Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0516%/8h= +56.5% APRpaid last 24h −0.010%

Price spread now: Deribit against Binance+0.100%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Deribit is 0.100% dearer against Binance than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance NIGHTUSDT	0.02424	0.0100	pay 0.0050% / 4h	1h 11m	$5.4M	$6.8M	50x
Short	Deribit NIGHT_USDC-PERPETUAL	0.02426	0.0616	get 0.0077% / 1h	11m 59s	—	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.100%Rate

Funding earned: $108.42
Price spread: +0.100% → 0.000%: $10.03
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $101.45
Costs to cover: 0.170%
Break-even: 0.5 days

Slippage unknown: Binance: live order book, 12 min ago; Deribit: no order-book sample. 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 Binance live order book, 12 min ago	4.13 bp	25.6 bp −$26	191.6 bp −$1,916	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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.

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	−10.053%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0087%	1h	0.02435	+0.459%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02423	−0.020%	$27K	$34K	10x	as long as short
Binance NIGHTUSDTlong	+0.0100%	4h	0.02424	long leg	$5.4M	$6.8M	50x
Bybit NIGHTUSDT	+0.0100%	4h	0.02423	−0.036%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02419	−0.197%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02422	−0.077%	$227K	$283K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02424	+0.017%	$1.4M	$5.1M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02424	+0.005%	$648K	$409K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02423	−0.036%	$2K	$2.0M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX NIGHT-USDT	+0.0120%	4h	0.02421	−0.118%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0139%	4h	0.02421	−0.118%	$288K	$47K	50x	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02423	−0.036%	$870K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALshort	+0.0616%	1h	0.02426	+0.100%	—	—	10x
Kraken Futures PF_NIGHTUSD	+2.5235%	1h	0.02408	−0.642%	$64K	$63K	25x	as long as short