Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0177%/8h= +19.4% APRpaid last 24h +0.042%

Price spread now: Phoenix against SunX+0.115%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$830.825% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.242%+$24 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.115%, 7d avg +0.096%

Together, before fees+0.215%+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.096%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NVDA-USDT	226.03	0	get 0.0000% / 8h	12m 53s	$2K	$3.6M	20x
Short	Phoenix NVDA	226.29	0.0177	get 0.0022% / 1h	12m 53s	$93K	$83K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.115%Rate

Funding earned: $37.13
Price spread: +0.115% → +0.096%: $1.9
Slippage, 4 orders: −$67.51
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$43.48
Costs to cover: 0.825%
Break-even: 15.2 days

Slippage from SunX: live order book, 5 min ago; Phoenix: live order book, 82 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 SunX live order book, 5 min ago	21.88 bp	38.5 bp −$38	67.8 bp −$678	doesn't fit	doesn't fit
Sell Phoenix live order book, 82 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	+0.168%	$12.4M	$14.4M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	226.40	+0.164%	$14.1M	$20.4M	50x	as long as short
Hotstuff NVDA-PERP	0.0000%	1h	226.16	+0.058%	$35K	—	20x	as long as short
Gate NVDA_USDT	0.0000%	8h	226.40	+0.164%	$7.2M	$10.0M	100x	as long as short
Bitget NVDAUSDT	0.0000%	8h	226.50	+0.208%	$15.9M	$16.7M	100x	as long as short
SunX NVDA-USDTlong	0.0000%	8h	226.03	long leg	$2K	$3.6M	20x
HTX NVDA-USDT	0.0000%	8h	226.40	+0.164%	$198K	$442K	30x	as long as short
Phemex NVDAUSDT	0.0000%	4h	226.63	+0.265%	$2.2M	$42K	10x	as long as short
Aftermath Perps NVDAUSD	+0.0015%	1h	226.08	+0.024%	$117K	$51K	10x	as long as short
GRVT NVDA_USDT_Perp	+0.0039%	8h	226.32	+0.126%	$21K	$423K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NVDA-USD	+0.0040%	1h	226.27	+0.106%	$392K	$738K	20x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	226.45	+0.186%	—	$74K	25x	as long as short
SoDEX NVDA-USD	+0.0050%	1h	226.26	+0.102%	$59K	$19K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	226.11	+0.035%	$1.6M	$1.9M	15x	as long as short
Aster NVDAUSDT	+0.0053%	8h	226.37	+0.150%	$482K	$530K	20x	as long as short
QFEX NVDA-USD	+0.0064%	1h	226.35	+0.142%	$1.3M	$9.1M	10x	as long as short
Variational Omni NVDA	+0.0077%	8h	226.31	+0.124%	$3.5M	$2.2M	—	as long as short
Polymarket Perps NVDA-USD	+0.0082%	1h	226.34	+0.137%	$391K	$247K	10x	as long as short
tradeXYZ xyz:NVDA	+0.0086%	1h	226.26	+0.102%	$147.0M	$43.2M	20x	as long as short
Pacifica NVDA	+0.0100%	1h	226.22	+0.084%	$297K	$49K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	226.37	+0.150%	$1.6M	$807K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	226.09	+0.027%	$16K	$44K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	226.45	+0.186%	$36K	$21K	20x	as long as short
Aevo NVDA-PERP	+0.0112%	1h	226.46	+0.192%	—	—	10x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0120%	1h	226.09	+0.027%	$1.3M	$697K	10x	as long as short
Binance NVDAUSDT	+0.0139%	8h	226.42	+0.173%	$155.3M	$219.9M	50x	as long as short
Lighter NVDA	+0.0160%	1h	226.44	+0.180%	$2.1M	$3.3M	20x	as long as short
Nado NVDA-PERP	+0.0170%	1h	226.17	+0.064%	$480K	$223K	20x	as long as short
Phoenix NVDAshort	+0.0177%	1h	226.29	+0.115%	$93K	$83K	20x
Injective NVDA/USDC PERP	+0.0220%	1h	226.78	+0.332%	$73K	$139	30x	as long as short
Lighter RH NVDA	+0.0232%	1h	226.57	+0.239%	$5.1M	$7.0M	20x	as long as short
BloFin NVDA-USDT	+0.0259%	8h	226.49	+0.204%	$712K	$195K	20x	as long as short
Extended NVDA_24_5-USD	+0.0352%	1h	226.19	+0.069%	$644K	$875K	10x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0369%	1h	226.42	+0.173%	$53K	$1.9M	10x	as long as short
edgeX NVDAUSDC	+0.0539%	4h	226.32	+0.126%	$170K	$1.9M	20x	as long as short