Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0685%/8h= −75.0% APRpaid last 24h −0.043%

Price spread now: Variational Omni against Kraken Futures+0.101%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 Variational Omni

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—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.101% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.101% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NBISUSD	230.86	0.0685	pay 0.0086% / 1h	1m 51s	$23K	$15K	20x
Short	Variational Omni NBIS	231.09	0	get 0.0000% / 8h	1h 01m	$2.8M	$595K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.101%Rate

Funding earned: −$143.75
Price spread: +0.101% → 0.000%: $10.1
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$143.65
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: no order-book sample; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	3.70 bp	doesn't fit	51.4 bp −$514	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
Bitget NBISUSDT	−0.0544%	8h	231.03	+0.075%	$2.3M	$4.5M	20x	as long as short
BloFin NBIS-USDT	−0.0006%	8h	230.90	+0.019%	$204K	$205K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.70	−0.069%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.84	−0.008%	$149K	$631K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.89	+0.015%	$18.5M	$87.6M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.88	+0.010%	$4.9M	$6.8M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.92	+0.028%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.94	+0.036%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBISshort	0.0000%	8h	231.09	+0.101%	$2.8M	$595K	—
GRVT NBIS_USDT_Perp	0.0000%	8h	231.01	+0.068%	$5K	$116K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	230.92	+0.028%	$889	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.97	+0.049%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.99	+0.058%	$1.6M	$966K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.83	−0.011%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.79	−0.029%	—	$222K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.97	+0.049%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.90	+0.019%	$143	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.77	−0.037%	$151K	$542K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.98	+0.054%	$1.5M	$3.8M	10x	as long as short
Nado NBIS-PERP	+0.0078%	1h	230.71	−0.061%	$37K	$115K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.74	−0.050%	$476K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.94	+0.036%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.92	+0.027%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.38	−0.206%	$352K	$814K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0128%	1h	230.81	−0.020%	$54.2M	$21.1M	10x	as long as short
Lighter NBIS	+0.0224%	1h	230.96	+0.045%	$938K	$4.0M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0270%	1h	230.89	+0.015%	$34K	$49K	10x	as long as short
Phoenix NBIS	+0.0311%	1h	231.15	+0.127%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0358%	1h	230.84	−0.007%	$10.1M	$3.1M	10x	as long as short
edgeX NBISUSDC	+0.0530%	4h	230.99	+0.058%	$37K	$227K	10x	as long as short
Kraken Futures PF_NBISUSDlong	+0.0685%	1h	230.86	long leg	$23K	$15K	20x