Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0061%/8h= −6.7% APRpaid last 24h −0.046%

Price spread now: OKX against Deribit−0.033%46s7-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 OKX

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 −$2 a day on $10k at the current rate, and OKX is 0.033% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit NIGHT_USDC-PERPETUAL	0.02435	0.0161	pay 0.0020% / 1h	13m 36s	$100	$99	10x
Short	OKX NIGHT-USDT-SWAP	0.02434	0.0100	get 0.0050% / 4h	1h 13m	$1.6M	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$12.77
Price spread: −0.033% → 0.000%: −$3.29
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$33.06
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; OKX: 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 OKX live order book, 3 min ago	5.95 bp	34.9 bp −$35	doesn't fit	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	−10.468%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	−0.004%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0098%	4h	0.02436	+0.037%	$287K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02434	−0.036%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02434	−0.045%	$5.4M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02435	−0.004%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAPshort	+0.0100%	4h	0.02434	−0.033%	$1.6M	$1.9M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02434	−0.045%	$224K	$204K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02438	+0.109%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02436	+0.037%	$652K	$399K	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	0.02434	−0.045%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02435	−0.004%	—	$6.6M	—	as long as short
Deribit NIGHT_USDC-PERPETUALlong	+0.0161%	1h	0.02435	long leg	$100	$99	10x
MEXC NIGHT_USDT	+0.0250%	4h	0.02435	−0.004%	$810K	$458K	100x	as long as short
Kraken Futures PF_NIGHTUSD	+0.5564%	1h	0.02444	+0.354%	$64K	$60K	25x	as long as short