NIGHT arbitrage explained
Right now Midnight (NIGHT) trades on 8 venues we scan: 8 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bitget spot at $0.0463 and the highest bid on OKX spot at $0.0464.
The widest NIGHT perpetual spread is between MEXC and KuCoin: long NIGHT on MEXC at $0.0463 and short on KuCoin at $0.0464 for +0.11% gross, or -0.05% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.052% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best NIGHT route is to buy spot on Bitget and short the perpetual on KuCoin: +0.15% gross, -0.05% net, with +0.030% a day of funding on the short leg.
Spot–spot NIGHT arbitrage (buy on Bitget, withdraw, deposit and sell on OKX) shows +0.18% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small NIGHT gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: NIGHT funding rates · NIGHT spread charts · Midnight price · arbitrage scanner for all coins.