Funding arb · Price arb /

NAS100

RWAall NAS100 markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0810%/8h= +88.7% APRpaid last 24h +0.594%

Price spread now: Kraken Futures against Phemex−0.013%7-day average +0.215% · you buy dearer than you sell

Net, funding: paid 7d − costs+$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1000.998% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+2.745%+$275 on $10k

Price spread, last 4 days (all we have)−0.695%−$69 · spread now −0.013%, 7d avg +0.215%

Together, before fees+2.051%+$205 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.228% cheaper against Phemex than usual: you would sell low and buy high (spread −0.013% now, against its 7-day average of +0.215%). If the spread goes back, that is −$23 on $10k: about 23 hours of funding at the current rate (+$24 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NAS100USDT	30,443.5	0	get 0.0000% / 4h	2h 57m	$1.4M	$196K	10x
Short	Kraken Futures PF_US100USD	30,439.5	0.0810	get 0.0101% / 1h	57m 34s	$141K	$128K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.013%Rate

Funding earned: $170.03
Price spread: −0.013% → +0.215%: −$22.78
Slippage, 4 orders: −$77.78
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $47.47
Costs to cover: 0.998%
Break-even: 5.0 days

Slippage from Phemex: live order book, 5 min ago; Kraken Futures: 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 Phemex live order book, 5 min ago	14.24 bp	29.4 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 35 min ago	6.41 bp	25.5 bp −$25	85.8 bp −$858	doesn't fit	doesn't fit

NAS100 on 15 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
Orderly PERP_NAS100_USDC	−0.0281%	8h	30,468.8	+0.083%	$100K	$38K	20x	as long as short
Gate NAS100_USDT	−0.0200%	8h	30,443.5	0.000%	$1.8M	$2.5M	100x	as long as short
MEXC NAS100_USDT	−0.0071%	8h	30,476	+0.107%	$20.9M	$22.0M	200x	as long as short
OKX US100-USDT-SWAP	0.0000%	8h	30,454	+0.035%	$266K	$389K	20x	as long as short
Bitget NDX100USDT	0.0000%	8h	30,507	+0.209%	$3.5M	$555K	50x	as long as short
Bullet US100-USD	0.0000%	1h	30,483.2	+0.130%	$3K	$90K	10x	as long as short
Phemex NAS100USDTlong	0.0000%	4h	30,443.5	long leg	$1.4M	$196K	10x
QFEX US100-USD	+0.0003%	1h	30,475	+0.104%	$1.2M	$1.5M	30x	as long as short
Lighter US100	+0.0032%	1h	30,470	+0.087%	$3.8M	$95.1M	30x	as long as short
Extended TECH100m-USD	+0.0032%	1h	30,473.6	+0.099%	$1.9M	$5.3M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NDX-USD-PERP	+0.0046%	1h	30,772.4	+1.080%	—	$210.0M	50x	as long as short
Paradex US100-USD-PERP	+0.0050%	8h	30,467.3	+0.078%	—	—	5x	as long as short
Polymarket Perps NAS100-USD	+0.0050%	1h	30,480	+0.120%	$7.2M	$1.9M	50x	as long as short
Ondo Perps US100-USD.P	+0.0050%	1h	30,475.6	+0.106%	$6.0M	$9.7M	25x	as long as short
Kraken Futures PF_US100USDshort	+0.0810%	1h	30,439.5	−0.013%	$141K	$128K	20x