Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h 0.000%

Price spread now: BloFin against Gate+0.246%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$465as in the Funding arb table

Net, price: spread back to 7d avg − costs−$443as in the Price arb table

costs, in and out, $10k−$4674.673% of the position

Long on Gate Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.547%+$55 · spread now +0.246%, 7d avg +0.008%

Together, before fees+0.565%+$57 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.239% dearer against Gate than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NIGHT_USDT	0.02436	0.0100	pay 0.0100% / 8h	5h 16m	$224K	$204K	20x
Short	BloFin NIGHT-USDT	0.02442	0.0131	get 0.0066% / 4h	1h 16m	$288K	$42K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Gate. 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 GatebpFee BloFinbpOrdersPrice spread, now +0.246%Rate

Funding earned: $6.53
Price spread: +0.246% → +0.008%: $23.87
Slippage, 4 orders: −$440.26
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$436.86
Costs to cover: 4.673%
Break-even: 475.4 days

Slippage from Gate: live order book, 40 min ago; BloFin: live order book, 23 min ago.

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 Gate live order book, 40 min ago	4.13 bp	223.9 bp −$224	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 23 min ago	6.19 bp	52.6 bp −$53	285.3 bp −$2,853	doesn't fit	doesn't fit

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
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	−0.041%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02438	+0.080%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02438	+0.068%	$5.4M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02437	+0.041%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02437	+0.029%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDTlong	+0.0100%	8h	0.02436	long leg	$224K	$204K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02439	+0.120%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02439	+0.123%	$653K	$399K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02438	+0.082%	$1K	$1.9M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX NIGHT-USDT	+0.0126%	4h	0.02436	0.000%	—	$6.6M	—	as long as short
BloFin NIGHT-USDTshort	+0.0131%	4h	0.02442	+0.246%	$288K	$42K	50x
MEXC NIGHT_USDT	+0.0250%	4h	0.02438	+0.082%	$811K	$458K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0694%	1h	0.02440	+0.152%	$100	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+0.5562%	1h	0.02444	+0.339%	$64K	$60K	25x	as long as short