Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.1488%/8h= +162.9% APRpaid last 24h —

Price spread now: Deribit against Binance+0.116%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 hours (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 for this trade now. Funding pays +$45 a day on $10k at the current rate, and Deribit is 0.116% dearer against Binance than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPNUSDT	0.05226	0.0100	pay 0.0050% / 4h	2h 21m	$3.7M	$6.6M	25x
Short	Deribit OPN_USDC-PERPETUAL	0.05232	0.1588	get 0.0199% / 1h	21m 30s	—	$203	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.116%Rate

Funding earned: $312.5
Price spread: +0.116% → 0.000%: $11.59
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $307.09
Costs to cover: 0.170%
Break-even: 0.1 days

Slippage unknown: Binance: live order book, 10 min ago; Deribit: 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 Binance live order book, 10 min ago	1.93 bp	31.8 bp −$32	287.3 bp −$2,873	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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.

OPN on 15 exchanges

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
Aster OPNUSDT	+0.0100%	4h	0.05218	−0.153%	$7K	$17K	5x	as long as short
Binance OPNUSDTlong	+0.0100%	4h	0.05226	long leg	$3.7M	$6.6M	25x
Bybit OPNUSDT	+0.0100%	4h	0.05225	−0.026%	$745K	$3.3M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05231	+0.089%	$816K	$3.0M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05227	+0.013%	$799K	$311K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05221	−0.102%	$130K	$63K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05227	+0.013%	$592K	$171K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05228	+0.032%	—	$1.7M	—	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05220	−0.121%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.175%	$2K	$1.5M	20x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin OPN-USDT	+0.0137%	4h	0.05227	+0.013%	$185K	$6K	50x	as long as short
Gate OPN_USDT	+0.0560%	4h	0.05229	+0.051%	$212K	$171K	50x	as long as short
Deribit OPN_USDC-PERPETUALshort	+0.1588%	1h	0.05232	+0.116%	—	$203	10x
Coinbase International OPN-PERP-INTX	+0.2976%	1h	0.05170	−1.082%	$14K	$15K	50x	as long as short
Kraken Futures PF_OPNUSD	+0.3158%	1h	0.05234	+0.141%	$2K	$7K	20x	as long as short