Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Gate−0.041%7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$490as in the Funding arb table

Net, price: spread back to 7d avg − costs−$501as in the Price arb table

costs, in and out, $10k−$4934.930% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now −0.041%, 7d avg +0.034%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.075% cheaper against Gate than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NIGHT_USDT	0.02420	0.0100	pay 0.0100% / 8h	6h 10m	$223K	$203K	20x
Short	Bybit NIGHTUSDT	0.02419	0.0100	get 0.0050% / 4h	2h 10m	$2.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Gate. 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 GatebpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → +0.034%: −$7.51
Slippage, 4 orders: −$467.01
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$500.53
Costs to cover: 4.930%
Break-even: never at this rate

Slippage from Gate: live order book, 51 min ago; Bybit: live order book, 1 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, 51 min ago	4.14 bp	180.4 bp −$180	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	4.13 bp	67.8 bp −$68	525.2 bp −$5,252	doesn't fit	doesn't fit

NIGHT on 14 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	−9.909%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1291%	1h	0.02426	+0.257%	$64K	$60K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.620%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02420	0.000%	$27K	$34K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02418	−0.083%	$5.4M	$6.5M	50x	as long as short
Bybit NIGHTUSDTshort	+0.0100%	4h	0.02419	−0.041%	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02416	−0.161%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDTlong	+0.0100%	8h	0.02420	long leg	$223K	$203K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02420	+0.020%	$1.4M	$5.3M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02420	0.000%	$647K	$404K	25x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02417	−0.124%	$2K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02418	−0.083%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02419	−0.041%	$850K	$461K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0742%	1h	0.02423	+0.107%	$99	$99	10x	as long as short