Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against Binance−0.082%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1191.191% of the position

Long on Binance Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 7 days+0.108%+$11 · spread now −0.082%, 7d avg −0.001%

Together, before fees+0.047%+$5 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: OKX is 0.081% cheaper against Binance than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance NIGHTUSDT	0.02430	0.0100	pay 0.0050% / 4h	3h 38m	$5.4M	$6.5M	50x
Short	OKX NIGHT-USDT-SWAP	0.02428	0.0100	get 0.0050% / 4h	3h 38m	$1.6M	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.082%Rate

Funding earned: $0
Price spread: −0.082% → −0.001%: −$8.1
Slippage, 4 orders: −$99.05
Fee Binance: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$127.16
Costs to cover: 1.191%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; OKX: live order book, 3 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, 15 min ago	2.06 bp	22.6 bp −$23	172.8 bp −$1,728	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.47 bp	36.7 bp −$37	doesn't fit	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	−10.280%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.5815%	1h	0.02421	−0.379%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.206%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02431	+0.041%	$27K	$35K	10x	as long as short
Binance NIGHTUSDTlong	+0.0100%	4h	0.02430	long leg	$5.4M	$6.5M	50x
Bybit NIGHTUSDT	+0.0100%	4h	0.02431	+0.041%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAPshort	+0.0100%	4h	0.02428	−0.082%	$1.6M	$1.8M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02432	+0.082%	$225K	$205K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02430	+0.014%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02431	+0.041%	$649K	$394K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02432	+0.082%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02428	−0.082%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0145%	4h	0.02437	+0.288%	$288K	$46K	50x	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02428	−0.082%	$882K	$457K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0902%	1h	0.02433	+0.136%	$100	$99	10x	as long as short