Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−2.3428%/8h= −2565.4% APRpaid last 24h −7.013%

Price spread now: Coinbase International against Bitget−9.760%7-day average — · you buy dearer than you sell

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

Long on Bitget 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 −$703 a day on $10k at the current rate, and Coinbase International is 9.760% cheaper against Bitget than usual: you would sell low and buy high (−$976 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	Bitget NIGHTUSDT	0.02416	0.0100	pay 0.0050% / 4h	2h 09m	$646K	$404K	25x
Short	Coinbase International NIGHT-PERP-INTX	0.02180	−2.3328	pay 0.2916% / 1h	9m 39s	$1K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −9.760%Rate

Funding earned: −$4,919.88
Price spread: −9.760% → 0.000%: −$975.99
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$5,917.87
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 56 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 Bitget live order book, 56 min ago	6.16 bp	26.0 bp −$26	209.6 bp −$2,096	doesn't fit	doesn't fit
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 14 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	−2.3328%	1h	0.02180	−9.760%	$1K	—	50x
Kraken Futures PF_NIGHTUSD	−0.1295%	1h	0.02420	+0.158%	$63K	$60K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.786%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02416	+0.002%	$27K	$34K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02412	−0.166%	$5.3M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02414	−0.083%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02414	−0.087%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02417	+0.041%	$222K	$203K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02417	+0.047%	$1.4M	$5.3M	50x	as long as short
Bitget NIGHTUSDTlong	+0.0100%	4h	0.02416	long leg	$646K	$404K	25x

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02419	+0.124%	$2K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02413	−0.124%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02413	−0.124%	$848K	$461K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0743%	1h	0.02419	+0.112%	$99	$99	10x	as long as short