Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0366%/8h= −40.1% APRpaid last 24h −0.052%

Price spread now: SunX against Deribit−0.198%7-day average −0.087% · 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−$91as in the Price arb table

costs, in and out, $10k−$800.802% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.167%−$17 on $10k

Price spread, last 3 days (all we have)+0.128%+$13 · spread now −0.198%, 7d avg −0.087%

Together, before fees−0.039%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and SunX is 0.110% cheaper against Deribit than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.087%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.167% in total (about -13.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NVDA_USDC-PERPETUAL	227.43	0.0366	pay 0.0046% / 1h	38m 01s	$49K	$1.4M	10x
Short	SunX NVDA-USDT	226.98	0	get 0.0000% / 8h	38m 01s	$3K	$3.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now −0.198%Rate

Funding earned: −$76.85
Price spread: −0.198% → −0.087%: −$11.04
Slippage, 4 orders: −$65.21
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$168.1
Costs to cover: 0.802%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 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 Deribit live order book, 1 min ago	4.18 bp	8.0 bp −$8	10.0 bp −$100	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	21.99 bp	26.0 bp −$26	55.7 bp −$557	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	227.42	−0.004%	$482K	$587K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.46	+0.013%	$12.7M	$15.4M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.45	+0.009%	$14.4M	$21.0M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.37	−0.026%	$7.2M	$9.6M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.50	+0.029%	$3.6M	$2.1M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.53	+0.044%	$20K	$416K	10x	as long as short
SunX NVDA-USDTshort	0.0000%	8h	226.98	−0.198%	$3K	$3.9M	20x
HTX NVDA-USDT	0.0000%	8h	227.48	+0.022%	$198K	$523K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.57	+0.062%	$2.2M	$42K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0030%	1h	227.46	+0.015%	$118K	$55K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NVDAUSDT	+0.0044%	8h	227.48	+0.022%	$15.5M	$17.7M	100x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.57	+0.062%	—	$74K	25x	as long as short
Binance NVDAUSDT	+0.0046%	8h	227.48	+0.024%	$156.3M	$220.1M	50x	as long as short
Extended NVDA_24_5-USD	+0.0048%	1h	227.27	−0.071%	$536K	$446K	10x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.33	−0.044%	$147.4M	$48.3M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.36	−0.031%	$401K	$289K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.35	−0.035%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.32	−0.048%	$1.6M	$2.1M	15x	as long as short
QFEX NVDA-USD	+0.0060%	1h	227.50	+0.031%	$1.6M	$11.4M	10x	as long as short
Nado NVDA-PERP	+0.0081%	1h	227.31	−0.051%	$484K	$229K	20x	as long as short
Hotstuff NVDA-PERP	+0.0088%	1h	227.34	−0.040%	$35K	—	20x	as long as short
Aevo NVDA-PERP	+0.0096%	1h	227.47	+0.016%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.185%	$1.3M	$845K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.32	−0.048%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.51	+0.035%	$1.6M	$743K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.38	−0.022%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.46	+0.013%	$36K	$22K	20x	as long as short
Phoenix NVDA	+0.0106%	1h	227.38	−0.022%	$93K	$112K	20x	as long as short
Arcus NVDA-USD	+0.0127%	1h	227.33	−0.044%	$399K	$724K	20x	as long as short
BloFin NVDA-USDT	+0.0166%	8h	227.49	+0.026%	$716K	$204K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.72	+0.128%	$73K	$136	30x	as long as short
Lighter NVDA	+0.0248%	1h	227.51	+0.034%	$2.1M	$3.3M	20x	as long as short
Lighter RH NVDA	+0.0248%	1h	227.63	+0.088%	$5.1M	$7.2M	20x	as long as short
edgeX NVDAUSDC	+0.0349%	4h	227.49	+0.025%	$170K	$1.9M	20x	as long as short
Deribit NVDA_USDC-PERPETUALlong	+0.0366%	1h	227.43	long leg	$49K	$1.4M	10x