Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0529%/8h= +58.0% APRpaid last 24h +0.029%

Price spread now: Deribit against Phemex−0.086%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 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. Deribit is 0.086% cheaper against Phemex than usual: you would sell low and buy high (spread −0.086% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 13 hours of funding at the current rate (+$16 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NBISUSDT	231.30	0	get 0.0000% / 8h	6h 56m	$1.6M	$971K	10x
Short	Deribit NBIS_USDC-PERPETUAL	231.10	0.0529	get 0.0066% / 1h	56m 10s	$34K	$50K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.086%Rate

Funding earned: $111.19
Price spread: −0.086% → 0.000%: −$8.65
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $83.55
Costs to cover: 0.190%
Break-even: 1.7 days

Slippage unknown: Phemex: live order book, 2 min ago; Deribit: no order-book sample. 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 Phemex live order book, 2 min ago	4.55 bp	51.3 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Bitget NBISUSDT	−0.0051%	8h	231.20	−0.043%	$2.3M	$4.6M	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	231.14	−0.069%	$3.3M	$16.4M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.26	−0.017%	$2.7M	$5.0M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.37	−0.401%	$2.8M	$601K	—	as long as short
SunX NBIS-USDT	0.0000%	8h	231.17	−0.056%	$1K	$1.6M	10x	as long as short
Phemex NBISUSDTlong	0.0000%	8h	231.30	long leg	$1.6M	$971K	10x
Aster NBISUSDT	+0.0021%	8h	230.88	−0.182%	$74K	$320K	50x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	231.14	−0.069%	—	$246K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	231.18	−0.052%	$138K	$467K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	231.05	−0.108%	$149K	$538K	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	+0.0054%	1h	231.18	−0.052%	$1.6M	$3.7M	10x	as long as short
BloFin NBIS-USDT	+0.0055%	8h	231.36	+0.026%	$202K	$215K	20x	as long as short
Extended NBIS-USD	+0.0064%	1h	231.14	−0.068%	$145K	$856K	10x	as long as short
Binance NBISUSDT	+0.0065%	8h	231.32	+0.009%	$18.8M	$90.7M	25x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0088%	1h	230.78	−0.225%	$382K	$869K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.96	−0.147%	$468K	$104K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	231.13	−0.073%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.13	−0.074%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0121%	1h	230.97	−0.141%	$38K	$116K	3x	as long as short
HTX NBIS-USDT	+0.0191%	8h	230.95	−0.151%	$13K	$62K	20x	as long as short
Bybit NBISUSDT	+0.0202%	8h	231.20	−0.043%	$4.9M	$6.8M	50x	as long as short
Arcus NBIS-USD	+0.0257%	1h	231.15	−0.065%	$42K	$124K	5x	as long as short
Phoenix NBIS	+0.0277%	1h	230.93	−0.160%	$7K	$127K	10x	as long as short
edgeX NBISUSDC	+0.0315%	4h	230.90	−0.173%	$37K	$226K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0341%	1h	231.25	−0.022%	$54.3M	$22.0M	10x	as long as short
Lighter NBIS	+0.0352%	1h	231.25	−0.022%	$934K	$4.0M	10x	as long as short
SoDEX NBIS-USD	+0.0432%	1h	231.19	−0.048%	$74	$20K	10x	as long as short
Deribit NBIS_USDC-PERPETUALshort	+0.0529%	1h	231.10	−0.086%	$34K	$50K	10x
Kraken Futures PF_NBISUSD	+0.0768%	1h	231.20	−0.042%	$22K	$16K	20x	as long as short
Entropy io:NBIS	+0.0788%	1h	230.87	−0.186%	$10.1M	$3.2M	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0817%	8h	230.41	−0.385%	$5K	$114K	10x	as long as short