Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0141%/8h= −15.4% APRpaid last 24h −0.027%

Price spread now: OKX against Phoenix+0.022%56s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as 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−$290.286% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now +0.022%, 7d avg +0.026%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 56 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	Phoenix NVDA	227.52	0.0141	pay 0.0018% / 1h	12m 35s	$94K	$112K	20x
Short	OKX NVDA-USDT-SWAP	227.57	0	get 0.0000% / 8h	4h 12m	$14.4M	$20.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Phoenix. 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 PhoenixbpFee OKXbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$29.52
Price spread: +0.022% → +0.026%: −$0.44
Slippage, 4 orders: −$11.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$58.55
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; OKX: 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 Phoenix live order book, 38 min ago	2.64 bp	8.6 bp −$9	18.0 bp −$180	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.22 bp	5.4 bp −$5	7.1 bp −$71	16.7 bp −$1,666	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	227.57	+0.022%	$12.7M	$14.8M	100x	as long as short
OKX NVDA-USDT-SWAPshort	0.0000%	8h	227.57	+0.022%	$14.4M	$20.5M	50x
Gate NVDA_USDT	0.0000%	8h	227.52	0.000%	$7.2M	$9.7M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	227.61	+0.040%	$15.5M	$16.4M	100x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.26	−0.114%	$2K	$3.7M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.64	+0.053%	$198K	$469K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	227.66	+0.062%	$2.2M	$43K	10x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0014%	1h	227.51	−0.004%	$49K	$1.6M	10x	as long as short
Aftermath Perps NVDAUSD	+0.0015%	1h	227.55	+0.013%	$118K	$54K	10x	as long as short
GRVT NVDA_USDT_Perp	+0.0021%	8h	227.63	+0.048%	$20K	$390K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster NVDAUSDT	+0.0031%	8h	227.59	+0.030%	$483K	$590K	20x	as long as short
Arcus NVDA-USD	+0.0040%	1h	227.54	+0.009%	$399K	$741K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.71	+0.084%	—	$74K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.45	−0.031%	$147.8M	$43.6M	20x	as long as short
Polymarket Perps NVDA-USD	+0.0050%	1h	227.56	+0.018%	$401K	$276K	10x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	227.45	−0.031%	$58K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.36	−0.070%	$1.6M	$2.0M	15x	as long as short
QFEX NVDA-USD	+0.0057%	1h	227.55	+0.013%	$1.3M	$9.2M	10x	as long as short
Variational Omni NVDA	+0.0062%	8h	227.60	+0.033%	$3.5M	$2.1M	—	as long as short
Nado NVDA-PERP	+0.0070%	1h	227.48	−0.016%	$484K	$228K	20x	as long as short
Lighter NVDA	+0.0072%	1h	227.56	+0.019%	$2.2M	$3.3M	20x	as long as short
Hotstuff NVDA-PERP	+0.0072%	1h	227.44	−0.035%	$35K	—	20x	as long as short
Pacifica NVDA	+0.0100%	1h	227.47	−0.023%	$299K	$51K	10x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.47	−0.022%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.56	+0.018%	$36K	$21K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0104%	1h	227.53	+0.004%	$1.3M	$775K	10x	as long as short
Aevo NVDA-PERP	+0.0112%	1h	227.58	+0.028%	—	—	10x	as long as short
Binance NVDAUSDT	+0.0115%	8h	227.60	+0.034%	$156.2M	$215.8M	50x	as long as short
KuCoin NVDAUSDTM	+0.0130%	8h	227.62	+0.044%	$1.6M	$722K	20x	as long as short
Phoenix NVDAlong	+0.0141%	1h	227.52	long leg	$94K	$112K	20x
Lighter RH NVDA	+0.0144%	1h	227.73	+0.092%	$5.1M	$7.1M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	227.91	+0.171%	$73K	$139	30x	as long as short
BloFin NVDA-USDT	+0.0236%	8h	227.63	+0.048%	$721K	$201K	20x	as long as short
Extended NVDA_24_5-USD	+0.0360%	1h	227.44	−0.035%	$675K	$748K	10x	as long as short
edgeX NVDAUSDC	+0.0852%	4h	227.56	+0.018%	$170K	$1.9M	20x	as long as short