Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h +0.039%

Price spread now: Phoenix against Bybit−0.035%105s7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as 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−$300.303% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now −0.035%, 7d avg −0.017%

Together, before fees+0.208%+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. The two prices were read 105 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	Bybit NVDAUSDT	227.19	0	get 0.0000% / 8h	1h 47m	$12.6M	$15.7M	100x
Short	Phoenix NVDA	227.11	0.0070	get 0.0009% / 1h	47m 46s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now −0.035%Rate

Funding earned: $14.8
Price spread: −0.035% → −0.017%: −$1.84
Slippage, 4 orders: −$12.27
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$17.31
Costs to cover: 0.303%
Break-even: 15.2 days

Slippage from Bybit: live order book, 1 min ago; Phoenix: live order book, 27 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 Bybit live order book, 1 min ago	0.22 bp	6.4 bp −$6	8.9 bp −$89	48.7 bp −$4,870	doesn't fit
Sell Phoenix live order book, 27 min ago	2.64 bp	8.6 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit

NVDA on 35 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
Aster NVDAUSDT	0.0000%	8h	227.17	−0.009%	$473K	$550K	20x	as long as short
Binance NVDAUSDT	0.0000%	8h	227.24	+0.022%	$156.2M	$220.6M	50x	as long as short
Bybit NVDAUSDTlong	0.0000%	8h	227.19	long leg	$12.6M	$15.7M	100x
OKX NVDA-USDT-SWAP	0.0000%	8h	227.22	+0.013%	$14.4M	$21.1M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.17	−0.009%	$7.2M	$9.5M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.25	+0.025%	$3.5M	$2.3M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.27	+0.035%	$20K	$452K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.82	−0.163%	$3K	$4.0M	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	0.0000%	1h	227.12	−0.031%	$49K	$1.5M	10x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.31	+0.053%	$202K	$524K	30x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex NVDAUSDT	0.0000%	4h	227.29	+0.044%	$2.2M	$41K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0014%	1h	227.21	+0.008%	$118K	$55K	10x	as long as short
Bitget NVDAUSDT	+0.0023%	8h	227.23	+0.018%	$15.6M	$18.2M	100x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.04	−0.065%	$522K	$409K	10x	as long as short
QFEX NVDA-USD	+0.0041%	1h	227.23	+0.018%	$1.6M	$11.4M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.33	+0.062%	—	$73K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.06	−0.057%	$147.1M	$50.1M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.14	−0.022%	$390K	$281K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.07	−0.053%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.04	−0.066%	$1.6M	$2.1M	15x	as long as short
Nado NVDA-PERP	+0.0052%	1h	227.13	−0.027%	$487K	$225K	20x	as long as short
Hotstuff NVDA-PERP	+0.0056%	1h	227.10	−0.040%	$35K	—	20x	as long as short
Phoenix NVDAshort	+0.0070%	1h	227.11	−0.035%	$93K	$112K	20x
Lighter RH NVDA	+0.0080%	1h	227.34	+0.066%	$4.9M	$7.0M	20x	as long as short
Aevo NVDA-PERP	+0.0080%	1h	227.18	−0.005%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.079%	$1.3M	$911K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.07	−0.054%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.23	+0.018%	$1.6M	$753K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.15	−0.018%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.17	−0.009%	$36K	$22K	20x	as long as short
Lighter NVDA	+0.0120%	1h	227.24	+0.022%	$2.1M	$3.2M	20x	as long as short
BloFin NVDA-USDT	+0.0120%	8h	227.27	+0.035%	$714K	$205K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.63	+0.194%	$73K	$135	30x	as long as short
Arcus NVDA-USD	+0.0305%	1h	227.13	−0.026%	$388K	$709K	20x	as long as short
edgeX NVDAUSDC	+0.0498%	4h	227.24	+0.024%	$170K	$1.9M	20x	as long as short