Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0409%/8h= −44.8% APRpaid last 24h −0.102%

Price spread now: OKX against Phoenix−0.246%96s7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.449% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.514%−$51 on $10k

Price spread, last 3 days (all we have)+0.119%+$12 · spread now −0.246%, 7d avg −0.113%

Together, before fees−0.395%−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and OKX is 0.133% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.113%). Swap the legs. The two prices were read 96 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	236.14	0.0409	pay 0.0051% / 1h	23m 53s	$7K	$163K	10x
Short	OKX NBIS-USDT-SWAP	235.56	0	get 0.0000% / 8h	7h 23m	$3.4M	$16.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.246%Rate

Funding earned: −$85.92
Price spread: −0.246% → −0.113%: −$13.27
Slippage, 4 orders: −$27.89
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$144.08
Costs to cover: 0.449%
Break-even: never at this rate

Slippage from Phoenix: live order book, 42 min ago; OKX: live order book, 4 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, 42 min ago	3.83 bp	12.7 bp −$13	26.9 bp −$269	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.06 bp	10.1 bp −$10	24.9 bp −$249	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	235.56	−0.247%	$24K	$15K	20x	as long as short
OKX NBIS-USDT-SWAPshort	0.0000%	8h	235.56	−0.246%	$3.4M	$16.8M	25x
Gate NBIS_USDT	0.0000%	8h	235.49	−0.275%	$2.8M	$5.1M	50x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.91	−0.097%	$1K	$1.7M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	235.64	−0.212%	$35K	$48K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	236.25	+0.047%	$15K	$112K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.55	−0.250%	$1.6M	$973K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0016%	1h	236.05	−0.038%	$386K	$739K	10x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.65	−0.208%	$1.5M	$4.9M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	236.10	−0.017%	—	$224K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NBISUSDT	+0.0046%	8h	235.63	−0.216%	$5.1M	$6.5M	50x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	236.13	−0.004%	$176K	$505K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.44	−0.296%	$485K	$23K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.72	−0.178%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.69	−0.192%	—	—	10x	as long as short
Bitget NBISUSDT	+0.0108%	8h	235.55	−0.250%	$2.5M	$4.6M	20x	as long as short
SoDEX NBIS-USD	+0.0150%	1h	235.60	−0.229%	$52	$20K	10x	as long as short
Nado NBIS-PERP	+0.0186%	1h	235.69	−0.189%	$31K	$66K	3x	as long as short
Variational Omni NBIS	+0.0240%	8h	236.09	−0.021%	$2.9M	$820K	—	as long as short
edgeX NBISUSDC	+0.0246%	4h	236.29	+0.062%	$38K	$227K	10x	as long as short
Aster NBISUSDT	+0.0250%	8h	235.90	−0.101%	$82K	$308K	50x	as long as short
Binance NBISUSDT	+0.0271%	8h	235.59	−0.233%	$19.6M	$85.6M	25x	as long as short
Extended NBIS-USD	+0.0272%	1h	235.50	−0.272%	$151K	$824K	10x	as long as short
BloFin NBIS-USDT	+0.0291%	8h	236.20	+0.025%	$207K	$212K	20x	as long as short
Polymarket Perps NBIS-USD	+0.0322%	1h	235.72	−0.178%	$135K	$442K	10x	as long as short
Lighter NBIS	+0.0328%	1h	235.67	−0.199%	$925K	$4.5M	10x	as long as short
Arcus NBIS-USD	+0.0366%	1h	235.89	−0.106%	$44K	$132K	5x	as long as short
Phoenix NBISlong	+0.0409%	1h	236.14	long leg	$7K	$163K	10x
tradeXYZ xyz:NBIS	+0.0412%	1h	235.50	−0.271%	$55.1M	$23.7M	10x	as long as short
GRVT NBIS_USDT_Perp	+0.0500%	8h	236.27	+0.055%	$5K	$133K	10x	as long as short
Entropy io:NBIS	+0.0890%	1h	235.92	−0.093%	$10.3M	$3.4M	10x	as long as short