Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.2590%/8h= −283.6% APRpaid last 24h −0.729%

Price spread now: Kraken Futures against BingX−0.266%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 Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 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 −$78 a day on $10k at the current rate, and Kraken Futures is 0.266% cheaper against BingX than usual: you would sell low and buy high (−$27 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	BingX OPN-USDT	0.05243	0.0100	pay 0.0050% / 4h	3h 31m	—	$1.7M	—
Short	Kraken Futures PF_OPNUSD	0.05229	−0.2490	pay 0.0311% / 1h	31m 03s	$2K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.266%Rate

Funding earned: −$543.87
Price spread: −0.266% → 0.000%: −$26.62
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$590.49
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 16 min ago; Kraken Futures: 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, 16 min ago	3.82 bp	10.0 bp −$10	20.7 bp −$207	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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_OPNUSDshort	−0.2490%	1h	0.05229	−0.266%	$2K	$4K	20x
Binance OPNUSDT	+0.0100%	4h	0.05241	−0.038%	$3.6M	$6.2M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05235	−0.153%	$725K	$2.9M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05246	+0.057%	$811K	$3.1M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05241	−0.038%	$854K	$329K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05236	−0.134%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05235	−0.153%	$605K	$185K	20x	as long as short
BingX OPN-USDTlong	+0.0100%	4h	0.05243	long leg	—	$1.7M	—
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−0.248%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+1.850%	$2K	$1.4M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPNUSDT	+0.0114%	4h	0.05228	−0.278%	$8K	$15K	5x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05227	−0.305%	$184K	$4K	50x	as long as short
Gate OPN_USDT	+0.0558%	4h	0.05237	−0.114%	$211K	$172K	50x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0648%	1h	0.05238	−0.092%	—	—	10x	as long as short
Coinbase International OPN-PERP-INTX	+0.1448%	1h	0.05232	−0.208%	$14K	$6K	50x	as long as short