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: OKX against Bybit+0.021%7-day average −0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$206as in the Funding arb table

Net, price: spread back to 7d avg − costs−$195as in the Price arb table

costs, in and out, $10k−$2012.015% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$5 on $10k

Price spread, last 7 days+0.032%+$3 · spread now +0.021%, 7d avg −0.048%

Together, before fees−0.014%−$1 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: OKX is 0.068% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NIGHTUSDT	0.02433	0.0100	pay 0.0050% / 4h	1h 14m	$2.0M	$1.0M	50x
Short	OKX NIGHT-USDT-SWAP	0.02433	0.0100	get 0.0050% / 4h	1h 14m	$1.6M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → −0.048%: $6.83
Slippage, 4 orders: −$180.47
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$194.64
Costs to cover: 2.015%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; OKX: live order book, 3 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	6.16 bp	67.4 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	5.95 bp	34.9 bp −$35	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	−10.390%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.082%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0098%	4h	0.02436	+0.123%	$287K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02434	+0.044%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02433	0.000%	$5.4M	$6.5M	50x	as long as short
Bybit NIGHTUSDTlong	+0.0100%	4h	0.02433	long leg	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAPshort	+0.0100%	4h	0.02433	+0.021%	$1.6M	$1.9M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02433	0.000%	$224K	$204K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02436	+0.118%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02435	+0.082%	$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	+0.041%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02433	0.000%	—	$6.6M	—	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0161%	1h	0.02435	+0.086%	$100	$99	10x	as long as short
MEXC NIGHT_USDT	+0.0250%	4h	0.02432	−0.041%	$809K	$458K	100x	as long as short
Kraken Futures PF_NIGHTUSD	+0.5564%	1h	0.02444	+0.440%	$64K	$60K	25x	as long as short