Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Bybit−0.041%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$217as in the Funding arb table

Net, price: spread back to 7d avg − costs−$219as in the Price arb table

costs, in and out, $10k−$2172.167% of the position

Long on Bybit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.041%, 7d avg −0.017%

Together, before fees+0.017%+$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: Bitget is 0.024% cheaper against Bybit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NIGHTUSDT	0.02435	0.0100	pay 0.0050% / 4h	3h 43m	$2.0M	$1.0M	50x
Short	Bitget NIGHTUSDT	0.02434	0.0100	get 0.0050% / 4h	3h 43m	$650K	$395K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bybit. 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 BybitbpFee BitgetbpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → −0.017%: −$2.44
Slippage, 4 orders: −$193.73
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$219.18
Costs to cover: 2.167%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Bitget: live order book, 27 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 Bybit live order book, 4 min ago	6.17 bp	75.5 bp −$76	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 27 min ago	8.23 bp	33.1 bp −$33	177.5 bp −$1,775	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	−2.3328%	1h	0.02180	−10.464%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.5815%	1h	0.02421	−0.571%	$63K	$62K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	0.000%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02436	+0.037%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02434	−0.041%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDTlong	+0.0100%	4h	0.02435	long leg	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02433	−0.099%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02435	0.000%	$225K	$205K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02434	−0.050%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDTshort	+0.0100%	4h	0.02434	−0.041%	$650K	$395K	25x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02433	−0.082%	$1K	$2.0M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02433	−0.082%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0146%	4h	0.02432	−0.123%	$287K	$46K	50x	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02434	−0.041%	$884K	$457K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.2213%	1h	0.02442	+0.279%	$100	$99	10x	as long as short