Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0211%/8h= −23.1% APRpaid last 24h −0.066%

Price spread now: Orderly against Phoenix−0.013%66s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$6 a day on $10k at the current rate. The two prices were read 66 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	230.90	0.0311	pay 0.0039% / 1h	25m 55s	$7K	$150K	10x
Short	Orderly PERP_NBIS_USDC_mythos	230.87	0.0100	get 0.0100% / 8h	1h 25m	$2K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.013%Rate

Funding earned: −$44.21
Price spread: −0.013% → 0.000%: −$1.3
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$58.51
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 10 min ago; Orderly: 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 Phoenix live order book, 10 min ago	5.64 bp	17.2 bp −$17	37.6 bp −$376	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0592%	8h	230.94	+0.017%	$2.3M	$4.5M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.84	−0.026%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.93	+0.015%	$149K	$635K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.89	−0.004%	$18.5M	$87.3M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.99	+0.039%	$4.9M	$6.6M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.91	+0.004%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.00	+0.043%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.57	−0.143%	$2.8M	$601K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.56	−0.147%	$5K	$116K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.74	−0.069%	$1K	$1.6M	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	230.74	−0.069%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.92	+0.009%	$1.6M	$963K	10x	as long as short
BloFin NBIS-USDT	+0.0004%	8h	230.75	−0.065%	$204K	$205K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.58	−0.139%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.73	−0.074%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.75	−0.065%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.85	−0.022%	$106	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.43	−0.204%	$151K	$548K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.70	−0.087%	$1.5M	$3.8M	10x	as long as short
Nado NBIS-PERP	+0.0077%	1h	230.56	−0.149%	$37K	$115K	3x	as long as short
tradeXYZ xyz:NBIS	+0.0095%	1h	230.80	−0.043%	$54.3M	$21.0M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.79	−0.048%	$476K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythosshort	+0.0100%	8h	230.87	−0.013%	$2K	$3K	10x
Aevo NBIS-PERP	+0.0104%	1h	230.84	−0.026%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.39	−0.221%	$351K	$812K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0184%	1h	230.77	−0.056%	$34K	$49K	10x	as long as short
edgeX NBISUSDC	+0.0187%	4h	230.88	−0.011%	$37K	$226K	10x	as long as short
Lighter NBIS	+0.0240%	1h	230.92	+0.009%	$956K	$4.0M	10x	as long as short
Phoenix NBISlong	+0.0311%	1h	230.90	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0356%	1h	230.65	−0.108%	$10.0M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0684%	1h	230.88	−0.009%	$23K	$15K	20x	as long as short