Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0266%/8h= −29.1% APRpaid last 24h −0.046%

Price spread now: Binance against Deribit−0.129%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

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 against this trade now: funding costs −$8 a day on $10k at the current rate, and Binance is 0.129% cheaper against Deribit than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NIGHT_USDC-PERPETUAL	0.02436	0.0366	pay 0.0046% / 1h	15m 26s	$100	$99	10x
Short	Binance NIGHTUSDT	0.02433	0.0100	get 0.0050% / 4h	1h 15m	$5.4M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.129%Rate

Funding earned: −$55.9
Price spread: −0.129% → 0.000%: −$12.88
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$85.78
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 8 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 8 min ago	2.05 bp	24.5 bp −$24	154.1 bp −$1,541	doesn't fit	doesn't fit

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	−10.493%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	−0.033%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02434	−0.064%	$27K	$35K	10x	as long as short
Binance NIGHTUSDTshort	+0.0100%	4h	0.02433	−0.129%	$5.4M	$6.5M	50x
Bybit NIGHTUSDT	+0.0100%	4h	0.02434	−0.074%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02434	−0.086%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02433	−0.115%	$224K	$204K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02437	+0.065%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02436	+0.008%	$652K	$399K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02434	−0.074%	$1K	$1.9M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX NIGHT-USDT	+0.0126%	4h	0.02433	−0.115%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0131%	4h	0.02442	+0.255%	$288K	$42K	50x	as long as short
MEXC NIGHT_USDT	+0.0250%	4h	0.02433	−0.115%	$809K	$458K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALlong	+0.0366%	1h	0.02436	long leg	$100	$99	10x
Kraken Futures PF_NIGHTUSD	+0.5569%	1h	0.02441	+0.233%	$64K	$60K	25x	as long as short