Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.071%

Price spread now: KuCoin against Lighter−0.085%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs−$188as in the Price arb table

costs, in and out, $10k−$1911.911% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.362%−$36 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now −0.085%, 7d avg −0.119%

Together, before fees−0.464%+ Points / potential airdropLighter: Season 3 · farm board−$46 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.034% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.119%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NBIS	235.55	0.0104	pay 0.0013% / 1h	35m 07s	$899K	$4.0M	10x
Short	KuCoin NBISUSDTM	235.35	0.0100	get 0.0100% / 8h	4h 35m	$485K	$21K	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 −0.085%Rate

Funding earned: −$0.84
Price spread: −0.085% → −0.119%: $3.44
Slippage, 4 orders: −$179.14
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$188.54
Costs to cover: 1.911%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 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 Lighter live order book, 7 min ago	0.42 bp	0.6 bp −$1	2.3 bp −$23	50.9 bp −$5,094	doesn't fit
Sell KuCoin live order book, 48 min ago	21.76 bp	68.5 bp −$68	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
Nado NBIS-PERP	−0.0126%	1h	235.31	−0.104%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.57	+0.008%	$5.1M	$6.2M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	235.55	0.000%	$3.4M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	235.53	−0.008%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.50	−0.021%	$2.4M	$4.4M	20x	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.59	+0.017%	$5K	$119K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.57	+0.008%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.57	+0.008%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.51	−0.017%	$1.6M	$957K	10x	as long as short
Variational Omni NBIS	+0.0027%	8h	235.51	−0.017%	$2.9M	$563K	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX NBIS-USD	+0.0038%	1h	235.51	−0.017%	$1.5M	$4.2M	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.41	−0.059%	$43K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.73	+0.076%	—	$216K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.32	−0.098%	$54.9M	$19.8M	10x	as long as short
Polymarket Perps NBIS-USD	+0.0050%	1h	235.38	−0.072%	$149K	$453K	10x	as long as short
SoDEX NBIS-USD	+0.0050%	1h	235.48	−0.030%	$14	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.53	−0.008%	$161K	$504K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.35	−0.085%	$389K	$724K	10x	as long as short
Aster NBISUSDT	+0.0072%	8h	235.49	−0.025%	$79K	$310K	50x	as long as short
Binance NBISUSDT	+0.0076%	8h	235.49	−0.025%	$19.4M	$84.6M	25x	as long as short
Extended NBIS-USD	+0.0080%	1h	235.45	−0.042%	$147K	$702K	10x	as long as short
BloFin NBIS-USDT	+0.0081%	8h	235.48	−0.030%	$207K	$205K	20x	as long as short
KuCoin NBISUSDTMshort	+0.0100%	8h	235.35	−0.085%	$485K	$21K	20x
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.49	−0.025%	$2K	$3K	10x	as long as short
Lighter NBISlong	+0.0104%	1h	235.55	long leg	$899K	$4.0M	10x
Aevo NBIS-PERP	+0.0104%	1h	235.46	−0.038%	—	—	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0260%	1h	235.53	−0.008%	$35K	$48K	10x	as long as short
Phoenix NBIS	+0.0272%	1h	235.54	−0.004%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0409%	1h	235.49	−0.025%	$10.2M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0477%	1h	235.32	−0.096%	$24K	$15K	20x	as long as short
edgeX NBISUSDC	+0.0882%	4h	235.57	+0.009%	$38K	$226K	10x	as long as short