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 OKX+0.099%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$483as in the Funding arb table

Net, price: spread back to 7d avg − costs−$481as in the Price arb table

costs, in and out, $10k−$4854.848% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now +0.099%, 7d avg +0.065%

Together, before fees+0.121%+$12 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 0.034% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX NIGHT-USDT-SWAP	0.02416	0.0100	pay 0.0050% / 4h	29m 34s	$1.6M	$1.9M	20x
Short	Gate NIGHT_USDT	0.02418	0.0100	get 0.0100% / 8h	4h 29m	$222K	$199K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.099%Rate

Funding earned: $0
Price spread: +0.099% → +0.065%: $3.42
Slippage, 4 orders: −$459.78
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$481.36
Costs to cover: 4.848%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Gate: live order book, 22 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, 2 min ago	2.28 bp	33.3 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 22 min ago	4.15 bp	183.6 bp −$184	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	−9.745%	$1K	—	50x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+0.803%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02419	+0.135%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02417	+0.058%	$5.3M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02417	+0.058%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAPlong	+0.0100%	4h	0.02416	long leg	$1.6M	$1.9M	20x
Gate NIGHT_USDTshort	+0.0100%	8h	0.02418	+0.099%	$222K	$199K	20x
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02419	+0.156%	$1.4M	$5.2M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02419	+0.141%	$647K	$393K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02418	+0.099%	$1K	$1.9M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX NIGHT-USDT	+0.0126%	4h	0.02416	+0.017%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0126%	4h	0.02410	−0.232%	$284K	$42K	50x	as long as short
MEXC NIGHT_USDT	+0.0250%	4h	0.02418	+0.099%	$782K	$460K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0329%	1h	0.02420	+0.195%	$99	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+1.8830%	1h	0.02440	+1.012%	$65K	$61K	25x	as long as short