Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+2.3578%/8h= +2581.8% APRpaid last 24h +7.059%

Price spread now: MEXC against Coinbase International+11.549%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 MEXC

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 +$707 a day on $10k at the current rate, and MEXC is 11.549% dearer against Coinbase International than usual: you sell high and buy low: +$1,155 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	0.02180	−2.3328	get 0.2916% / 1h	14m 35s	$1K	—	50x
Short	MEXC NIGHT_USDT	0.02432	0.0250	get 0.0125% / 4h	1h 14m	$809K	$458K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +11.549%Rate

Funding earned: $4,951.38
Price spread: +11.549% → 0.000%: $1,154.94
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: $6,092.32
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; MEXC: live order book, 41 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 MEXC live order book, 41 min ago	2.07 bp	10.1 bp −$10	76.5 bp −$765	287.4 bp −$28.7K	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	−2.3328%	1h	0.02180	long leg	$1K	—	50x
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+11.687%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0098%	4h	0.02436	+11.733%	$287K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02434	+11.658%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02432	+11.572%	$5.4M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02433	+11.595%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02433	+11.600%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02433	+11.595%	$224K	$204K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02439	+11.882%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02435	+11.687%	$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	+11.641%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02432	+11.549%	—	$6.6M	—	as long as short
MEXC NIGHT_USDTshort	+0.0250%	4h	0.02432	+11.549%	$809K	$458K	100x
Deribit NIGHT_USDC-PERPETUAL	+0.0366%	1h	0.02436	+11.724%	$100	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+0.5569%	1h	0.02441	+11.984%	$64K	$60K	25x	as long as short