Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.068%

Price spread now: Coinbase International against Phemex−0.061%7-day average +0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1171.172% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.501%+$50 on $10k

Price spread, last 4 days (all we have)+0.343%+$34 · spread now −0.061%, 7d avg +0.077%

Together, before fees+0.844%+$84 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.138% cheaper against Phemex than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of +0.077%). If the spread goes back, that is −$14 on $10k: about 5.2 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.501% in total) that is about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NBISUSDT	230.45	0	get 0.0000% / 8h	6h 53m	$1.6M	$971K	10x
Short	Coinbase International NBIS-PERP-INTX	230.31	0.0088	get 0.0011% / 1h	53m 45s	$380K	$867K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.061%Rate

Funding earned: $18.48
Price spread: −0.061% → +0.077%: −$13.78
Slippage, 4 orders: −$95.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$112.51
Costs to cover: 1.172%
Break-even: 49.6 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 40 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 Phemex live order book, 4 min ago	4.55 bp	51.3 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 40 min ago	6.59 bp	13.1 bp −$13	22.2 bp −$222	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
Bitget NBISUSDT	−0.0041%	8h	230.38	−0.030%	$2.3M	$4.7M	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.49	+0.017%	$3.3M	$16.4M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.45	0.000%	$2.7M	$5.0M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.47	+0.009%	$1K	$1.6M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.25	−0.087%	$34K	$50K	10x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	230.45	long leg	$1.6M	$971K	10x
Variational Omni NBIS	+0.0011%	8h	231.16	+0.308%	$2.8M	$639K	—	as long as short
Aster NBISUSDT	+0.0028%	8h	230.59	+0.060%	$74K	$320K	50x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.51	+0.026%	—	$246K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.32	−0.056%	$137K	$467K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX NBIS-USD	+0.0050%	1h	230.41	−0.017%	$74	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.99	+0.234%	$149K	$538K	10x	as long as short
QFEX NBIS-USD	+0.0054%	1h	230.40	−0.022%	$1.5M	$3.7M	10x	as long as short
BloFin NBIS-USDT	+0.0058%	8h	230.56	+0.048%	$201K	$215K	20x	as long as short
Extended NBIS-USD	+0.0064%	1h	230.43	−0.008%	$145K	$856K	10x	as long as short
Binance NBISUSDT	+0.0064%	8h	230.52	+0.030%	$18.7M	$90.9M	25x	as long as short
Nado NBIS-PERP	+0.0069%	1h	230.36	−0.039%	$38K	$116K	3x	as long as short
Coinbase International NBIS-PERP-INTXshort	+0.0088%	1h	230.31	−0.061%	$380K	$867K	10x
KuCoin NBISUSDTM	+0.0100%	8h	230.45	0.000%	$467K	$108K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.62	+0.074%	$2K	$3K	10x	as long as short
HTX NBIS-USDT	+0.0102%	8h	230.95	+0.217%	$13K	$62K	20x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.55	+0.042%	—	—	10x	as long as short
Bybit NBISUSDT	+0.0146%	8h	230.38	−0.030%	$4.9M	$6.8M	50x	as long as short
tradeXYZ xyz:NBIS	+0.0248%	1h	230.35	−0.043%	$54.1M	$21.8M	10x	as long as short
Arcus NBIS-USD	+0.0257%	1h	230.38	−0.030%	$42K	$124K	5x	as long as short
Phoenix NBIS	+0.0277%	1h	230.93	+0.208%	$7K	$127K	10x	as long as short
Lighter NBIS	+0.0280%	1h	230.53	+0.035%	$925K	$4.0M	10x	as long as short
Entropy io:NBIS	+0.0681%	1h	230.57	+0.052%	$10.1M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0719%	4h	231.07	+0.270%	$37K	$226K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0771%	1h	230.34	−0.046%	$22K	$16K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0822%	8h	231.19	+0.321%	$5K	$114K	10x	as long as short