Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0646%/8h= +70.7% APRpaid last 24h +0.010%

Price spread now: Deribit against Bitget−0.033%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 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

Funding pays, the price is against you. Deribit is 0.033% cheaper against Bitget than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$19 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget NIGHTUSDT	0.02413	0.0100	pay 0.0050% / 4h	2h 54m	$644K	$398K	25x
Short	Deribit NIGHT_USDC-PERPETUAL	0.02412	0.0746	get 0.0093% / 1h	54m 15s	$99	$99	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.033%Rate

Funding earned: $135.65
Price spread: −0.033% → 0.000%: −$3.32
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $113.33
Costs to cover: 0.190%
Break-even: 1.2 days

Slippage unknown: Bitget: live order book, 11 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 Bitget live order book, 11 min ago	6.16 bp	26.0 bp −$26	209.6 bp −$2,096	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	−9.648%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1293%	1h	0.02424	+0.437%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.912%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0066%	4h	0.02406	−0.290%	$285K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02408	−0.220%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02405	−0.332%	$5.3M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02408	−0.207%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02406	−0.307%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02405	−0.332%	$222K	$200K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02406	−0.287%	$1.4M	$5.2M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NIGHTUSDTlong	+0.0100%	4h	0.02413	long leg	$644K	$398K	25x
SunX NIGHT-USDT	+0.0100%	4h	0.02403	−0.414%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02406	−0.290%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02404	−0.373%	$860K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALshort	+0.0746%	1h	0.02412	−0.033%	$99	$99	10x