Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−1.8764%/8h= −2054.7% APRpaid last 24h −6.849%

Price spread now: Coinbase International against KuCoin−5.357%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work against this trade now: funding costs −$563 a day on $10k at the current rate, and Coinbase International is 5.357% cheaper against KuCoin than usual: you would sell low and buy high (−$536 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin NIGHTUSDTM	0.02366	0.0100	pay 0.0050% / 4h	2h 20m	$1.3M	$5.5M	50x
Short	Coinbase International NIGHT-PERP-INTX	0.02239	−1.8664	pay 0.2333% / 1h	20m 04s	$1K	$74	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now −5.357%Rate

Funding earned: −$3,940.44
Price spread: −5.357% → 0.000%: −$535.7
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$4,498.14
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 1 min ago; Coinbase International: no order-book sample. 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 KuCoin live order book, 1 min ago	12.65 bp	97.6 bp −$98	568.5 bp −$5,685	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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-INTXshort	−1.8664%	1h	0.02239	−5.357%	$1K	$74	50x
Kraken Futures PF_NIGHTUSD	−0.4447%	1h	0.02378	+0.508%	$62K	$51K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+2.937%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02366	+0.015%	$18K	$37K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02366	+0.020%	$5.1M	$4.8M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02367	+0.063%	$1.9M	$861K	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02363	−0.090%	$1.5M	$1.6M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02365	−0.022%	$214K	$176K	20x	as long as short
KuCoin NIGHTUSDTMlong	+0.0100%	4h	0.02366	long leg	$1.3M	$5.5M	50x
Bitget NIGHTUSDT	+0.0100%	4h	0.02366	+0.020%	$635K	$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	0.02366	+0.020%	$2K	$1.3M	20x	as long as short
BingX NIGHT-USDT	+0.0108%	4h	0.02365	−0.022%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0141%	4h	0.02363	−0.107%	$268K	$40K	50x	as long as short
MEXC NIGHT_USDT	+0.0216%	4h	0.02366	+0.020%	$904K	$355K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0511%	1h	0.02369	+0.130%	$97	$99	10x	as long as short