Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0646%/8h= −70.7% APRpaid last 24h −0.010%

Price spread now: Bitget against Deribit+0.033%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bitget

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

The price spread pays, funding is against you. Bitget is 0.033% dearer against Deribit than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NIGHT_USDC-PERPETUAL	0.02412	0.0746	pay 0.0093% / 1h	54m 16s	$99	$99	10x
Short	Bitget NIGHTUSDT	0.02413	0.0100	get 0.0050% / 4h	2h 54m	$644K	$398K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.033%Rate

Funding earned: −$135.65
Price spread: +0.033% → 0.000%: $3.32
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$151.33
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 11 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 Bitget live order book, 11 min ago	6.16 bp	34.1 bp −$34	212.9 bp −$2,129	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	−9.618%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1293%	1h	0.02424	+0.470%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.945%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0066%	4h	0.02406	−0.257%	$285K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02408	−0.187%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02405	−0.298%	$5.3M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02408	−0.174%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02406	−0.274%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02405	−0.298%	$222K	$200K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02406	−0.254%	$1.4M	$5.2M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NIGHTUSDTshort	+0.0100%	4h	0.02413	+0.033%	$644K	$398K	25x
SunX NIGHT-USDT	+0.0100%	4h	0.02403	−0.381%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02406	−0.257%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02404	−0.340%	$860K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALlong	+0.0746%	1h	0.02412	long leg	$99	$99	10x