Funding arb · Price arb /

NIGHT

all NIGHT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−1.9580%/8h= −2144.0% APRpaid last 24h −6.903%

Price spread now: Coinbase International against SunX−5.095%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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 against this trade now: funding costs −$587 a day on $10k at the current rate, and Coinbase International is 5.095% cheaper against SunX than usual: you would sell low and buy high (−$510 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NIGHT-USDT	0.02359	0.0100	pay 0.0050% / 4h	3h 40m	$2K	$1.5M	20x
Short	Coinbase International NIGHT-PERP-INTX	0.02239	−1.9480	pay 0.2435% / 1h	40m 09s	$1K	$74	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now −5.095%Rate

Funding earned: −$4,111.8
Price spread: −5.095% → 0.000%: −$509.54
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$4,639.34
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; Coinbase International: 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 SunX live order book, 5 min ago	502.01 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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-INTXshort	−1.9480%	1h	0.02239	−5.095%	$1K	$74	50x
Kraken Futures PF_NIGHTUSD	−0.5035%	1h	0.02346	−0.563%	$62K	$53K	25x	as long as short
Injective NIGHT/USDC PERP	+0.0033%	1h	0.02435	+3.222%	$1K	$58K	5.5x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02359	−0.018%	$18K	$37K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02360	+0.031%	$5.1M	$5.4M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02360	+0.042%	$1.9M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02359	+0.013%	$1.5M	$1.7M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02357	−0.085%	$214K	$207K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02357	−0.079%	$1.3M	$5.4M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02361	+0.085%	$635K	$410K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NIGHT-USDTlong	+0.0100%	4h	0.02359	long leg	$2K	$1.5M	20x
BingX NIGHT-USDT	+0.0108%	4h	0.02360	+0.042%	—	$6.6M	—	as long as short
BloFin NIGHT-USDT	+0.0125%	4h	0.02359	0.000%	$268K	$40K	50x	as long as short
MEXC NIGHT_USDT	+0.0216%	4h	0.02360	+0.042%	$777K	$356K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.0852%	1h	0.02362	+0.114%	$97	$99	10x	as long as short