Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: Bitget against Injective−1.027%101s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Bitget is 1.027% cheaper against Injective than usual: you would sell low and buy high (spread −1.027% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$103 on $10k: about 51 days of funding at the current rate (+$2 a day). The two prices were read 101 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	Injective NIGHT/USDC PERP	0.02435	0.0033	pay 0.0004% / 1h	55m 33s	$1K	$58K	5.5x
Short	Bitget NIGHTUSDT	0.02410	0.0100	get 0.0050% / 4h	2h 55m	$644K	$398K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Injective. 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 InjectivebpFee BitgetbpOrdersPrice spread, now −1.027%Rate

Funding earned: $14
Price spread: −1.027% → 0.000%: −$102.67
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$100.69
Costs to cover: 0.120%
Break-even: 57.3 days

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 10 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 10 min ago	6.16 bp	34.1 bp −$34	212.9 bp −$2,129	doesn't fit	doesn't fit

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 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	−10.464%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1296%	1h	0.02417	−0.722%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERPlong	+0.0033%	1h	0.02435	long leg	$1K	$58K	5.5x
BloFin NIGHT-USDT	+0.0095%	4h	0.02416	−0.780%	$286K	$43K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02407	−1.157%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02406	−1.200%	$5.3M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02407	−1.150%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02401	−1.384%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02405	−1.232%	$222K	$199K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02409	−1.066%	$1.4M	$5.2M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NIGHTUSDTshort	+0.0100%	4h	0.02410	−1.027%	$644K	$398K	25x
SunX NIGHT-USDT	+0.0100%	4h	0.02403	−1.314%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02407	−1.150%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02406	−1.191%	$860K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0623%	1h	0.02407	−1.142%	$99	$99	10x	as long as short