Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0132%/8hnext payment −$0.16 per $10,000 · paid last 24h +0.034%

Price spread now: Lighter against Phoenix+0.094%7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$310.315% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 3 days (all we have)−0.486%−$49 · spread now +0.094%, 7d avg −0.044%

Together, before fees−0.519%+ Points / potential airdropLighter: Season 3 · farm board−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.138% dearer against Phoenix than usual: you sell high and buy low (spread +0.094% now, against its 7-day average of −0.044%): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.5 days. At the pace of the last 7 days (−0.033% in total) that is about 30 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	234.30	0.0340	pay 0.0042% / 1h	22m 19s	$7K	$180K	10x
Short	Lighter NBIS	234.52	0.0208	get 0.0026% / 1h	22m 19s	$985K	$4.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$27.64
Price spread: +0.094% → −0.044%: $13.78
Slippage, 4 orders: −$24.46
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$45.33
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Lighter: live order book, 9 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, 5 min ago	4.70 bp	14.1 bp −$14	30.1 bp −$301	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	1.28 bp	1.6 bp −$2	4.0 bp −$40	58.8 bp −$5,885	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	−0.0161%	1h	234.39	+0.037%	$25K	$11K	20x	as long as short
Extended NBIS-USD	0.0000%	1h	234.36	+0.025%	$141K	$694K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	234.37	+0.030%	$20.3M	$82.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	234.34	+0.017%	$5.2M	$6.1M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.32	+0.009%	$3.5M	$16.5M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.34	+0.017%	$2.9M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.34	+0.017%	$2.5M	$4.5M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	234.16	−0.060%	$2.9M	$923K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.23	−0.028%	$5K	$140K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.34	+0.017%	$933	$1.8M	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	234.21	−0.038%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.44	+0.060%	$1.6M	$906K	10x	as long as short
Aster NBISUSDT	+0.0001%	8h	234.38	+0.034%	$111K	$265K	50x	as long as short
BloFin NBIS-USDT	+0.0022%	8h	234.44	+0.060%	$213K	$215K	20x	as long as short
QFEX NBIS-USD	+0.0033%	1h	234.40	+0.043%	$1.5M	$5.0M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	234.22	−0.034%	$40K	$118K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.53	+0.098%	—	$230K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	234.44	+0.060%	$135K	$554K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.35	+0.021%	$98	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.18	−0.051%	$160K	$491K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.12	−0.077%	$493K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.37	+0.030%	$2K	$4K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.35	+0.023%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0113%	1h	234.31	+0.004%	$54.8M	$22.3M	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	235.35	+0.448%	$370K	$652K	10x	as long as short
Entropy io:NBIS	+0.0127%	1h	234.18	−0.051%	$10.3M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0141%	4h	234.26	−0.018%	$38K	$238K	10x	as long as short
Nado NBIS-PERP	+0.0166%	1h	234.24	−0.027%	$29K	$65K	3x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0177%	1h	234.35	+0.021%	$36K	$88K	10x	as long as short
Lighter NBISshort	+0.0208%	1h	234.52	+0.094%	$985K	$4.4M	10x
Phoenix NBISlong	+0.0340%	1h	234.30	long leg	$7K	$180K	10x