgeX NBISUSDC	+0.0145%	4h	234.12	+0.237%	$31K	$232K	10x	as long as short
Nado NBIS-PERP	+0.0179%	1h	233.32	−0.106%	$38K	$80K	3x	as long as short
Variational Omni NBIS	+0.0217%	8h	234.03	+0.198%	$2.9M	$631K	—	as long as short
Coinbase International NBIS-PERP-INTX	+0.0224%	1h	234.06	+0.210%	$383K	$862K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0231%	1h	233.46	−0.047%	$55.5M	$18.7M	10x	as long as short
Bybit NBISUSDT	+0.0236%	8h	233.51	−0.026%	$5.4M	$6.9M	50x	as long as short
Aster NBISUSDT	+0.0240%	8h	234.18	+0.261%	$81K	$314K	50x	as long as short
Binance NBISUSDT	+0.0276%	8h	233.63	+0.026%	$20.6M	$90.4M	25x	as long as short
Extended NBIS-USD	+0.0280%	1h	233.54	−0.013%	$146K	$1.0M	10x	as long as short
BloFin NBIS-USDTshort	+0.0289%	8h	233.92	+0.150%	$208K	$217K	20x
Phoenix NBIS	+0.0377%	1h	233.79	+0.094%	$7K	$117K	10x	as long as short
Lighter NBISlong	+0.0384%	1h	233.57	long leg	$947K	$3.7M	10x
GRVT NBIS_USDT_Perp	+0.0575%	8h	234.14	+0.245%	$5K	$102K	10x	as long as short
Entropy io:NBIS	+0.0674%	1h	233.83	+0.111%	$10.2M	$2.9M	10x	as long as short
Arcus NBIS-USD	+0.0870%	1h	233.60	+0.013%	$42K	$117K	5x	as long as short