Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against Bybit−0.166%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$491as in the Funding arb table

Net, price: spread back to 7d avg − costs−$502as in the Price arb table

costs, in and out, $10k−$4884.884% of the position

Long on Bybit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.208%+$21 · spread now −0.166%, 7d avg −0.033%

Together, before fees+0.181%+$18 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: Gate is 0.133% cheaper against Bybit than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NIGHTUSDT	0.02409	0.0100	pay 0.0050% / 4h	2h 54m	$2.0M	$1.0M	50x
Short	Gate NIGHT_USDT	0.02405	0.0100	get 0.0100% / 8h	6h 54m	$222K	$200K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.166%Rate

Funding earned: $0
Price spread: −0.166% → −0.033%: −$13.28
Slippage, 4 orders: −$462.42
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$501.7
Costs to cover: 4.884%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Gate: live order book, 7 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, 2 min ago	6.24 bp	74.7 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 7 min ago	4.14 bp	165.8 bp −$166	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	−2.3328%	1h	0.02180	−9.498%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1295%	1h	0.02419	+0.428%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+1.079%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0066%	4h	0.02406	−0.125%	$285K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02408	−0.029%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02409	0.000%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDTlong	+0.0100%	4h	0.02409	long leg	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02407	−0.095%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDTshort	+0.0100%	8h	0.02405	−0.166%	$222K	$200K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02409	+0.012%	$1.4M	$5.2M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NIGHTUSDT	+0.0100%	4h	0.02409	0.000%	$643K	$398K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02404	−0.208%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02407	−0.083%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02408	−0.042%	$861K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0997%	1h	0.02410	+0.029%	$99	$99	10x	as long as short