Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0311%/8h= −34.0% APRpaid last 24h −0.096%

Price spread now: Phemex against Phoenix+0.017%7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1181.177% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.593%−$59 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.017%, 7d avg −0.083%

Together, before fees−0.699%−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.100% dearer against Phoenix than usual: you sell high and buy low (spread +0.017% now, against its 7-day average of −0.083%): +$10 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	230.47	0.0311	pay 0.0039% / 1h	40m 31s	$7K	$150K	10x
Short	Phemex NBISUSDT	230.51	0	get 0.0000% / 8h	1h 40m	$1.6M	$963K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$65.21
Price spread: +0.017% → −0.083%: $10.04
Slippage, 4 orders: −$98.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$172.9
Costs to cover: 1.177%
Break-even: never at this rate

Slippage from Phoenix: live order book, 60 min ago; Phemex: live order book, 2 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, 60 min ago	6.07 bp	17.2 bp −$17	37.7 bp −$377	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.04 bp	42.0 bp −$42	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
Bitget NBISUSDT	−0.0493%	8h	230.68	+0.091%	$2.3M	$4.6M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.55	+0.036%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.65	+0.078%	$144K	$670K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.55	+0.035%	$18.5M	$87.3M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.57	+0.043%	$4.9M	$6.6M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.51	+0.017%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.56	+0.039%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.48	+0.004%	$2.8M	$602K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.38	−0.040%	$5K	$116K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.52	+0.022%	$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	230.50	+0.013%	$15K	$57K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	230.51	+0.017%	$1.6M	$963K	10x
BloFin NBIS-USDT	+0.0014%	8h	230.45	−0.009%	$204K	$205K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.49	+0.009%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.44	−0.013%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.48	+0.004%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.33	−0.061%	$88	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.31	−0.069%	$152K	$547K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.58	+0.048%	$1.5M	$3.9M	10x	as long as short
Nado NBIS-PERP	+0.0075%	1h	230.49	+0.009%	$37K	$115K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.40	−0.030%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.44	−0.013%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.36	−0.048%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.47	0.000%	$351K	$812K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0137%	1h	230.47	0.000%	$54.2M	$21.0M	10x	as long as short
Lighter NBIS	+0.0216%	1h	230.51	+0.017%	$946K	$4.0M	10x	as long as short
Phoenix NBISlong	+0.0311%	1h	230.47	long leg	$7K	$150K	10x
Entropy io:NBIS	+0.0372%	1h	230.60	+0.056%	$10.0M	$3.1M	10x	as long as short
edgeX NBISUSDC	+0.0470%	4h	230.86	+0.170%	$37K	$228K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0488%	1h	230.42	−0.022%	$34K	$49K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0686%	1h	230.48	+0.004%	$23K	$15K	20x	as long as short