Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.018%

Price spread now: BloFin against Injective−0.945%7-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 BloFin

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. BloFin is 0.945% cheaper against Injective than usual: you would sell low and buy high (spread −0.945% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$94 on $10k: about 5 months of funding at the current rate (+$1 a day).

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	50m 54s	$1K	$58K	5.5x
Short	BloFin NIGHT-USDT	0.02412	0.0056	get 0.0028% / 4h	2h 50m	$288K	$42K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.945%Rate

Funding earned: $4.67
Price spread: −0.945% → 0.000%: −$94.46
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$101.81
Costs to cover: 0.120%
Break-even: 159.6 days

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 11 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 BloFin live order book, 11 min ago	6.20 bp	56.5 bp −$56	244.2 bp −$2,442	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	−0.1288%	1h	0.02433	−0.074%	$64K	$61K	25x	as long as short
Injective NIGHT/USDC PERPlong	+0.0033%	1h	0.02435	long leg	$1K	$58K	5.5x
BloFin NIGHT-USDTshort	+0.0056%	4h	0.02412	−0.945%	$288K	$42K	50x
Aster NIGHTUSDT	+0.0100%	4h	0.02417	−0.723%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02423	−0.511%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02425	−0.411%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02421	−0.595%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02420	−0.616%	$223K	$200K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02423	−0.511%	$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 NIGHTUSDT	+0.0100%	4h	0.02426	−0.370%	$649K	$399K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02414	−0.862%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02422	−0.534%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02423	−0.493%	$856K	$458K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.1074%	1h	0.02420	−0.632%	$99	$99	10x	as long as short