Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.047%

Price spread now: Deribit against Bybit+0.083%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.083% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NIGHTUSDT	0.02411	0.0100	pay 0.0050% / 4h	27m 39s	$2.0M	$1.0M	50x
Short	Deribit NIGHT_USDC-PERPETUAL	0.02413	0.0165	get 0.0021% / 1h	27m 39s	$99	$99	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.083%Rate

Funding earned: $13.56
Price spread: +0.083% → 0.000%: $8.3
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $3.86
Costs to cover: 0.180%
Break-even: 5.0 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	2.07 bp	60.1 bp −$60	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	−9.573%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.995%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0052%	4h	0.02419	+0.332%	$284K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02413	+0.063%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02411	0.000%	$5.3M	$6.5M	50x	as long as short
Bybit NIGHTUSDTlong	+0.0100%	4h	0.02411	long leg	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02411	+0.012%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02412	+0.041%	$222K	$199K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02416	+0.197%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02413	+0.083%	$645K	$393K	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	0.02412	+0.041%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02412	+0.041%	—	$6.6M	—	as long as short
Deribit NIGHT_USDC-PERPETUALshort	+0.0165%	1h	0.02413	+0.083%	$99	$99	10x
MEXC NIGHT_USDT	+0.0250%	4h	0.02411	0.000%	$780K	$460K	100x	as long as short
Kraken Futures PF_NIGHTUSD	+1.8861%	1h	0.02436	+1.042%	$65K	$61K	25x	as long as short