Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against OKX+0.050%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1371.368% of the position

Long on OKX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now +0.050%, 7d avg +0.082%

Together, before fees+0.042%+$4 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: Bitget is 0.033% cheaper against OKX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.082%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX NIGHT-USDT-SWAP	0.02410	0.0100	pay 0.0050% / 4h	2h 53m	$1.6M	$1.8M	20x
Short	Bitget NIGHTUSDT	0.02411	0.0100	get 0.0050% / 4h	2h 53m	$644K	$398K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against OKX. 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 OKXbpFee BitgetbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0
Price spread: +0.050% → +0.082%: −$3.26
Slippage, 4 orders: −$114.8
Fee OKX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$140.06
Costs to cover: 1.368%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Bitget: live order book, 11 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 OKX live order book, 3 min ago	6.03 bp	37.4 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 11 min ago	6.16 bp	34.1 bp −$34	212.9 bp −$2,129	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	−9.528%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1293%	1h	0.02424	+0.570%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+1.046%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0066%	4h	0.02406	−0.158%	$285K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02411	+0.036%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02411	+0.050%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02411	+0.050%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAPlong	+0.0100%	4h	0.02410	long leg	$1.6M	$1.8M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02408	−0.075%	$222K	$200K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02411	+0.066%	$1.4M	$5.2M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NIGHTUSDTshort	+0.0100%	4h	0.02411	+0.050%	$644K	$398K	25x
SunX NIGHT-USDT	+0.0100%	4h	0.02403	−0.282%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02410	+0.008%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02410	+0.008%	$862K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0746%	1h	0.02412	+0.100%	$99	$99	10x	as long as short