Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.045%

Price spread now: Deribit against BloFin−0.037%57s7-day average — · you buy dearer than you sell

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

Long on BloFin 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 0.037% cheaper against BloFin than usual: you would sell low and buy high (spread −0.037% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 47 hours of funding at the current rate (+$2 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin NIGHT-USDT	0.02436	0.0098	pay 0.0049% / 4h	1h 14m	$287K	$42K	50x
Short	Deribit NIGHT_USDC-PERPETUAL	0.02435	0.0161	get 0.0020% / 1h	14m 14s	$100	$99	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.037%Rate

Funding earned: $13.22
Price spread: −0.037% → 0.000%: −$3.69
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$9.48
Costs to cover: 0.190%
Break-even: 12.0 days

Slippage unknown: BloFin: live order book, 25 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 BloFin live order book, 25 min ago	6.19 bp	42.5 bp −$43	doesn't fit	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	−10.501%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	−0.041%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDTlong	+0.0098%	4h	0.02436	long leg	$287K	$42K	50x
Aster NIGHTUSDT	+0.0100%	4h	0.02434	−0.079%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02433	−0.123%	$5.4M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02433	−0.123%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02433	−0.103%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02433	−0.123%	$224K	$204K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02436	−0.006%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02435	−0.041%	$652K	$399K	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	0.02434	−0.082%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02433	−0.123%	—	$6.6M	—	as long as short
Deribit NIGHT_USDC-PERPETUALshort	+0.0161%	1h	0.02435	−0.037%	$100	$99	10x
MEXC NIGHT_USDT	+0.0250%	4h	0.02432	−0.164%	$809K	$458K	100x	as long as short
Kraken Futures PF_NIGHTUSD	+0.5564%	1h	0.02444	+0.317%	$64K	$60K	25x	as long as short