Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.037%

Price spread now: Coinbase International against Phemex−0.128%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$810.813% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.206%+$21 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.128%, 7d avg −0.090%

Together, before fees+0.285%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.038% cheaper against Phemex than usual: you would sell low and buy high (spread −0.128% now, against its 7-day average of −0.090%). If the spread goes back, that is −$4 on $10k: about 22 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NVDAUSDT	226.46	0	get 0.0000% / 4h	3h 17m	$2.2M	$41K	10x
Short	Coinbase International NVDA-PERP-INTX	226.17	0.0136	get 0.0017% / 1h	17m 26s	$1.3M	$682K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.128%Rate

Funding earned: $28.56
Price spread: −0.128% → −0.090%: −$3.8
Slippage, 4 orders: −$59.34
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$56.58
Costs to cover: 0.813%
Break-even: 20.9 days

Slippage from Phemex: live order book, 1 min ago; Coinbase International: live order book, 1 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 Phemex live order book, 1 min ago	1.55 bp	29.0 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	2.43 bp	7.9 bp −$8	10.1 bp −$101	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	−0.0048%	1h	226.16	−0.132%	$35K	—	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	226.33	−0.057%	$12.5M	$14.8M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.32	−0.062%	$14.1M	$20.3M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.29	−0.075%	$7.2M	$10.0M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.38	−0.035%	$15.7M	$16.0M	100x	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	226.25	−0.094%	$21K	$430K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	225.90	−0.247%	$3K	$3.5M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	226.28	−0.079%	$198K	$436K	30x	as long as short
Phemex NVDAUSDTlong	0.0000%	4h	226.46	long leg	$2.2M	$41K	10x
Aftermath Perps NVDAUSD	+0.0010%	1h	226.00	−0.205%	$117K	$52K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter NVDA	+0.0032%	1h	226.23	−0.101%	$2.1M	$3.2M	20x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	226.10	−0.161%	$640K	$872K	10x	as long as short
Arcus NVDA-USD	+0.0040%	1h	226.26	−0.088%	$392K	$739K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.40	−0.026%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	226.19	−0.119%	$147.4M	$43.9M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	226.28	−0.079%	$391K	$240K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.07	−0.172%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.07	−0.172%	$1.6M	$1.9M	15x	as long as short
Aster NVDAUSDT	+0.0068%	8h	226.31	−0.066%	$483K	$544K	20x	as long as short
QFEX NVDA-USD	+0.0072%	1h	226.28	−0.079%	$1.3M	$9.1M	10x	as long as short
Nado NVDA-PERP	+0.0072%	1h	226.12	−0.151%	$480K	$221K	20x	as long as short
Lighter RH NVDA	+0.0080%	1h	226.39	−0.031%	$5.1M	$7.2M	20x	as long as short
Variational Omni NVDA	+0.0090%	8h	226.27	−0.083%	$3.2M	$2.5M	—	as long as short
Pacifica NVDA	+0.0100%	1h	226.10	−0.159%	$297K	$50K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.02	−0.194%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.34	−0.053%	$36K	$20K	20x	as long as short
KuCoin NVDAUSDTM	+0.0109%	8h	226.26	−0.088%	$1.6M	$1.0M	20x	as long as short
Aevo NVDA-PERP	+0.0120%	1h	226.21	−0.111%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTXshort	+0.0136%	1h	226.17	−0.128%	$1.3M	$682K	10x
Binance NVDAUSDT	+0.0153%	8h	226.37	−0.040%	$155.2M	$222.3M	50x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0192%	1h	226.17	−0.128%	$53K	$1.9M	10x	as long as short
Phoenix NVDA	+0.0212%	1h	226.11	−0.155%	$93K	$83K	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	226.54	+0.035%	$73K	$138	30x	as long as short
BloFin NVDA-USDT	+0.0271%	8h	226.23	−0.102%	$715K	$200K	20x	as long as short
edgeX NVDAUSDC	+0.0418%	4h	226.22	−0.106%	$171K	$1.9M	20x	as long as short