Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.011%

Price spread now: Phemex against QFEX−0.047%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1181.183% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now −0.047%, 7d avg +0.020%

Together, before fees+0.031%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.067% cheaper against QFEX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX NBIS-USD	234.72	0.0051	pay 0.0006% / 1h	13m 03s	$1.5M	$5.2M	10x
Short	Phemex NBISUSDT	234.61	0	get 0.0000% / 8h	13m 03s	$1.6M	$976K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$10.68
Price spread: −0.047% → +0.020%: −$6.68
Slippage, 4 orders: −$96.26
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$135.63
Costs to cover: 1.183%
Break-even: never at this rate

Slippage from QFEX: live order book, 5 min ago; Phemex: live order book, 5 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 QFEX live order book, 5 min ago	2.34 bp	9.3 bp −$9	11.5 bp −$115	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.91 bp	53.0 bp −$53	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
Bybit NBISUSDT	0.0000%	8h	234.44	−0.119%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.64	−0.034%	$3.4M	$17.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.60	−0.051%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.38	−0.145%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.75	+0.013%	$1K	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.58	−0.060%	$35K	$48K	10x	as long as short
Coinbase International NBIS-PERP-INTX	0.0000%	1h	234.81	+0.038%	$360K	$679K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.85	+0.055%	$15K	$116K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	234.61	−0.047%	$1.6M	$976K	10x
Vest NBIS-USD-PERP	+0.0046%	1h	235.01	+0.124%	—	$234K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	234.73	+0.004%	$142K	$738K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.66	−0.026%	$28	$20K	10x	as long as short
QFEX NBIS-USDlong	+0.0051%	1h	234.72	long leg	$1.5M	$5.2M	10x
Ondo Perps NBIS-USD.P	+0.0053%	1h	234.98	+0.111%	$174K	$499K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.56	−0.068%	$484K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.71	−0.004%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.74	+0.009%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0194%	1h	234.77	+0.021%	$28K	$63K	3x	as long as short
Variational Omni NBIS	+0.0221%	8h	235.11	+0.164%	$2.9M	$822K	—	as long as short
Aster NBISUSDT	+0.0233%	8h	234.80	+0.034%	$81K	$308K	50x	as long as short
BloFin NBIS-USDT	+0.0247%	8h	234.66	−0.026%	$206K	$213K	20x	as long as short
Extended NBIS-USD	+0.0248%	1h	234.52	−0.085%	$139K	$703K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0248%	1h	234.41	−0.131%	$24K	$15K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0249%	8h	235.06	+0.144%	$5K	$138K	10x	as long as short
Binance NBISUSDT	+0.0251%	8h	234.52	−0.084%	$19.4M	$86.5M	25x	as long as short
Arcus NBIS-USD	+0.0269%	1h	234.70	−0.009%	$44K	$134K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0301%	1h	234.62	−0.043%	$54.7M	$23.4M	10x	as long as short
Lighter NBIS	+0.0352%	1h	234.64	−0.034%	$927K	$4.6M	10x	as long as short
Phoenix NBIS	+0.0376%	1h	235.17	+0.192%	$7K	$163K	10x	as long as short
edgeX NBISUSDC	+0.0406%	4h	234.92	+0.086%	$38K	$236K	10x	as long as short
Entropy io:NBIS	+0.0491%	1h	234.89	+0.072%	$10.3M	$3.4M	10x	as long as short