Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.072%

Price spread now: Bybit against Kraken Futures+0.022%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.022% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.022% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NBISUSD	234.23	0.0048	pay 0.0006% / 1h	48m 14s	$23K	$15K	20x
Short	Bybit NBISUSDT	234.28	0	get 0.0000% / 8h	3h 48m	$5.0M	$6.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$10.17
Price spread: +0.022% → 0.000%: $2.22
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.96
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 5 min ago. Net counts fees only.

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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	1.28 bp	16.2 bp −$16	72.6 bp −$726	doesn't fit	doesn't fit

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NBIS on 31 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
Extended NBIS-USD	0.0000%	1h	234.19	−0.015%	$147K	$699K	10x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	234.28	+0.022%	$5.0M	$6.3M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	234.36	+0.056%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.28	+0.022%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.38	+0.065%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	234.15	−0.032%	$2.9M	$558K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	234.45	+0.094%	$4K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.38	+0.065%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.17	−0.025%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.41	+0.078%	$1.6M	$953K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster NBISUSDT	+0.0002%	8h	234.50	+0.115%	$79K	$310K	50x	as long as short
Binance NBISUSDT	+0.0004%	8h	234.27	+0.017%	$19.3M	$84.6M	25x	as long as short
BloFin NBIS-USDT	+0.0027%	8h	234.04	−0.080%	$207K	$206K	20x	as long as short
QFEX NBIS-USD	+0.0034%	1h	234.18	−0.021%	$1.5M	$4.1M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	233.98	−0.106%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.28	+0.022%	—	$216K	5x	as long as short
Kraken Futures PF_NBISUSDlong	+0.0048%	1h	234.23	long leg	$23K	$15K	20x
Polymarket Perps NBIS-USD	+0.0050%	1h	234.11	−0.050%	$147K	$456K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.04	−0.080%	$80	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.88	−0.149%	$160K	$501K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0064%	1h	234.30	+0.031%	$54.7M	$19.9M	10x	as long as short
Nado NBIS-PERP	+0.0070%	1h	234.05	−0.074%	$38K	$115K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.12	−0.046%	$482K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.13	−0.042%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.12	−0.047%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	235.56	+0.569%	$389K	$724K	10x	as long as short
Phoenix NBIS	+0.0239%	1h	234.02	−0.089%	$7K	$150K	10x	as long as short
Lighter NBIS	+0.0248%	1h	234.25	+0.009%	$907K	$3.9M	10x	as long as short
Entropy io:NBIS	+0.0284%	1h	234.10	−0.055%	$10.2M	$3.2M	10x	as long as short
edgeX NBISUSDC	+0.0306%	4h	234.38	+0.063%	$38K	$226K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0391%	1h	234.17	−0.025%	$35K	$49K	10x	as long as short