Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against Bitget−0.142%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$1041.037% of the position

Long on Bitget Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.142%, 7d avg −0.082%

Together, before fees+0.022%+$2 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 0.060% cheaper against Bitget than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget NIGHTUSDT	0.02393	0.0100	pay 0.0050% / 4h	2h 39m	$665K	$433K	25x
Short	OKX NIGHT-USDT-SWAP	0.02390	0.0100	get 0.0050% / 4h	2h 39m	$1.6M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bitget. 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 BitgetbpFee OKXbpOrdersPrice spread, now −0.142%Rate

Funding earned: $0
Price spread: −0.142% → −0.082%: −$6.05
Slippage, 4 orders: −$81.68
Fee Bitget: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$109.73
Costs to cover: 1.037%
Break-even: never at this rate

Slippage from Bitget: live order book, 6 min ago; OKX: live order book, 2 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 Bitget live order book, 6 min ago	2.08 bp	25.9 bp −$26	312.2 bp −$3,122	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	5.01 bp	26.3 bp −$26	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	−2.2072%	1h	0.02239	−6.444%	$1K	$74	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+1.755%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02392	−0.038%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02391	−0.079%	$5.2M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02392	−0.042%	$1.9M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAPshort	+0.0100%	4h	0.02390	−0.142%	$1.6M	$1.9M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02392	−0.042%	$219K	$216K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02392	−0.033%	$1.3M	$5.3M	50x	as long as short
Bitget NIGHTUSDTlong	+0.0100%	4h	0.02393	long leg	$665K	$433K	25x
SunX NIGHT-USDT	+0.0100%	4h	0.02393	0.000%	$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	+0.251%	$216K	$44K	50x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02391	−0.084%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0250%	4h	0.02392	−0.042%	$767K	$454K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0544%	1h	0.02395	+0.096%	$98	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+1.1599%	1h	0.02399	+0.234%	$64K	$61K	25x	as long as short