Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1383%/8h= +151.4% APRpaid last 24h −1.986%

Price spread now: Bybit against Kraken Futures−0.816%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−2.202%−$220 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 0.816% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.816% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$82 on $10k: about 47 hours of funding at the current rate (+$41 a day). Mind the row above: over the last 7 days funding on this pair cost −2.202%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NIGHTUSD	0.02443	−0.1283	get 0.0160% / 1h	49m 00s	$64K	$61K	25x
Short	Bybit NIGHTUSDT	0.02423	0.0100	get 0.0050% / 4h	2h 49m	$2.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.816%Rate

Funding earned: $290.35
Price spread: −0.816% → 0.000%: −$81.6
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $187.76
Costs to cover: 0.210%
Break-even: 2.5 days

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 3 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	6.21 bp	76.6 bp −$77	571.5 bp −$5,715	doesn't fit	doesn't fit

Kraken Futures: 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	−10.755%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSDlong	−0.1283%	1h	0.02443	long leg	$64K	$61K	25x
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	−0.325%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02425	−0.732%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02421	−0.898%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDTshort	+0.0100%	4h	0.02423	−0.816%	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02421	−0.890%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02424	−0.775%	$224K	$201K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02425	−0.735%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02423	−0.816%	$648K	$403K	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	0.02421	−0.898%	$1K	$1.9M	20x	as long as short
BloFin NIGHT-USDT	+0.0113%	4h	0.02424	−0.775%	$288K	$43K	50x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02421	−0.898%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02421	−0.898%	$853K	$458K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0988%	1h	0.02426	−0.705%	$99	$99	10x	as long as short