Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against Gate+3.749%84s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Injective is 3.749% dearer against Gate than usual: you sell high and buy low (spread +3.749% now, against zero (this spread has no 7-day history yet)): +$375 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6 months. The two prices were read 84 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	Gate NIGHT_USDT	0.02347	0.0100	pay 0.0100% / 8h	5h 31m	$209K	$178K	20x
Short	Injective NIGHT/USDC PERP	0.02435	0.0033	get 0.0004% / 1h	31m 57s	$1K	$58K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +3.749%Rate

Funding earned: −$14
Price spread: +3.749% → 0.000%: $374.95
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $345.93
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Gate: live order book, 8 min ago; Injective: 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, 8 min ago	4.23 bp	312.8 bp −$313	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 exchanges

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	−1.8136%	1h	0.02239	−4.610%	$1K	$74	50x	as long as short
Injective NIGHT/USDC PERPshort	+0.0033%	1h	0.02435	+3.749%	$1K	$58K	5.5x
BloFin NIGHT-USDT	+0.0081%	4h	0.02341	−0.256%	$266K	$44K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02349	+0.088%	$18K	$36K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02348	+0.063%	$5.1M	$4.7M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02349	+0.085%	$1.9M	$819K	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02346	−0.060%	$1.5M	$1.5M	20x	as long as short
Gate NIGHT_USDTlong	+0.0100%	8h	0.02347	long leg	$209K	$178K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02349	+0.090%	$1.3M	$5.5M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02350	+0.128%	$631K	$368K	25x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02349	+0.085%	$1K	$1.2M	20x	as long as short
BingX NIGHT-USDT	+0.0132%	4h	0.02348	+0.043%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0262%	4h	0.02349	+0.085%	$917K	$307K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0474%	1h	0.02350	+0.119%	$96	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+0.1247%	1h	0.02371	+1.043%	$62K	$51K	25x	as long as short