Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h +0.001%

Price spread now: Gate against BloFin−0.085%78s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$419as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$4174.166% of the position

Long on BloFin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.709%−$71 · spread now −0.085%, 7d avg −0.003%

Together, before fees−0.728%−$73 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.082% cheaper against BloFin than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.003%). Swap the legs. The two prices were read 78 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	0.02359	0.0125	pay 0.0063% / 4h	3h 39m	$268K	$40K	50x
Short	Gate NIGHT_USDT	0.02357	0.0100	get 0.0100% / 8h	7h 39m	$214K	$207K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against BloFin. 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 BloFinbpFee GatebpOrdersPrice spread, now −0.085%Rate

Funding earned: −$5.3
Price spread: −0.085% → −0.003%: −$8.18
Slippage, 4 orders: −$389.62
Fee BloFin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$430.1
Costs to cover: 4.166%
Break-even: never at this rate

Slippage from BloFin: live order book, 34 min ago; Gate: live order book, 51 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 BloFin live order book, 34 min ago	10.55 bp	42.7 bp −$43	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 51 min ago	4.23 bp	134.4 bp −$134	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	−1.9480%	1h	0.02239	−5.095%	$1K	$74	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.5035%	1h	0.02346	−0.563%	$62K	$53K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+3.222%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02359	−0.011%	$18K	$37K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02360	+0.026%	$5.1M	$5.4M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02360	+0.042%	$1.9M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02359	+0.013%	$1.5M	$1.7M	20x	as long as short
Gate NIGHT_USDTshort	+0.0100%	8h	0.02357	−0.085%	$214K	$207K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02360	+0.045%	$1.3M	$5.4M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02361	+0.085%	$635K	$410K	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	0.02359	0.000%	$2K	$1.5M	20x	as long as short
BingX NIGHT-USDT	+0.0108%	4h	0.02359	0.000%	—	$6.6M	—	as long as short
BloFin NIGHT-USDTlong	+0.0125%	4h	0.02359	long leg	$268K	$40K	50x
MEXC NIGHT_USDT	+0.0216%	4h	0.02360	+0.042%	$777K	$356K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0852%	1h	0.02362	+0.114%	$97	$99	10x	as long as short