Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0189%/8h= −20.6% APRpaid last 24h −0.082%

Price spread now: Variational Omni against Lighter+0.038%7-day average −0.006% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.093%−$9 on $10k

Price spread, last 7 days−0.097%−$10 · spread now +0.038%, 7d avg −0.006%

Together, before fees−0.190%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.044% dearer against Lighter than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.006%): +$4 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 3 days (−0.093% in total) that is about 40 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	235.41	0.0264	pay 0.0033% / 1h	3m 20s	$901K	$4.3M	10x
Short	Variational Omni NBIS	235.50	0.0075	get 0.0075% / 8h	5h 03m	$2.9M	$565K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.038%Rate

Funding earned: −$39.59
Price spread: +0.038% → −0.006%: $4.42
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$35.17
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 4 min ago; Variational Omni: RFQ quote, 1 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 Lighter live order book, 4 min ago	0.43 bp	1.0 bp −$1	2.8 bp −$28	64.2 bp −$6,420	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.76 bp	doesn't fit	47.3 bp −$473	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	−0.0015%	1h	235.35	−0.026%	$64K	$100K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.35	−0.025%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.34	−0.030%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.38	−0.013%	$2.8M	$5.1M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.28	−0.055%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.56	+0.065%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.27	−0.059%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.22	−0.081%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.57	+0.068%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.38	−0.013%	$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	235.28	−0.055%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.27	−0.059%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.55	+0.059%	—	$215K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.30	−0.047%	$150K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.39	−0.008%	$56	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.52	+0.047%	$165K	$500K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0065%	1h	235.25	−0.068%	$55.2M	$19.6M	10x	as long as short
Variational Omni NBISshort	+0.0075%	8h	235.50	+0.038%	$2.9M	$565K	—
KuCoin NBISUSDTM	+0.0100%	8h	235.21	−0.085%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.40	−0.004%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.36	−0.021%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	235.35	−0.025%	$389K	$725K	10x	as long as short
Aster NBISUSDT	+0.0112%	8h	235.36	−0.021%	$81K	$307K	50x	as long as short
Binance NBISUSDT	+0.0116%	8h	235.41	+0.002%	$19.2M	$84.5M	25x	as long as short
Extended NBIS-USD	+0.0120%	1h	235.33	−0.032%	$147K	$706K	10x	as long as short
BloFin NBIS-USDT	+0.0145%	8h	235.27	−0.059%	$207K	$204K	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0151%	1h	235.19	−0.093%	$24K	$15K	20x	as long as short
Lighter NBISlong	+0.0264%	1h	235.41	long leg	$901K	$4.3M	10x
Phoenix NBIS	+0.0308%	1h	235.50	+0.038%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0518%	1h	235.39	−0.008%	$10.2M	$3.3M	10x	as long as short
edgeX NBISUSDC	+0.0535%	4h	235.54	+0.057%	$38K	$227K	10x	as long as short