Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0361%/8h= −39.5% APRpaid last 24h −0.073%

Price spread now: BingX against Deribit−0.093%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 BingX

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 −$11 a day on $10k at the current rate, and BingX is 0.093% cheaper against Deribit than usual: you would sell low and buy high (−$9 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	0.02367	0.0469	pay 0.0059% / 1h	23m 42s	$97	$99	10x
Short	BingX NIGHT-USDT	0.02365	0.0108	get 0.0054% / 4h	23m 42s	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$75.73
Price spread: −0.093% → 0.000%: −$9.29
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$102.03
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; BingX: live order book, 3 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 BingX live order book, 3 min ago	6.34 bp	24.2 bp −$24	85.3 bp −$853	870.4 bp −$87.0K	1203.9 bp −$602.0K

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	−2.0856%	1h	0.02239	−5.424%	$1K	$74	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+2.864%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02366	−0.061%	$16K	$41K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02365	−0.093%	$5.1M	$6.4M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02366	−0.051%	$1.9M	$1.1M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02363	−0.156%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02366	−0.051%	$214K	$204K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02370	+0.137%	$1.3M	$5.4M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02366	−0.051%	$636K	$434K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02365	−0.093%	$943	$1.8M	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-USDTshort	+0.0108%	4h	0.02365	−0.093%	—	$6.6M	—
BloFin NIGHT-USDT	+0.0128%	4h	0.02371	+0.161%	$272K	$44K	50x	as long as short
MEXC NIGHT_USDT	+0.0216%	4h	0.02365	−0.093%	$758K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALlong	+0.0469%	1h	0.02367	long leg	$97	$99	10x
Kraken Futures PF_NIGHTUSD	+0.2960%	1h	0.02350	−0.735%	$63K	$58K	25x	as long as short