Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0294%/8h= −32.2% APRpaid last 24h −0.017%

Price spread now: MEXC against Deribit−0.058%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 MEXC

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 −$9 a day on $10k at the current rate, and MEXC is 0.058% cheaper against Deribit than usual: you would sell low and buy high (−$6 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	0.02395	0.0544	pay 0.0068% / 1h	37m 08s	$98	$99	10x
Short	MEXC NIGHT_USDT	0.02394	0.0250	get 0.0125% / 4h	2h 37m	$768K	$454K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$61.7
Price spread: −0.058% → 0.000%: −$5.84
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$78.55
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; MEXC: 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 MEXC live order book, 3 min ago	2.09 bp	16.8 bp −$17	57.1 bp −$571	325.4 bp −$32.5K	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	−2.2072%	1h	0.02239	−6.538%	$1K	$74	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+1.653%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0058%	4h	0.02395	−0.017%	$279K	$44K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02395	−0.011%	$23K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02395	−0.017%	$5.2M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02396	+0.025%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02395	−0.038%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02394	−0.058%	$219K	$216K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02396	+0.013%	$1.3M	$5.3M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02395	−0.017%	$649K	$443K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02393	−0.100%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02395	−0.017%	—	$6.6M	—	as long as short
MEXC NIGHT_USDTshort	+0.0250%	4h	0.02394	−0.058%	$768K	$454K	100x
Deribit NIGHT_USDC-PERPETUALlong	+0.0544%	1h	0.02395	long leg	$98	$99	10x
Kraken Futures PF_NIGHTUSD	+1.1590%	1h	0.02400	+0.206%	$64K	$61K	25x	as long as short