Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0638%/8h= +69.9% APRpaid last 24h −0.010%

Price spread now: Deribit against Gate+0.152%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Deribit

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 for this trade now. Funding pays +$19 a day on $10k at the current rate, and Deribit is 0.152% dearer against Gate than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate NIGHT_USDT	0.02428	0.0100	pay 0.0100% / 8h	32m 10s	$226K	$277K	20x
Short	Deribit NIGHT_USDC-PERPETUAL	0.02432	0.0738	get 0.0092% / 1h	32m 10s	—	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.152%Rate

Funding earned: $133.97
Price spread: +0.152% → 0.000%: $15.24
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $127.21
Costs to cover: 0.220%
Break-even: 0.4 days

Slippage unknown: Gate: live order book, 40 min ago; Deribit: no order-book sample. 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 Gate live order book, 40 min ago	6.20 bp	116.9 bp −$117	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−10.206%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0091%	1h	0.02435	+0.288%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02427	−0.037%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02430	+0.073%	$5.4M	$6.8M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02430	+0.082%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02428	0.000%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDTlong	+0.0100%	8h	0.02428	long leg	$226K	$277K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02429	+0.051%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02429	+0.041%	$649K	$405K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02431	+0.124%	$2K	$2.0M	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	+0.0120%	4h	0.02427	−0.041%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0158%	4h	0.02428	0.000%	$288K	$47K	50x	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02429	+0.041%	$861K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALshort	+0.0738%	1h	0.02432	+0.152%	—	—	10x
Kraken Futures PF_NIGHTUSD	+0.3995%	1h	0.02405	−0.959%	$62K	$64K	25x	as long as short