Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.073%

Price spread now: Phoenix against KuCoin+0.030%78s7-day average +0.160% · you sell dearer than you buy

Net, funding: paid 7d − costs−$137as 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−$1781.782% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.408%+$41 on $10k

Price spread, last 4 days (all we have)+0.194%+$19 · spread now +0.030%, 7d avg +0.160%

Together, before fees+0.602%+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.130% cheaper against KuCoin than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.160%). If the spread goes back, that is −$13 on $10k: about 2.5 days of funding at the current rate (+$5 a day). The two prices were read 78 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	235.19	0.0100	pay 0.0100% / 8h	4h 10m	$485K	$21K	20x
Short	Phoenix NBIS	235.26	0.0272	get 0.0034% / 1h	10m 18s	$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 +0.030%Rate

Funding earned: $36.02
Price spread: +0.030% → +0.160%: −$13.04
Slippage, 4 orders: −$159.16
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$155.18
Costs to cover: 1.782%
Break-even: 37.2 days

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 41 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, 3 min ago	18.93 bp	77.5 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 41 min ago	4.67 bp	14.1 bp −$14	30.0 bp −$300	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
Nado NBIS-PERP	−0.0055%	1h	235.26	+0.031%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.40	+0.089%	$5.0M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.33	+0.060%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.39	+0.085%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.38	+0.081%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	235.40	+0.090%	$2.9M	$561K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.29	+0.043%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.44	+0.106%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.32	+0.055%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.40	+0.089%	$1.6M	$955K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX NBISUSDC	+0.0029%	4h	235.20	+0.004%	$38K	$227K	10x	as long as short
Aster NBISUSDT	+0.0036%	8h	235.33	+0.059%	$79K	$310K	50x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.34	+0.064%	$1.5M	$4.2M	10x	as long as short
Extended NBIS-USD	+0.0040%	1h	235.28	+0.040%	$150K	$701K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.22	+0.013%	$43K	$132K	5x	as long as short
Binance NBISUSDT	+0.0041%	8h	235.40	+0.089%	$19.4M	$84.6M	25x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.61	+0.179%	—	$216K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.34	+0.064%	$54.9M	$19.9M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.28	+0.038%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.33	+0.060%	$52	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.24	+0.021%	$161K	$503K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.56	+0.157%	$389K	$724K	10x	as long as short
BloFin NBIS-USDT	+0.0058%	8h	235.45	+0.111%	$207K	$205K	20x	as long as short
KuCoin NBISUSDTMlong	+0.0100%	8h	235.19	long leg	$485K	$21K	20x
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.31	+0.051%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.31	+0.051%	—	—	10x	as long as short
Lighter NBIS	+0.0160%	1h	235.46	+0.115%	$903K	$4.1M	10x	as long as short
Phoenix NBISshort	+0.0272%	1h	235.26	+0.030%	$7K	$150K	10x
Entropy io:NBIS	+0.0426%	1h	235.25	+0.026%	$10.2M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0477%	1h	235.40	+0.089%	$24K	$15K	20x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0643%	1h	235.42	+0.098%	$35K	$49K	10x	as long as short