Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0374%/8h= −41.0% APRpaid last 24h −0.103%

Price spread now: KuCoin against Deribit+0.029%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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 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. KuCoin is 0.029% dearer against Deribit than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NIGHT_USDC-PERPETUAL	0.02349	0.0474	pay 0.0059% / 1h	51m 19s	$96	$99	10x
Short	KuCoin NIGHTUSDTM	0.02350	0.0100	get 0.0050% / 4h	51m 19s	$1.3M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$78.57
Price spread: +0.029% → 0.000%: $2.85
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$94.72
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; KuCoin: 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 KuCoin live order book, 5 min ago	15.17 bp	118.4 bp −$118	494.6 bp −$4,946	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 exchanges

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	−1.7496%	1h	0.02239	−4.704%	$1K	$74	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+3.648%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0090%	4h	0.02349	−0.013%	$267K	$41K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02349	−0.030%	$18K	$36K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02347	−0.081%	$5.1M	$4.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02349	−0.013%	$1.9M	$815K	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02347	−0.111%	$1.5M	$1.5M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02348	−0.055%	$213K	$173K	20x	as long as short
KuCoin NIGHTUSDTMshort	+0.0100%	4h	0.02350	+0.029%	$1.3M	$5.4M	50x
Bitget NIGHTUSDT	+0.0100%	4h	0.02350	+0.030%	$650K	$371K	25x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02348	−0.055%	$2K	$1.2M	20x	as long as short
BingX NIGHT-USDT	+0.0132%	4h	0.02348	−0.055%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0262%	4h	0.02348	−0.055%	$915K	$295K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALlong	+0.0474%	1h	0.02349	long leg	$96	$99	10x
Kraken Futures PF_NIGHTUSD	+0.5100%	1h	0.02364	+0.617%	$61K	$52K	25x	as long as short