Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−2.2198%/8h= −2430.7% APRpaid last 24h −7.005%

Price spread now: Coinbase International against BingX−6.326%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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 against this trade now: funding costs −$666 a day on $10k at the current rate, and Coinbase International is 6.326% cheaper against BingX than usual: you would sell low and buy high (−$633 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NIGHT-USDT	0.02390	0.0126	pay 0.0063% / 4h	2h 41m	—	$6.6M	—
Short	Coinbase International NIGHT-PERP-INTX	0.02239	−2.2072	pay 0.2759% / 1h	41m 09s	$1K	$74	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −6.326%Rate

Funding earned: −$4,661.58
Price spread: −6.326% → 0.000%: −$632.64
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$5,314.22
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 6 min ago; Coinbase International: 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 BingX live order book, 6 min ago	4.17 bp	24.5 bp −$25	93.4 bp −$934	972.4 bp −$97.2K	1302.6 bp −$651.3K
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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-INTXshort	−2.2072%	1h	0.02239	−6.326%	$1K	$74	50x
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+1.883%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02394	+0.168%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02390	0.000%	$5.2M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02391	+0.042%	$1.9M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02390	+0.004%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02392	+0.084%	$219K	$216K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02393	+0.140%	$1.3M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02392	+0.084%	$665K	$433K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02393	+0.126%	$1K	$1.9M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin NIGHT-USDT	+0.0117%	4h	0.02399	+0.377%	$216K	$44K	50x	as long as short
BingX NIGHT-USDTlong	+0.0126%	4h	0.02390	long leg	—	$6.6M	—
MEXC NIGHT_USDT	+0.0250%	4h	0.02390	0.000%	$769K	$453K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0461%	1h	0.02394	+0.163%	$98	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+1.1564%	1h	0.02406	+0.658%	$64K	$61K	25x	as long as short