Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0027%/8hpaid last 24h +0.095%

Price spread now: Entropy against Orderly−0.094%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Entropy is 0.094% cheaper against Orderly than usual: you would sell low and buy high (spread −0.094% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 11 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NBIS_USDC_mythos	234.35	0.0100	pay 0.0100% / 8h	4h 23m	$2K	$4K	10x
Short	Entropy io:NBIS	234.13	0.0127	get 0.0016% / 1h	23m 30s	$10.3M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Orderly. 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 OrderlybpFee EntropybpOrdersPrice spread, now −0.094%Rate

Funding earned: $5.76
Price spread: −0.094% → 0.000%: −$9.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$27.63
Costs to cover: 0.240%
Break-even: 40.6 days

Slippage unknown: Orderly: no order-book sample; Entropy: live order book, 20 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 Orderly no order-book sample	—	—	—	—	—
Sell Entropy live order book, 20 min ago	1.49 bp	15.5 bp −$15	21.1 bp −$211	doesn't fit	doesn't fit

Orderly: 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
Kraken Futures PF_NBISUSD	−0.0161%	1h	234.38	+0.011%	$25K	$11K	20x	as long as short
BloFin NBIS-USDT	−0.0001%	8h	234.22	−0.055%	$213K	$215K	20x	as long as short
Extended NBIS-USD	0.0000%	1h	234.32	−0.015%	$141K	$694K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	234.22	−0.055%	$20.3M	$82.4M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.19	−0.068%	$5.2M	$6.1M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.31	−0.017%	$3.5M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.26	−0.038%	$2.9M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.26	−0.038%	$2.5M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	234.16	−0.082%	$2.9M	$923K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.23	−0.050%	$5K	$140K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	234.28	−0.030%	$1K	$1.8M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.21	−0.060%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.29	−0.026%	$1.6M	$906K	10x	as long as short
Aster NBISUSDT	+0.0003%	8h	234.24	−0.047%	$111K	$265K	50x	as long as short
QFEX NBIS-USD	+0.0033%	1h	234.32	−0.013%	$1.5M	$5.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.17	−0.077%	$40K	$118K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.39	+0.017%	—	$230K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.32	−0.013%	$135K	$554K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.30	−0.021%	$98	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.18	−0.073%	$160K	$491K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0092%	1h	234.33	−0.009%	$36K	$88K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.11	−0.102%	$493K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythoslong	+0.0100%	8h	234.35	long leg	$2K	$4K	10x
Aevo NBIS-PERP	+0.0104%	1h	234.35	+0.001%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0115%	1h	234.28	−0.030%	$54.7M	$22.3M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	235.35	+0.427%	$370K	$652K	10x	as long as short
Entropy io:NBISshort	+0.0127%	1h	234.13	−0.094%	$10.3M	$3.2M	10x
edgeX NBISUSDC	+0.0141%	4h	234.26	−0.039%	$38K	$238K	10x	as long as short
Nado NBIS-PERP	+0.0166%	1h	234.19	−0.067%	$29K	$65K	3x	as long as short
Lighter NBIS	+0.0208%	1h	234.42	+0.030%	$985K	$4.4M	10x	as long as short
Phoenix NBIS	+0.0340%	1h	234.30	−0.021%	$7K	$180K	10x	as long as short