Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h —

Price spread now: Deribit against BingX−0.006%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX OPN-USDT	0.05292	0.0120	pay 0.0060% / 4h	1h 59m	—	$1.7M	—
Short	Deribit OPN_USDC-PERPETUAL	0.05292	0.0298	get 0.0037% / 1h	59m 49s	$103	$101	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now −0.006%Rate

Funding earned: $37.45
Price spread: −0.006% → 0.000%: −$0.57
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $19.88
Costs to cover: 0.170%
Break-even: 3.3 days

Slippage unknown: BingX: live order book, 2 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 BingX live order book, 2 min ago	0.94 bp	5.9 bp −$6	18.1 bp −$181	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 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
Kraken Futures PF_OPNUSD	−0.2011%	1h	0.05284	−0.154%	$2K	$4K	20x	as long as short
BloFin OPN-USDT	+0.0094%	4h	0.05305	+0.246%	$182K	$5K	50x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05290	−0.039%	$3.8M	$6.3M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05294	+0.038%	$749K	$3.0M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05289	−0.057%	$850K	$332K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05297	+0.094%	$155K	$64K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05295	+0.057%	$610K	$172K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05290	−0.038%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05410	+2.230%	$1K	$1.4M	20x	as long as short
Aster OPNUSDT	+0.0105%	4h	0.05293	+0.026%	$8K	$16K	5x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX OPN-USDTlong	+0.0120%	4h	0.05292	long leg	—	$1.7M	—
OKX OPN-USDT-SWAP	+0.0139%	4h	0.05302	+0.189%	$827K	$3.1M	20x	as long as short
Deribit OPN_USDC-PERPETUALshort	+0.0298%	1h	0.05292	−0.006%	$103	$101	10x
Gate OPN_USDT	+0.0828%	4h	0.05298	+0.113%	$212K	$173K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1216%	1h	0.05353	+1.153%	$14K	$6K	50x	as long as short