Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0262%/8h= −28.7% APRpaid last 24h +0.101%

Price spread now: edgeX against Lighter+0.129%49s7-day average −0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as 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−$370.371% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.415%+$41 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now +0.129%, 7d avg −0.061%

Together, before fees+0.352%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.190% dearer against Lighter than usual: you sell high and buy low (spread +0.129% now, against its 7-day average of −0.061%): +$19 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.415%, so the current rate has only just turned against you. The two prices were read 49 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	233.88	0.0392	pay 0.0049% / 1h	44m 38s	$945K	$3.8M	10x
Short	edgeX NBISUSDC	234.18	0.0130	get 0.0065% / 4h	1h 44m	$31K	$234K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.129%Rate

Funding earned: −$55.1
Price spread: +0.129% → −0.061%: $18.99
Slippage, 4 orders: −$28.09
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$73.19
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; edgeX: live order book, 65 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, 6 min ago	1.06 bp	1.1 bp −$1	2.5 bp −$25	46.1 bp −$4,607	doesn't fit
Sell edgeX live order book, 65 min ago	6.72 bp	14.4 bp −$14	doesn't fit	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	233.70	−0.077%	$3.3M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.77	−0.047%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.79	−0.038%	$2.3M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.59	−0.124%	$1K	$1.4M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.85	−0.013%	$35K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.47	+0.252%	$13K	$62K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.87	−0.004%	$1.6M	$969K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.13	+0.107%	—	$250K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.37	−0.218%	$152K	$532K	10x	as long as short
QFEX NBIS-USD	+0.0058%	1h	233.86	−0.009%	$1.6M	$3.6M	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NBISUSDTM	+0.0100%	8h	233.67	−0.090%	$474K	$185K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.86	−0.009%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.83	−0.021%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	234.06	+0.077%	$383K	$883K	10x	as long as short
Variational Omni NBIS	+0.0111%	8h	233.75	−0.058%	$2.9M	$646K	—	as long as short
Bybit NBISUSDT	+0.0111%	8h	233.91	+0.013%	$5.4M	$7.0M	50x	as long as short
edgeX NBISUSDCshort	+0.0130%	4h	234.18	+0.129%	$31K	$234K	10x
Polymarket Perps NBIS-USD	+0.0131%	1h	233.73	−0.064%	$133K	$476K	10x	as long as short
Aster NBISUSDT	+0.0146%	8h	234.30	+0.181%	$75K	$314K	50x	as long as short
Binance NBISUSDT	+0.0181%	8h	233.81	−0.030%	$20.6M	$91.4M	25x	as long as short
Extended NBIS-USD	+0.0184%	1h	233.73	−0.063%	$149K	$846K	10x	as long as short
BloFin NBIS-USDT	+0.0197%	8h	233.87	−0.004%	$207K	$217K	20x	as long as short
Nado NBIS-PERP	+0.0254%	1h	233.89	+0.003%	$38K	$85K	3x	as long as short
Kraken Futures PF_NBISUSD	+0.0370%	1h	233.58	−0.128%	$22K	$11K	20x	as long as short
Phoenix NBIS	+0.0377%	1h	233.68	−0.086%	$7K	$127K	10x	as long as short
Lighter NBISlong	+0.0392%	1h	233.88	long leg	$945K	$3.8M	10x
tradeXYZ xyz:NBIS	+0.0397%	1h	233.83	−0.021%	$55.3M	$19.2M	10x	as long as short
Arcus NBIS-USD	+0.0413%	1h	233.79	−0.038%	$42K	$119K	5x	as long as short
GRVT NBIS_USDT_Perp	+0.0560%	8h	234.24	+0.154%	$4K	$101K	10x	as long as short
SoDEX NBIS-USD	+0.0584%	1h	233.83	−0.021%	$84	$19K	10x	as long as short
Entropy io:NBIS	+0.0773%	1h	233.90	+0.009%	$10.2M	$3.0M	10x	as long as short