Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Binance−0.041%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1121.120% of the position

Long on Binance Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now −0.041%, 7d avg +0.050%

Together, before fees+0.140%+$14 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: Bitget is 0.091% cheaper against Binance than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance NIGHTUSDT	0.02425	0.0100	pay 0.0050% / 4h	35m 35s	$5.4M	$6.9M	50x
Short	Bitget NIGHTUSDT	0.02424	0.0100	get 0.0050% / 4h	35m 35s	$648K	$405K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Binance. 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 BinancebpFee BitgetbpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → +0.050%: −$9.08
Slippage, 4 orders: −$90.03
Fee Binance: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$121.11
Costs to cover: 1.120%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Bitget: live order book, 40 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 Binance live order book, 3 min ago	2.06 bp	24.1 bp −$24	154.3 bp −$1,543	doesn't fit	doesn't fit
Sell Bitget live order book, 40 min ago	8.25 bp	33.9 bp −$34	150.0 bp −$1,500	doesn't fit	doesn't fit

NIGHT on 15 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
Coinbase International NIGHT-PERP-INTX	−2.3328%	1h	0.02180	−10.095%	$1K	—	50x	as long as short
BloFin NIGHT-USDT	+0.0055%	4h	0.02425	0.000%	$289K	$47K	50x	as long as short
Injective NIGHT/USDC PERP	+0.0091%	1h	0.02435	+0.412%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02426	+0.044%	$27K	$35K	10x	as long as short
Binance NIGHTUSDTlong	+0.0100%	4h	0.02425	long leg	$5.4M	$6.9M	50x
Bybit NIGHTUSDT	+0.0100%	4h	0.02424	−0.041%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02421	−0.148%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02425	0.000%	$226K	$277K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02426	+0.032%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDTshort	+0.0100%	4h	0.02424	−0.041%	$648K	$405K	25x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02423	−0.082%	$2K	$2.0M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02424	−0.041%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02426	+0.041%	$865K	$455K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.1154%	1h	0.02426	+0.037%	—	—	10x	as long as short
Kraken Futures PF_NIGHTUSD	+0.3994%	1h	0.02405	−0.823%	$62K	$64K	25x	as long as short