Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Bybit against OKX+0.066%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$207as in the Funding arb table

Net, price: spread back to 7d avg − costs−$212as in the Price arb table

costs, in and out, $10k−$2142.136% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 7 days−0.120%−$12 · spread now +0.066%, 7d avg +0.045%

Together, before fees−0.051%−$5 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: Bybit is 0.021% dearer against OKX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX NIGHT-USDT-SWAP	0.02426	0.0100	pay 0.0050% / 4h	28m 28s	$1.6M	$1.8M	20x
Short	Bybit NIGHTUSDT	0.02428	0.0100	get 0.0050% / 4h	28m 28s	$2.0M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.066%Rate

Funding earned: $0
Price spread: +0.066% → +0.045%: $2.11
Slippage, 4 orders: −$192.65
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$211.53
Costs to cover: 2.136%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Bybit: live order book, 3 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	2.89 bp	38.6 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	6.18 bp	71.8 bp −$72	481.0 bp −$4,810	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	−10.147%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0091%	1h	0.02435	+0.354%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02429	+0.124%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02428	+0.071%	$5.4M	$6.8M	50x	as long as short
Bybit NIGHTUSDTshort	+0.0100%	4h	0.02428	+0.066%	$2.0M	$1.0M	50x
OKX NIGHT-USDT-SWAPlong	+0.0100%	4h	0.02426	long leg	$1.6M	$1.8M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02425	−0.058%	$226K	$277K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02429	+0.091%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02428	+0.066%	$649K	$405K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02426	−0.016%	$2K	$2.0M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin NIGHT-USDT	+0.0108%	4h	0.02427	+0.025%	$288K	$47K	50x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02427	+0.025%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02429	+0.107%	$861K	$456K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0945%	1h	0.02430	+0.161%	—	—	10x	as long as short
Kraken Futures PF_NIGHTUSD	+0.3981%	1h	0.02413	−0.538%	$63K	$64K	25x	as long as short