Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.046%

Price spread now: KuCoin against Lighter−0.064%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$201as in the Price arb table

costs, in and out, $10k−$2072.065% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.355%−$35 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now −0.064%, 7d avg −0.119%

Together, before fees−0.475%+ Points / potential airdropLighter: Season 3 · farm board−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.054% dearer against Lighter than usual: you sell high and buy low (spread −0.064% now, against its 7-day average of −0.119%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	233.69	0.0416	pay 0.0052% / 1h	45m 55s	$944K	$3.8M	10x
Short	KuCoin NBISUSDTM	233.54	0.0100	get 0.0100% / 8h	5h 45m	$473K	$183K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Lighter. 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 LighterbpFee KuCoinbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$66.36
Price spread: −0.064% → −0.119%: $5.45
Slippage, 4 orders: −$194.52
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$267.43
Costs to cover: 2.065%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; KuCoin: live order book, 59 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 Lighter live order book, 5 min ago	1.06 bp	1.1 bp −$1	2.5 bp −$25	46.1 bp −$4,607	doesn't fit
Sell KuCoin live order book, 59 min ago	22.35 bp	86.2 bp −$86	doesn't fit	doesn't fit	doesn't fit

NBIS on 31 exchanges

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
OKX NBIS-USDT-SWAP	0.0000%	8h	233.55	−0.060%	$3.3M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.74	+0.021%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.59	−0.043%	$2.3M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	234.71	+0.436%	$951	$1.4M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.50	−0.081%	$35K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.47	+0.334%	$13K	$62K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	233.72	+0.013%	$1.6M	$969K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	234.33	+0.274%	—	$250K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	234.23	+0.231%	$152K	$534K	10x	as long as short
QFEX NBIS-USD	+0.0058%	1h	233.89	+0.086%	$1.6M	$3.6M	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NBIS	+0.0097%	8h	234.69	+0.428%	$2.9M	$636K	—	as long as short
KuCoin NBISUSDTMshort	+0.0100%	8h	233.54	−0.064%	$473K	$183K	20x
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.78	+0.039%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.78	+0.040%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	234.06	+0.158%	$383K	$883K	10x	as long as short
Bybit NBISUSDT	+0.0113%	8h	233.67	−0.009%	$5.4M	$7.0M	50x	as long as short
Polymarket Perps NBIS-USD	+0.0136%	1h	233.69	0.000%	$136K	$474K	10x	as long as short
Aster NBISUSDT	+0.0146%	8h	234.10	+0.176%	$75K	$314K	50x	as long as short
Extended NBIS-USD	+0.0176%	1h	233.51	−0.076%	$149K	$846K	10x	as long as short
BloFin NBIS-USDT	+0.0176%	8h	234.33	+0.274%	$157K	$217K	20x	as long as short
Binance NBISUSDT	+0.0180%	8h	233.59	−0.043%	$20.6M	$91.4M	25x	as long as short
Nado NBIS-PERP	+0.0249%	1h	233.64	−0.022%	$38K	$85K	3x	as long as short
Kraken Futures PF_NBISUSD	+0.0370%	1h	233.44	−0.106%	$22K	$11K	20x	as long as short
Phoenix NBIS	+0.0377%	1h	234.94	+0.535%	$7K	$127K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0405%	1h	233.66	−0.013%	$55.3M	$19.2M	10x	as long as short
Arcus NBIS-USD	+0.0413%	1h	233.88	+0.081%	$42K	$119K	5x	as long as short
Lighter NBISlong	+0.0416%	1h	233.69	long leg	$944K	$3.8M	10x
GRVT NBIS_USDT_Perp	+0.0550%	8h	234.83	+0.488%	$4K	$101K	10x	as long as short
edgeX NBISUSDC	+0.0702%	4h	234.68	+0.422%	$31K	$233K	10x	as long as short
SoDEX NBIS-USD	+0.0709%	1h	233.80	+0.047%	$79	$19K	10x	as long as short
Entropy io:NBIS	+0.0803%	1h	234.09	+0.171%	$10.2M	$3.0M	10x	as long as short