Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0277%/8h= −30.3% APRpaid last 24h −0.095%

Price spread now: SunX against Phoenix+0.104%7-day average −0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$218as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1591.592% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.591%−$59 on $10k

Price spread, last 4 days (all we have)−0.399%−$40 · spread now +0.104%, 7d avg −0.096%

Together, before fees−0.990%−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.200% dearer against Phoenix than usual: you sell high and buy low (spread +0.104% now, against its 7-day average of −0.096%): +$20 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NBIS	230.93	0.0277	pay 0.0035% / 1h	55m 13s	$7K	$127K	10x
Short	SunX NBIS-USDT	231.17	0	get 0.0000% / 8h	6h 55m	$1K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$58.15
Price spread: +0.104% → −0.096%: $19.96
Slippage, 4 orders: −$144.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$197.38
Costs to cover: 1.592%
Break-even: never at this rate

Slippage from Phoenix: live order book, 30 min ago; SunX: live order book, 10 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, 30 min ago	5.27 bp	15.5 bp −$15	33.4 bp −$334	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	45.32 bp	64.3 bp −$64	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	−0.0045%	8h	230.41	−0.225%	$2.3M	$4.7M	20x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.30	−0.273%	$3.3M	$16.4M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.56	−0.160%	$2.7M	$5.0M	50x	as long as short
SunX NBIS-USDTshort	0.0000%	8h	231.17	+0.104%	$1K	$1.6M	10x
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.42	−0.221%	$34K	$50K	10x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.45	−0.208%	$1.6M	$971K	10x	as long as short
Variational Omni NBIS	+0.0011%	8h	231.16	+0.100%	$2.8M	$639K	—	as long as short
Aster NBISUSDT	+0.0027%	8h	230.73	−0.087%	$74K	$320K	50x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.72	−0.091%	—	$246K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.57	−0.156%	$137K	$467K	10x	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	230.99	+0.026%	$149K	$538K	10x	as long as short
QFEX NBIS-USD	+0.0054%	1h	230.61	−0.139%	$1.5M	$3.7M	10x	as long as short
BloFin NBIS-USDT	+0.0058%	8h	230.56	−0.160%	$201K	$215K	20x	as long as short
Extended NBIS-USD	+0.0064%	1h	230.66	−0.116%	$145K	$856K	10x	as long as short
Binance NBISUSDT	+0.0068%	8h	230.72	−0.090%	$18.8M	$90.8M	25x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0088%	1h	230.78	−0.065%	$382K	$869K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.66	−0.117%	$468K	$106K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.77	−0.069%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	231.08	+0.066%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0107%	1h	230.56	−0.159%	$38K	$116K	3x	as long as short
HTX NBIS-USDT	+0.0157%	8h	230.95	+0.009%	$13K	$62K	20x	as long as short
Bybit NBISUSDT	+0.0175%	8h	230.61	−0.139%	$4.9M	$6.8M	50x	as long as short
SoDEX NBIS-USD	+0.0209%	1h	230.54	−0.169%	$74	$20K	10x	as long as short
Arcus NBIS-USD	+0.0257%	1h	230.62	−0.134%	$42K	$124K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0267%	1h	230.43	−0.217%	$54.1M	$22.0M	10x	as long as short
Phoenix NBISlong	+0.0277%	1h	230.93	long leg	$7K	$127K	10x
Lighter NBIS	+0.0296%	1h	230.62	−0.134%	$926K	$4.0M	10x	as long as short
edgeX NBISUSDC	+0.0719%	4h	231.07	+0.061%	$37K	$226K	10x	as long as short
Entropy io:NBIS	+0.0766%	1h	230.84	−0.039%	$10.1M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0771%	1h	230.52	−0.177%	$22K	$16K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0822%	8h	231.19	+0.113%	$5K	$114K	10x	as long as short