Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0211%/8h= +23.1% APRpaid last 24h +0.066%

Price spread now: Phoenix against KuCoin−0.056%108s7-day average +0.159% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1641.640% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.403%+$40 on $10k

Price spread, last 4 days (all we have)+0.228%+$23 · spread now −0.056%, 7d avg +0.159%

Together, before fees+0.631%+$63 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.215% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of +0.159%). If the spread goes back, that is −$21 on $10k: about 3.4 days of funding at the current rate (+$6 a day). The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin NBISUSDTM	230.85	0.0100	pay 0.0100% / 8h	1h 21m	$476K	$20K	20x
Short	Phoenix NBIS	230.72	0.0311	get 0.0039% / 1h	21m 39s	$7K	$150K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.056%Rate

Funding earned: $44.21
Price spread: −0.056% → +0.159%: −$21.49
Slippage, 4 orders: −$144.99
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$141.26
Costs to cover: 1.640%
Break-even: 29.4 days

Slippage from KuCoin: live order book, 22 min ago; Phoenix: live order book, 14 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 KuCoin live order book, 22 min ago	23.88 bp	67.6 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 14 min ago	5.64 bp	17.2 bp −$17	37.7 bp −$377	doesn't fit	doesn't fit

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	−0.0583%	8h	231.01	+0.069%	$2.3M	$4.5M	20x	as long as short
BloFin NBIS-USDT	−0.0019%	8h	231.00	+0.065%	$204K	$205K	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.87	+0.009%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.93	+0.037%	$149K	$635K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.95	+0.043%	$18.5M	$87.3M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.99	+0.061%	$4.9M	$6.7M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.84	−0.004%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	231.03	+0.078%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.85	0.000%	$2.8M	$601K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.97	+0.051%	$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	231.01	+0.069%	$1K	$1.6M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.93	+0.035%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	230.98	+0.056%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.96	+0.048%	$1.6M	$964K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.77	−0.035%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.89	+0.017%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.89	+0.017%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.92	+0.030%	$111	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.82	−0.013%	$151K	$548K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.96	+0.048%	$1.5M	$3.8M	10x	as long as short
Nado NBIS-PERP	+0.0060%	1h	230.83	−0.011%	$38K	$115K	3x	as long as short
tradeXYZ xyz:NBIS	+0.0081%	1h	230.85	0.000%	$54.3M	$21.0M	10x	as long as short
KuCoin NBISUSDTMlong	+0.0100%	8h	230.85	long leg	$476K	$20K	20x
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.97	+0.052%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.92	+0.031%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.39	−0.199%	$351K	$812K	10x	as long as short
Lighter NBIS	+0.0200%	1h	230.91	+0.026%	$956K	$4.0M	10x	as long as short
Phoenix NBISshort	+0.0311%	1h	230.72	−0.056%	$7K	$150K	10x
Entropy io:NBIS	+0.0372%	1h	230.82	−0.013%	$10.0M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0684%	1h	230.96	+0.049%	$23K	$15K	20x	as long as short
edgeX NBISUSDC	+0.0789%	4h	230.95	+0.045%	$37K	$227K	10x	as long as short