Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0970%/8h= +106.2% APRpaid last 24h +0.021%

Price spread now: Deribit against OKX+0.248%56s7-day average — · you sell dearer than you buy

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

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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 for this trade now. Funding pays +$29 a day on $10k at the current rate, and Deribit is 0.248% dearer against OKX than usual: you sell high and buy low: +$25 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX NIGHT-USDT-SWAP	0.02422	0.0100	pay 0.0050% / 4h	2h 49m	$1.6M	$1.8M	20x
Short	Deribit NIGHT_USDC-PERPETUAL	0.02428	0.1070	get 0.0134% / 1h	49m 22s	$100	$99	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.248%Rate

Funding earned: $203.67
Price spread: +0.248% → 0.000%: $24.78
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $211.45
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: OKX: live order book, 2 min ago; Deribit: 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 OKX live order book, 2 min ago	5.59 bp	36.4 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−9.972%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.1285%	1h	0.02439	+0.701%	$64K	$61K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.549%	$1K	$58K	5.5x	as long as short
BloFin NIGHT-USDT	+0.0056%	4h	0.02412	−0.401%	$288K	$42K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02425	+0.152%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02422	+0.019%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02423	+0.054%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAPlong	+0.0100%	4h	0.02422	long leg	$1.6M	$1.8M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02424	+0.095%	$224K	$201K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02425	+0.136%	$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 NIGHTUSDT	+0.0100%	4h	0.02424	+0.095%	$648K	$403K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02424	+0.095%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02421	−0.029%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02423	+0.054%	$854K	$458K	100x	as long as short
Deribit NIGHT_USDC-PERPETUALshort	+0.1070%	1h	0.02428	+0.248%	$100	$99	10x