NVO Funding Rate — Novo Nordisk tokenized stock perpetuals across 5 venues

Tokenized stock (xStock) perpetual · compared across 5 venues · net of estimated fees · updated every few minutes

NVO represents tokenized exposure to Novo Nordisk shares (a Backed.fi xStock) traded as a perpetual. The perp, its funding and the underlying share are three different things — read the rate with liquidity and the backtest below.

Live annualized NVO perpetual funding across all 5 venues Perpia tracks. Right now NVO funding is positive on 1 and negative on 0, ranging from +10.9% on KuCoin to +0.0% on Bybit — a spread of 10.9%. The widest delta-neutral trade is long Variational / short KuCoin at 6.8% net APR.

venues

paying positive

10.9%

funding spread

Best NVO spread now

6.8%

net APR after fees

Long Variational→Short KuCoin

size depends on live venue depth — see the real cap in the scanner

NVO funding trend & liquidity

169h of history

10.9%

current gross APR

39.5%

24h average

18.2%

7-day average

$29K

pair OI · lower leg

$74K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

NVO funding rate history

30d · 6h buckets · 7 venues

82.0%0-90.9%

6 Aug5 Sep

NVO — average across 7 venuesAsterKuCoinBybitGate.io

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +4.2%. A break in a line means no data was recorded for that stretch, not a zero rate.

NVO funding rate by venue

4 pairs scanned

Venue	Funding APR	Interval
KuCoin ↗	+10.9%	8h
Variational ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h
Ostium ↗	+0.0%	1h
Bybit ↗	+0.0%	8h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Variational vs KuCoin page.

NVO arbitrage — 30-day backtest

long Variational · short KuCoin

12.5%

backtested APR

+$103

historical net P&L on $10,000

0.01%

max drawdown

$10,000$10,103

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short KuCoin would have produced 12.5% APR — versus the 6.8% the live spread implies right now (equity $10,000 → $10,103). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

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NVO funding — FAQ

Is NVO funding positive right now?

NVO perpetual funding is positive on 1 of 5 venues Perpia tracks. The highest is +10.9% on KuCoin; the lowest is +0.0% on Bybit.

What is the best NVO funding arbitrage right now?

Go long Variational and short KuCoin for about 6.8% net APR after fees — the widest delta-neutral NVO spread Perpia currently sees.

Which exchange has the highest NVO funding rate?

KuCoin, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.

How NVO funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Related tokenized stocks

See the full list on the tokenized stocks hub.

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