Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.043%

Price spread now: Phoenix against HTX−0.159%72s7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as 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−$370.372% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.244%+$24 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.159%, 7d avg −0.010%

Together, before fees+0.375%+$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.149% cheaper against HTX than usual: you would sell low and buy high (spread −0.159% now, against its 7-day average of −0.010%). If the spread goes back, that is −$15 on $10k: about 4.7 days of funding at the current rate (+$3 a day). The two prices were read 72 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	HTX NVDA-USDT	226.80	0	get 0.0000% / 8h	59m 54s	$198K	$448K	30x
Short	Phoenix NVDA	226.44	0.0106	get 0.0013% / 1h	59m 54s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.159%Rate

Funding earned: $22.24
Price spread: −0.159% → −0.010%: −$14.91
Slippage, 4 orders: −$18.2
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$29.86
Costs to cover: 0.372%
Break-even: 16.4 days

Slippage from HTX: live order book, 44 min ago; Phoenix: live order book, 35 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 HTX live order book, 44 min ago	0.22 bp	7.9 bp −$8	8.1 bp −$81	16.7 bp −$1,669	doesn't fit
Sell Phoenix live order book, 35 min ago	3.10 bp	9.1 bp −$9	19.4 bp −$194	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
Bybit NVDAUSDT	0.0000%	8h	226.41	−0.172%	$12.4M	$14.6M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.37	−0.190%	$14.1M	$20.5M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.37	−0.190%	$7.2M	$9.9M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.48	−0.141%	$15.8M	$16.5M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.49	−0.137%	$21K	$421K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.01	−0.348%	$2K	$3.6M	20x	as long as short
HTX NVDA-USDTlong	0.0000%	8h	226.80	long leg	$198K	$448K	30x
Phemex NVDAUSDT	0.0000%	4h	226.55	−0.110%	$2.2M	$42K	10x	as long as short
Aster NVDAUSDT	+0.0017%	8h	226.39	−0.181%	$482K	$530K	20x	as long as short
Aftermath Perps NVDAUSD	+0.0018%	1h	226.34	−0.204%	$117K	$51K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff NVDA-PERP	+0.0032%	1h	226.31	−0.216%	$35K	—	20x	as long as short
Variational Omni NVDA	+0.0036%	8h	226.42	−0.170%	$3.5M	$2.3M	—	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.42	−0.168%	$399K	$732K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.48	−0.141%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.24	−0.247%	$147.0M	$43.3M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.37	−0.190%	$391K	$247K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.28	−0.229%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.14	−0.291%	$1.6M	$1.9M	15x	as long as short
QFEX NVDA-USD	+0.0056%	1h	226.42	−0.168%	$1.3M	$9.1M	10x	as long as short
Pacifica NVDA	+0.0100%	1h	226.22	−0.256%	$297K	$46K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.45	−0.154%	$1.6M	$742K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.25	−0.243%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.41	−0.172%	$36K	$21K	20x	as long as short
Binance NVDAUSDT	+0.0103%	8h	226.37	−0.189%	$154.3M	$218.5M	50x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	226.41	−0.174%	—	—	10x	as long as short
Phoenix NVDAshort	+0.0106%	1h	226.44	−0.159%	$93K	$112K	20x
Coinbase International NVDA-PERP-INTX	+0.0112%	1h	226.29	−0.225%	$1.3M	$722K	10x	as long as short
Lighter NVDA	+0.0120%	1h	226.36	−0.194%	$2.1M	$3.3M	20x	as long as short
Nado NVDA-PERP	+0.0140%	1h	226.22	−0.255%	$481K	$223K	20x	as long as short
Lighter RH NVDA	+0.0160%	1h	226.49	−0.137%	$5.1M	$7.0M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.94	+0.062%	$73K	$140	30x	as long as short
BloFin NVDA-USDT	+0.0222%	8h	226.55	−0.110%	$713K	$195K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0325%	1h	226.38	−0.185%	$53K	$1.8M	10x	as long as short
Extended NVDA_24_5-USD	+0.0376%	1h	226.16	−0.284%	$646K	$872K	10x	as long as short
edgeX NVDAUSDC	+0.0727%	4h	226.44	−0.159%	$170K	$1.9M	20x	as long as short