Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+2.2172%/8h= +2427.8% APRpaid last 24h +6.997%

Price spread now: Bybit against Coinbase International+7.022%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 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 +$665 a day on $10k at the current rate, and Bybit is 7.022% dearer against Coinbase International than usual: you sell high and buy low: +$702 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	Coinbase International NIGHT-PERP-INTX	0.02239	−2.2072	get 0.2759% / 1h	42m 30s	$1K	$74	50x
Short	Bybit NIGHTUSDT	0.02396	0.0100	get 0.0050% / 4h	2h 42m	$2.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +7.022%Rate

Funding earned: $4,656.12
Price spread: +7.022% → 0.000%: $702.16
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $5,337.28
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 4 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	6.25 bp	55.6 bp −$56	424.1 bp −$4,241	doesn't fit	doesn't fit

Coinbase International: 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-INTXlong	−2.2072%	1h	0.02239	long leg	$1K	$74	50x
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+8.764%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0081%	4h	0.02399	+7.156%	$279K	$44K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02398	+7.115%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02395	+6.990%	$5.2M	$6.5M	50x	as long as short
Bybit NIGHTUSDTshort	+0.0100%	4h	0.02396	+7.022%	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02395	+6.968%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02396	+7.022%	$219K	$216K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02399	+7.140%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02397	+7.066%	$667K	$433K	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	0.02396	+7.022%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02396	+7.022%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0250%	4h	0.02396	+7.022%	$781K	$452K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0710%	1h	0.02399	+7.147%	$98	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+1.1565%	1h	0.02406	+7.452%	$64K	$61K	25x	as long as short