Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0472%/8h= −51.7% APRpaid last 24h −0.010%

Price spread now: Bybit against Deribit−0.082%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 Bybit

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 −$14 a day on $10k at the current rate, and Bybit is 0.082% cheaper against Deribit than usual: you would sell low and buy high (−$8 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	0.0572	pay 0.0071% / 1h	41m 12s	$100	$99	10x
Short	Bybit NIGHTUSDT	0.02434	0.0100	get 0.0050% / 4h	3h 41m	$2.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$99.05
Price spread: −0.082% → 0.000%: −$8.21
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$125.27
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	6.17 bp	70.4 bp −$70	556.7 bp −$5,567	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	−10.501%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.5810%	1h	0.02423	−0.536%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	−0.041%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0061%	4h	0.02437	+0.041%	$288K	$46K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02435	−0.061%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02432	−0.164%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDTshort	+0.0100%	4h	0.02434	−0.082%	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02431	−0.226%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02435	−0.041%	$225K	$205K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02433	−0.133%	$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 NIGHTUSDT	+0.0100%	4h	0.02433	−0.123%	$650K	$394K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02432	−0.164%	$1K	$2.0M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02432	−0.164%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02433	−0.123%	$883K	$457K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALlong	+0.0572%	1h	0.02436	long leg	$100	$99	10x