Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0541%/8h= −59.2% APRpaid last 24h −0.050%

Price spread now: Bybit against Kraken Futures+0.036%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 Bybit

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. Bybit is 0.036% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.036% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NBISUSD	230.93	0.0541	pay 0.0068% / 1h	6m 56s	$23K	$15K	20x
Short	Bybit NBISUSDT	231.01	0	get 0.0000% / 8h	6m 56s	$4.9M	$6.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$113.55
Price spread: +0.036% → 0.000%: $3.6
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$130.95
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	2.38 bp	13.2 bp −$13	68.7 bp −$687	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	−0.0369%	8h	231.04	+0.049%	$2.3M	$4.6M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	231.03	+0.043%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.87	−0.024%	$144K	$876K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.97	+0.019%	$18.8M	$88.0M	25x	as long as short
Bybit NBISUSDTshort	0.0000%	8h	231.01	+0.036%	$4.9M	$6.8M	50x
OKX NBIS-USDT-SWAP	0.0000%	8h	230.93	+0.001%	$3.3M	$16.0M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.91	−0.007%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.87	−0.024%	$2.8M	$589K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.93	+0.004%	$4K	$115K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.84	−0.038%	$1K	$1.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	230.82	−0.046%	$34K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	231.01	+0.036%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.97	+0.019%	$1.6M	$971K	10x	as long as short
BloFin NBIS-USDT	+0.0011%	8h	231.03	+0.045%	$204K	$212K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.88	−0.020%	$42K	$131K	5x	as long as short
QFEX NBIS-USD	+0.0041%	1h	230.96	+0.014%	$1.5M	$3.7M	10x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.83	−0.042%	—	$223K	5x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	230.84	−0.038%	$137K	$473K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	230.95	+0.010%	$79	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.97	+0.019%	$150K	$542K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	230.90	−0.012%	$357K	$811K	10x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.81	−0.051%	$476K	$26K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.96	+0.014%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.93	+0.004%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0118%	1h	230.87	−0.025%	$54.0M	$21.2M	10x	as long as short
Nado NBIS-PERP	+0.0183%	1h	230.82	−0.045%	$38K	$116K	3x	as long as short
Lighter NBIS	+0.0264%	1h	230.92	−0.003%	$938K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0312%	1h	231.04	+0.049%	$7K	$125K	10x	as long as short
edgeX NBISUSDC	+0.0347%	4h	230.92	−0.005%	$37K	$226K	10x	as long as short
Entropy io:NBIS	+0.0411%	1h	230.92	−0.003%	$10.1M	$3.1M	10x	as long as short
Kraken Futures PF_NBISUSDlong	+0.0541%	1h	230.93	long leg	$23K	$15K	20x