Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0248%/8h= −27.2% APRpaid last 24h −0.124%

Price spread now: Phemex against Kraken Futures+0.085%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 Phemex

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. Phemex is 0.085% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.085% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NBISUSD	234.28	0.0248	pay 0.0031% / 1h	40m 02s	$24K	$13K	20x
Short	Phemex NBISUSDT	234.48	0	get 0.0000% / 8h	40m 02s	$1.6M	$968K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$52.17
Price spread: +0.085% → 0.000%: $8.54
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.63
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago	1.07 bp	52.4 bp −$52	doesn't fit	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
Bybit NBISUSDT	0.0000%	8h	234.40	+0.051%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.49	+0.090%	$3.4M	$17.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.42	+0.060%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.48	+0.085%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.44	+0.068%	$910	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.38	+0.043%	$35K	$48K	10x	as long as short
Coinbase International NBIS-PERP-INTX	0.0000%	1h	233.76	−0.222%	$358K	$676K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.46	+0.077%	$15K	$115K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	234.48	+0.085%	$1.6M	$968K	10x
Vest NBIS-USD-PERP	+0.0046%	1h	234.50	+0.094%	—	$234K	5x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps NBIS-USD	+0.0050%	1h	234.40	+0.051%	$147K	$706K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.43	+0.064%	$28	$20K	10x	as long as short
QFEX NBIS-USD	+0.0051%	1h	234.40	+0.051%	$1.5M	$5.1M	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	234.34	+0.026%	$483K	$25K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.44	+0.068%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.46	+0.079%	—	—	10x	as long as short
Variational Omni NBIS	+0.0199%	8h	234.38	+0.041%	$2.9M	$821K	—	as long as short
Nado NBIS-PERP	+0.0202%	1h	234.34	+0.024%	$28K	$63K	3x	as long as short
Aster NBISUSDT	+0.0223%	8h	234.37	+0.040%	$79K	$306K	50x	as long as short
Extended NBIS-USD	+0.0232%	1h	234.45	+0.073%	$142K	$697K	10x	as long as short
BloFin NBIS-USDT	+0.0232%	8h	234.47	+0.081%	$205K	$214K	20x	as long as short
Binance NBISUSDT	+0.0236%	8h	234.49	+0.091%	$19.4M	$86.4M	25x	as long as short
Ondo Perps NBIS-USD.P	+0.0236%	1h	234.33	+0.021%	$174K	$498K	10x	as long as short
Kraken Futures PF_NBISUSDlong	+0.0248%	1h	234.28	long leg	$24K	$13K	20x
GRVT NBIS_USDT_Perp	+0.0252%	8h	234.45	+0.074%	$5K	$140K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0269%	1h	234.50	+0.094%	$54.7M	$23.3M	10x	as long as short
Arcus NBIS-USD	+0.0269%	1h	234.41	+0.056%	$44K	$134K	5x	as long as short
Lighter NBIS	+0.0368%	1h	234.59	+0.132%	$934K	$4.6M	10x	as long as short
Phoenix NBIS	+0.0376%	1h	234.52	+0.102%	$7K	$163K	10x	as long as short
edgeX NBISUSDC	+0.0502%	4h	234.37	+0.039%	$38K	$236K	10x	as long as short
Entropy io:NBIS	+0.0503%	1h	234.43	+0.064%	$10.2M	$3.4M	10x	as long as short