Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0071%/8h= +7.8% APRpaid last 24h +0.037%

Price spread now: edgeX against Phoenix−0.354%7-day average −0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$580.585% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 3 days (all we have)+0.321%+$32 · spread now −0.354%, 7d avg −0.107%

Together, before fees+0.529%+ Points / potential airdropedgeX: Active · farm board+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.247% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.354% now, against its 7-day average of −0.107%). If the spread goes back, that is −$25 on $10k: about 12 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	236.34	0.0409	pay 0.0051% / 1h	48m 08s	$7K	$163K	10x
Short	edgeX NBISUSDC	235.50	0.0480	get 0.0240% / 4h	3h 48m	$38K	$228K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Phoenix. 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 PhoenixbpFee edgeXbpOrdersPrice spread, now −0.354%Rate

Funding earned: $14.89
Price spread: −0.354% → −0.107%: −$24.72
Slippage, 4 orders: −$42.49
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$68.32
Costs to cover: 0.585%
Break-even: 39.1 days

Slippage from Phoenix: live order book, 18 min ago; edgeX: live order book, 24 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 Phoenix live order book, 18 min ago	3.83 bp	12.7 bp −$13	26.9 bp −$269	doesn't fit	doesn't fit
Sell edgeX live order book, 24 min ago	5.33 bp	17.0 bp −$17	doesn't fit	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
Kraken Futures PF_NBISUSD	−0.0178%	1h	236.19	−0.062%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	236.37	+0.013%	$3.4M	$17.1M	25x	as long as short
Bitget NBISUSDT	0.0000%	8h	236.36	+0.008%	$2.5M	$4.7M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	236.36	+0.008%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.83	−0.216%	$15K	$113K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	236.34	0.000%	$1.6M	$973K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	235.49	−0.360%	$361K	$683K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	236.29	−0.021%	$1.5M	$5.1M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	236.54	+0.085%	—	$234K	5x	as long as short
Gate NBIS_USDT	+0.0049%	8h	236.26	−0.034%	$2.8M	$5.1M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps NBIS-USD.P	+0.0050%	1h	236.21	−0.055%	$175K	$507K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	236.06	−0.118%	$487K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	236.32	−0.008%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.95	−0.165%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0186%	1h	236.06	−0.119%	$29K	$63K	3x	as long as short
Variational Omni NBIS	+0.0198%	8h	236.05	−0.121%	$2.9M	$817K	—	as long as short
BloFin NBIS-USDT	+0.0214%	8h	236.30	−0.017%	$206K	$214K	20x	as long as short
Aster NBISUSDT	+0.0223%	8h	236.02	−0.136%	$82K	$308K	50x	as long as short
Extended NBIS-USD	+0.0240%	1h	236.30	−0.016%	$137K	$788K	10x	as long as short
Binance NBISUSDT	+0.0240%	8h	236.32	−0.008%	$19.6M	$86.0M	25x	as long as short
Bybit NBISUSDT	+0.0258%	8h	236.36	+0.008%	$5.2M	$6.5M	50x	as long as short
GRVT NBIS_USDT_Perp	+0.0352%	8h	235.50	−0.355%	$5K	$137K	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.85	−0.207%	$44K	$133K	5x	as long as short
Lighter NBIS	+0.0384%	1h	236.32	−0.008%	$930K	$4.4M	10x	as long as short
Phoenix NBISlong	+0.0409%	1h	236.34	long leg	$7K	$163K	10x
edgeX NBISUSDCshort	+0.0480%	4h	235.50	−0.354%	$38K	$228K	10x
SoDEX NBIS-USD	+0.0671%	1h	236.33	−0.004%	$24	$20K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0767%	1h	236.27	−0.030%	$35K	$48K	10x	as long as short
Entropy io:NBIS	+0.0863%	1h	235.90	−0.186%	$10.3M	$3.4M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0909%	1h	236.34	0.000%	$140K	$429K	10x	as long as short
tradeXYZ xyz:NBIS	+0.1015%	1h	236.30	−0.017%	$55.3M	$23.6M	10x	as long as short