Funding arb · Price arb /

NIGHT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.018%

Price spread now: Injective against SunX+1.543%61s7-day average — · you sell dearer than you buy

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

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 1.543% dearer against SunX than usual: you sell high and buy low (spread +1.543% now, against zero (this spread has no 7-day history yet)): +$154 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. The two prices were read 61 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	SunX NIGHT-USDT	0.02398	0.0100	pay 0.0050% / 4h	2h 00m	$2K	$1.9M	20x
Short	Injective NIGHT/USDC PERP	0.02435	0.0033	get 0.0004% / 1h	1h 00m	$1K	$58K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +1.543%Rate

Funding earned: −$14
Price spread: +1.543% → 0.000%: $154.3
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $132.28
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 6 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 SunX live order book, 6 min ago	502.40 bp	doesn't fit	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	−2.2072%	1h	0.02239	−6.639%	$1K	$74	50x	as long as short
Injective NIGHT/USDC PERPshort	+0.0033%	1h	0.02435	+1.543%	$1K	$58K	5.5x
BloFin NIGHT-USDT	+0.0085%	4h	0.02399	+0.042%	$276K	$44K	50x	as long as short
Aster NIGHTUSDT	+0.0100%	4h	0.02397	−0.029%	$16K	$41K	10x	as long as short
Binance NIGHTUSDT	+0.0100%	4h	0.02397	−0.027%	$5.2M	$6.5M	50x	as long as short
Bybit NIGHTUSDT	+0.0100%	4h	0.02398	0.000%	$2.0M	$1.0M	50x	as long as short
OKX NIGHT-USDT-SWAP	+0.0100%	4h	0.02394	−0.150%	$1.6M	$1.9M	20x	as long as short
Gate NIGHT_USDT	+0.0100%	8h	0.02397	−0.042%	$218K	$220K	20x	as long as short
KuCoin NIGHTUSDTM	+0.0100%	4h	0.02396	−0.077%	$1.3M	$5.3M	50x	as long as short
Bitget NIGHTUSDT	+0.0100%	4h	0.02398	0.000%	$649K	$443K	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	0.02398	long leg	$2K	$1.9M	20x
BingX NIGHT-USDT	+0.0126%	4h	0.02397	−0.042%	—	$6.6M	—	as long as short
MEXC NIGHT_USDT	+0.0250%	4h	0.02397	−0.042%	$771K	$458K	100x	as long as short
Deribit NIGHT_USDC-PERPETUAL	+0.1210%	1h	0.02401	+0.108%	$98	$99	10x	as long as short
Kraken Futures PF_NIGHTUSD	+1.1568%	1h	0.02405	+0.291%	$64K	$61K	25x	as long as short