Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.002%

Price spread now: Bybit against Ondo Perps−0.008%7-day average +0.021% · you buy dearer than you sell

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.008%, 7d avg +0.021%

Together, before fees−0.013%+ Points / potential airdropOndo Perps: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.029% cheaper against Ondo Perps than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps NBIS-USD.P	235.63	0.0050	pay 0.0006% / 1h	37m 28s	$161K	$504K	10x
Short	Bybit NBISUSDT	235.61	0	get 0.0000% / 8h	4h 37m	$5.1M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$10.58
Price spread: −0.008% → +0.021%: −$2.95
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$29.53
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.64 bp	17.2 bp −$17	74.4 bp −$744	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0144%	1h	235.51	−0.051%	$38K	$115K	3x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	235.61	−0.008%	$5.1M	$6.2M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	235.54	−0.038%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.57	−0.025%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.56	−0.030%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.75	+0.051%	$5K	$119K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.85	+0.093%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.52	−0.047%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.58	−0.021%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.59	−0.017%	$1.6M	$957K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NBIS	+0.0033%	8h	235.81	+0.075%	$2.9M	$572K	—	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.51	−0.051%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.44	−0.081%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.81	+0.076%	—	$216K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.45	−0.076%	$54.9M	$19.8M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.49	−0.059%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.55	−0.034%	$9	$21K	10x	as long as short
Ondo Perps NBIS-USD.Plong	+0.0050%	1h	235.63	long leg	$161K	$504K	10x
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.35	−0.119%	$389K	$724K	10x	as long as short
BloFin NBIS-USDT	+0.0071%	8h	235.71	+0.034%	$207K	$205K	20x	as long as short
Aster NBISUSDT	+0.0077%	8h	235.54	−0.037%	$79K	$310K	50x	as long as short
Binance NBISUSDT	+0.0079%	8h	235.58	−0.021%	$19.4M	$84.6M	25x	as long as short
Extended NBIS-USD	+0.0080%	1h	235.55	−0.034%	$147K	$702K	10x	as long as short
edgeX NBISUSDC	+0.0082%	4h	235.58	−0.022%	$38K	$226K	10x	as long as short
Lighter NBIS	+0.0088%	1h	235.62	−0.004%	$899K	$4.0M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.38	−0.106%	$485K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.57	−0.025%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.55	−0.032%	—	—	10x	as long as short
Phoenix NBIS	+0.0272%	1h	235.54	−0.038%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0411%	1h	235.56	−0.030%	$10.2M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0477%	1h	235.36	−0.113%	$24K	$15K	20x	as long as short