Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: Bybit against Injective−1.602%58s7-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 Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.158%+$16 on $10k

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. Bybit is 1.602% cheaper against Injective than usual: you would sell low and buy high (spread −1.602% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$160 on $10k: about 3 months of funding at the current rate (+$2 a day). The two prices were read 58 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	42m 20s	$1K	$58K	5.5x
Short	Bybit NIGHTUSDT	0.02396	0.0100	get 0.0050% / 4h	2h 42m	$2.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −1.602%Rate

Funding earned: $14
Price spread: −1.602% → 0.000%: −$160.16
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$157.18
Costs to cover: 0.110%
Break-even: 85.6 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	6.25 bp	55.6 bp −$56	424.1 bp −$4,241	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	−2.2072%	1h	0.02239	−8.057%	$1K	$74	50x	as long as short
Injective NIGHT/USDC PERPlong	+0.0033%	1h	0.02435	long leg	$1K	$58K	5.5x
BloFin NIGHT-USDT	+0.0081%	4h	0.02399	−1.478%	$279K	$44K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02398	−1.521%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02395	−1.642%	$5.2M	$6.5M	50x	as long as short
Bybit NIGHTUSDTshort	+0.0100%	4h	0.02396	−1.602%	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02396	−1.610%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02395	−1.643%	$219K	$216K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02397	−1.580%	$1.3M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02397	−1.561%	$667K	$433K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDT	+0.0100%	4h	0.02395	−1.643%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0126%	4h	0.02395	−1.643%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0250%	4h	0.02396	−1.602%	$781K	$452K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0585%	1h	0.02398	−1.520%	$98	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+1.1531%	1h	0.02413	−0.917%	$64K	$61K	25x	as long as short