Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Gate against KuCoin−0.041%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$609as in the Funding arb table

Net, price: spread back to 7d avg − costs−$629as in the Price arb table

costs, in and out, $10k−$6316.315% of the position

Long on KuCoin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.041%, 7d avg −0.066%

Together, before fees+0.349%+$35 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.025% dearer against KuCoin than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin NIGHTUSDTM	0.02425	0.0100	pay 0.0050% / 4h	2h 49m	$1.4M	$5.2M	50x
Short	Gate NIGHT_USDT	0.02424	0.0100	get 0.0100% / 8h	6h 49m	$224K	$201K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against KuCoin. 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 KuCoinbpFee GatebpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → −0.066%: $2.48
Slippage, 4 orders: −$604.46
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$628.98
Costs to cover: 6.315%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Gate: live order book, 12 min ago.

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, 3 min ago	10.20 bp	156.5 bp −$156	592.6 bp −$5,926	doesn't fit	doesn't fit
Sell Gate live order book, 12 min ago	4.14 bp	165.8 bp −$166	doesn't fit	doesn't fit	doesn't fit

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	−10.094%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1283%	1h	0.02443	+0.740%	$64K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.413%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02425	+0.010%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02422	−0.133%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02423	−0.082%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02421	−0.156%	$1.6M	$1.8M	20x	as long as short
Gate NIGHT_USDTshort	+0.0100%	8h	0.02424	−0.041%	$224K	$201K	20x
KuCoin NIGHTUSDTMlong	+0.0100%	4h	0.02425	long leg	$1.4M	$5.2M	50x
Bitget NIGHTUSDT	+0.0100%	4h	0.02424	−0.041%	$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	−0.165%	$1K	$1.9M	20x	as long as short
BloFin NIGHT-USDT	+0.0113%	4h	0.02424	−0.041%	$288K	$43K	50x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02421	−0.165%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02421	−0.165%	$853K	$458K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0988%	1h	0.02426	+0.029%	$99	$99	10x	as long as short