Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.008%

Price spread now: Gate against BingX+0.206%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$369as in the Funding arb table

Net, price: spread back to 7d avg − costs−$344as in the Price arb table

costs, in and out, $10k−$3603.604% of the position

Long on BingX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now +0.206%, 7d avg +0.040%

Together, before fees−0.175%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.166% dearer against BingX than usual: you sell high and buy low (spread +0.206% now, against its 7-day average of +0.040%): +$17 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 28 days. At the pace of the last 7 days (−0.088% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NIGHT-USDT	0.02430	0.0120	pay 0.0060% / 4h	3h 44m	—	$6.6M	—
Short	Gate NIGHT_USDT	0.02435	0.0100	get 0.0100% / 8h	7h 44m	$225K	$205K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.206%Rate

Funding earned: −$4.2
Price spread: +0.206% → +0.040%: $16.62
Slippage, 4 orders: −$335.35
Fee BingX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$347.93
Costs to cover: 3.604%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; Gate: live order book, 23 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 BingX live order book, 3 min ago	6.16 bp	23.6 bp −$24	85.2 bp −$852	700.3 bp −$70.0K	1023.9 bp −$511.9K
Sell Gate live order book, 23 min ago	6.18 bp	163.7 bp −$164	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	−0.369%	$63K	$62K	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	0.02434	+0.176%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02431	+0.041%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02432	+0.082%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02432	+0.078%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDTshort	+0.0100%	8h	0.02435	+0.206%	$225K	$205K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02434	+0.145%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02433	+0.123%	$650K	$395K	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	0.02430	0.000%	$2K	$2.0M	20x	as long as short
BingX NIGHT-USDTlong	+0.0120%	4h	0.02430	long leg	—	$6.6M	—
BloFin NIGHT-USDT	+0.0132%	4h	0.02432	+0.082%	$287K	$47K	50x	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02432	+0.082%	$883K	$457K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.2175%	1h	0.02438	+0.346%	$100	$99	10x	as long as short