Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: KuCoin against Injective−3.553%70s7-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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 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. KuCoin is 3.553% cheaper against Injective than usual: you would sell low and buy high (spread −3.553% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$355 on $10k: about 6 months of funding at the current rate (+$2 a day). The two prices were read 70 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	52m 06s	$1K	$58K	5.5x
Short	KuCoin NIGHTUSDTM	0.02348	0.0100	get 0.0050% / 4h	52m 06s	$1.3M	$5.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now −3.553%Rate

Funding earned: $14
Price spread: −3.553% → 0.000%: −$355.28
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$353.3
Costs to cover: 0.120%
Break-even: 183.6 days

Slippage unknown: Injective: no order-book sample; KuCoin: 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 KuCoin live order book, 4 min ago	15.17 bp	118.4 bp −$118	494.6 bp −$4,946	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 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	−1.7496%	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	+0.0075%	4h	0.02350	−3.491%	$267K	$41K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02350	−3.481%	$18K	$36K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02350	−3.491%	$5.1M	$4.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02351	−3.450%	$1.9M	$814K	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02348	−3.552%	$1.5M	$1.5M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02349	−3.532%	$213K	$173K	20x	as long as short
KuCoin NIGHTUSDTMshort	+0.0100%	4h	0.02348	−3.553%	$1.3M	$5.4M	50x
Bitget NIGHTUSDT	+0.0100%	4h	0.02351	−3.450%	$650K	$371K	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	0.02350	−3.491%	$2K	$1.2M	20x	as long as short
BingX NIGHT-USDT	+0.0132%	4h	0.02349	−3.532%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0262%	4h	0.02350	−3.491%	$915K	$295K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0431%	1h	0.02352	−3.425%	$96	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+0.5112%	1h	0.02359	−3.140%	$61K	$52K	25x	as long as short