Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.008%

Price spread now: Variational Omni against Ondo Perps+0.111%7-day average +0.070% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$2 on $10k

Price spread, last 4 days (all we have)+0.622%+$62 · spread now +0.111%, 7d avg +0.070%

Together, before fees+0.637%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.041% dearer against Ondo Perps than usual: you sell high and buy low (spread +0.111% now, against its 7-day average of +0.070%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps NBIS-USD.P	234.18	0.0050	pay 0.0006% / 1h	42m 24s	$160K	$502K	10x
Short	Variational Omni NBIS	234.44	0	get 0.0000% / 8h	3h 42m	$2.9M	$557K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.111%Rate

Funding earned: −$10.58
Price spread: +0.111% → +0.070%: $4.08
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$11.51
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	3.67 bp	doesn't fit	46.1 bp −$461	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
Aster NBISUSDT	0.0000%	8h	234.28	+0.041%	$79K	$310K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	234.08	−0.041%	$147K	$699K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	234.15	−0.013%	$19.2M	$84.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.17	−0.004%	$5.0M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.13	−0.021%	$3.4M	$16.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.14	−0.017%	$2.7M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.17	−0.004%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBISshort	0.0000%	8h	234.44	+0.111%	$2.9M	$557K	—
GRVT NBIS_USDT_Perp	0.0000%	8h	234.45	+0.115%	$4K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.22	+0.017%	$850	$1.7M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NBIS-USDT	0.0000%	8h	234.45	+0.115%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.15	−0.013%	$1.6M	$954K	10x	as long as short
BloFin NBIS-USDT	+0.0009%	8h	234.21	+0.013%	$207K	$206K	20x	as long as short
QFEX NBIS-USD	+0.0034%	1h	234.10	−0.034%	$1.5M	$4.0M	10x	as long as short
Nado NBIS-PERP	+0.0036%	1h	234.01	−0.074%	$38K	$115K	3x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.11	−0.030%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.28	+0.043%	—	$216K	5x	as long as short
Kraken Futures PF_NBISUSD	+0.0048%	1h	234.07	−0.047%	$23K	$15K	20x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	234.02	−0.068%	$54.6M	$20.0M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.02	−0.068%	$147K	$456K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.09	−0.038%	$84	$21K	10x	as long as short
Ondo Perps NBIS-USD.Plong	+0.0050%	1h	234.18	long leg	$160K	$502K	10x
KuCoin NBISUSDTM	+0.0100%	8h	234.04	−0.060%	$482K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.08	−0.043%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.07	−0.045%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	235.56	+0.589%	$389K	$724K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0220%	1h	234.06	−0.051%	$35K	$49K	10x	as long as short
Lighter NBIS	+0.0232%	1h	234.15	−0.013%	$914K	$3.9M	10x	as long as short
Phoenix NBIS	+0.0239%	1h	234.36	+0.077%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0314%	1h	234.17	−0.004%	$10.2M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0720%	4h	234.32	+0.062%	$38K	$227K	10x	as long as short