Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h +0.027%

Price spread now: Phoenix against OKX+0.022%46s7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as 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−$310.306% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now +0.022%, 7d avg −0.026%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.048% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.026%. The two prices were read 46 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	OKX NVDA-USDT-SWAP	226.91	0	get 0.0000% / 8h	3h 18m	$14.3M	$20.4M	50x
Short	Phoenix NVDA	226.96	0.0141	get 0.0018% / 1h	18m 37s	$93K	$112K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.022%Rate

Funding earned: $29.53
Price spread: +0.022% → −0.026%: $4.84
Slippage, 4 orders: −$13.61
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.75
Costs to cover: 0.306%
Break-even: 6.1 days

Slippage from OKX: live order book, 5 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 OKX live order book, 5 min ago	0.22 bp	6.1 bp −$6	7.5 bp −$75	18.1 bp −$1,811	doesn't fit
Sell Phoenix live order book, 27 min ago	3.08 bp	9.4 bp −$9	20.5 bp −$205	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
Hotstuff NVDA-PERP	−0.0080%	1h	226.92	+0.004%	$35K	—	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	226.95	+0.018%	$12.6M	$14.8M	100x	as long as short
OKX NVDA-USDT-SWAPlong	0.0000%	8h	226.91	long leg	$14.3M	$20.4M	50x
Gate NVDA_USDT	0.0000%	8h	226.89	−0.009%	$7.2M	$9.7M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.99	+0.035%	$15.4M	$16.4M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.08	+0.076%	$20K	$396K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	226.62	−0.128%	$2K	$3.7M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.26	+0.154%	$197K	$461K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.24	+0.145%	$2.2M	$43K	10x	as long as short
Aster NVDAUSDT	+0.0006%	8h	226.96	+0.023%	$482K	$569K	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps NVDAUSD	+0.0011%	1h	226.91	+0.002%	$118K	$53K	10x	as long as short
Variational Omni NVDA	+0.0029%	8h	227.08	+0.073%	$3.6M	$2.2M	—	as long as short
Lighter NVDA	+0.0032%	1h	226.90	−0.006%	$2.1M	$3.3M	20x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.96	+0.022%	$398K	$739K	20x	as long as short
QFEX NVDA-USD	+0.0041%	1h	226.96	+0.022%	$1.3M	$9.1M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.06	+0.066%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.79	−0.053%	$147.4M	$43.4M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.94	+0.013%	$400K	$276K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.83	−0.035%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.67	−0.106%	$1.6M	$2.0M	15x	as long as short
Nado NVDA-PERP	+0.0057%	1h	226.88	−0.015%	$482K	$227K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0059%	1h	226.87	−0.018%	$49K	$1.7M	10x	as long as short
Binance NVDAUSDT	+0.0092%	8h	226.95	+0.016%	$155.5M	$216.3M	50x	as long as short
Pacifica NVDA	+0.0100%	1h	226.83	−0.036%	$298K	$50K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.95	+0.018%	$1.6M	$729K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.93	+0.009%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.91	0.000%	$36K	$21K	20x	as long as short
Aevo NVDA-PERP	+0.0104%	1h	226.97	+0.025%	—	—	10x	as long as short
Lighter RH NVDA	+0.0128%	1h	227.06	+0.066%	$5.1M	$7.1M	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0128%	1h	227.11	+0.088%	$1.3M	$782K	10x	as long as short
Phoenix NVDAshort	+0.0141%	1h	226.96	+0.022%	$93K	$112K	20x
Extended NVDA_24_5-USD	+0.0192%	1h	226.74	−0.075%	$672K	$765K	10x	as long as short
BloFin NVDA-USDT	+0.0212%	8h	227.14	+0.101%	$718K	$201K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.52	+0.269%	$73K	$138	30x	as long as short
edgeX NVDAUSDC	+0.0497%	4h	227.06	+0.067%	$170K	$1.9M	20x	as long as short