Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against OKX+0.185%68s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Injective is 0.185% dearer against OKX than usual: you sell high and buy low (spread +0.185% now, against zero (this spread has no 7-day history yet)): +$19 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 9.3 days. The two prices were read 68 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	0.02431	0.0100	pay 0.0050% / 4h	3h 40m	$1.6M	$1.8M	20x
Short	Injective NIGHT/USDC PERP	0.02435	0.0033	get 0.0004% / 1h	40m 11s	$1K	$58K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.185%Rate

Funding earned: −$14
Price spread: +0.185% → 0.000%: $18.51
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$5.51
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 2 min ago; Injective: 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	2.47 bp	34.6 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−10.298%	$1K	—	50x	as long as short
Kraken Futures PF_NIGHTUSD	−0.5810%	1h	0.02423	−0.308%	$63K	$61K	25x	as long as short
Injective NIGHT/USDC PERPshort	+0.0033%	1h	0.02435	+0.185%	$1K	$58K	5.5x
BloFin NIGHT-USDT	+0.0061%	4h	0.02437	+0.267%	$288K	$46K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02433	+0.116%	$27K	$35K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02432	+0.062%	$5.4M	$6.6M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02434	+0.144%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAPlong	+0.0100%	4h	0.02431	long leg	$1.6M	$1.8M	20x
Gate NIGHT_USDT	+0.0100%	8h	0.02435	+0.185%	$225K	$205K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02432	+0.064%	$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	0.02434	+0.144%	$650K	$394K	25x	as long as short
SunX NIGHT-USDT	+0.0100%	4h	0.02432	+0.062%	$1K	$1.9M	20x	as long as short
BingX NIGHT-USDT	+0.0120%	4h	0.02431	+0.021%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0238%	4h	0.02432	+0.062%	$883K	$457K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.1722%	1h	0.02438	+0.325%	$100	$99	10x	as long as short