Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.019%

Price spread now: KuCoin against QFEX−0.081%56s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$1431.433% of the position

Long on QFEX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.081%, 7d avg −0.049%

Together, before fees+0.095%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.032% cheaper against QFEX than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of −0.049%). If the spread goes back, that is −$3 on $10k: about 2.2 days of funding at the current rate (+$1 a day). The two prices were read 56 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	QFEX NBIS-USD	234.92	0.0051	pay 0.0006% / 1h	14m 43s	$1.5M	$5.2M	10x
Short	KuCoin NBISUSDTM	234.73	0.0100	get 0.0100% / 8h	14m 43s	$484K	$25K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against QFEX. 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 QFEXbpFee KuCoinbpOrdersPrice spread, now −0.081%Rate

Funding earned: $10.32
Price spread: −0.081% → −0.049%: −$3.23
Slippage, 4 orders: −$121.27
Fee QFEX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$136.19
Costs to cover: 1.433%
Break-even: 99.4 days

Slippage from QFEX: live order book, 4 min ago; KuCoin: live order book, 48 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 QFEX live order book, 4 min ago	2.34 bp	9.3 bp −$9	11.5 bp −$115	doesn't fit	doesn't fit
Sell KuCoin live order book, 48 min ago	19.25 bp	60.7 bp −$61	doesn't fit	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
Bybit NBISUSDT	0.0000%	8h	234.90	−0.009%	$5.2M	$6.5M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	234.93	+0.004%	$3.4M	$17.1M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	234.90	−0.009%	$2.8M	$5.3M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	234.93	+0.004%	$2.5M	$4.8M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.04	+0.051%	$1K	$1.8M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	234.82	−0.043%	$35K	$48K	10x	as long as short
Coinbase International NBIS-PERP-INTX	0.0000%	1h	234.81	−0.047%	$360K	$679K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.07	+0.064%	$15K	$115K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	234.92	0.000%	$1.6M	$975K	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.15	+0.098%	—	$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	234.95	+0.013%	$142K	$738K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	234.89	−0.013%	$38	$20K	10x	as long as short
QFEX NBIS-USDlong	+0.0051%	1h	234.92	long leg	$1.5M	$5.2M	10x
Ondo Perps NBIS-USD.P	+0.0061%	1h	234.98	+0.026%	$174K	$499K	10x	as long as short
KuCoin NBISUSDTMshort	+0.0100%	8h	234.73	−0.081%	$484K	$25K	20x
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	234.90	−0.009%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	234.92	0.000%	—	—	10x	as long as short
Nado NBIS-PERP	+0.0197%	1h	234.80	−0.051%	$28K	$63K	3x	as long as short
Variational Omni NBIS	+0.0221%	8h	235.11	+0.079%	$2.9M	$822K	—	as long as short
Aster NBISUSDT	+0.0235%	8h	235.15	+0.096%	$81K	$308K	50x	as long as short
BloFin NBIS-USDT	+0.0247%	8h	234.93	+0.004%	$206K	$214K	20x	as long as short
Kraken Futures PF_NBISUSD	+0.0248%	1h	234.63	−0.123%	$24K	$15K	20x	as long as short
GRVT NBIS_USDT_Perp	+0.0249%	8h	235.06	+0.058%	$5K	$138K	10x	as long as short
Binance NBISUSDT	+0.0253%	8h	234.94	+0.009%	$19.4M	$86.5M	25x	as long as short
Extended NBIS-USD	+0.0256%	1h	234.89	−0.015%	$139K	$703K	10x	as long as short
Arcus NBIS-USD	+0.0269%	1h	234.94	+0.009%	$44K	$134K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0305%	1h	235.03	+0.047%	$54.8M	$23.4M	10x	as long as short
Lighter NBIS	+0.0368%	1h	235.00	+0.034%	$930K	$4.6M	10x	as long as short
Phoenix NBIS	+0.0376%	1h	235.07	+0.064%	$7K	$163K	10x	as long as short
Entropy io:NBIS	+0.0490%	1h	234.93	+0.004%	$10.3M	$3.4M	10x	as long as short
edgeX NBISUSDC	+0.0874%	4h	235.04	+0.051%	$38K	$236K	10x	as long as short