Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Bitget0.000%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1041.042% of the position

Long on Bitget Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 4 days (all we have)−0.216%−$22 · spread now 0.000%, 7d avg +0.066%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.066% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget OPNUSDT	0.05226	0.0100	pay 0.0050% / 4h	1h 18m	$598K	$181K	20x
Short	Bybit OPNUSDT	0.05226	0.0100	get 0.0050% / 4h	1h 18m	$728K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bitget. 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 BitgetbpFee BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.066%: −$6.6
Slippage, 4 orders: −$81.16
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$110.76
Costs to cover: 1.042%
Break-even: never at this rate

Slippage from Bitget: live order book, 42 min ago; Bybit: live order book, 4 min ago.

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 Bitget live order book, 42 min ago	5.78 bp	37.1 bp −$37	158.2 bp −$1,582	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.87 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit

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	−1.1682%	1h	0.05205	−0.411%	$2K	$4K	20x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0018%	1h	0.05227	+0.023%	—	—	10x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05226	0.000%	$728K	$2.8M	20x
KuCoin OPNUSDTM	+0.0100%	4h	0.05224	−0.038%	$141K	$66K	25x	as long as short
Bitget OPNUSDTlong	+0.0100%	4h	0.05226	long leg	$598K	$181K	20x
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	+0.077%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.181%	$2K	$1.4M	20x	as long as short
BingX OPN-USDT	+0.0222%	4h	0.05226	0.000%	—	$1.6M	—	as long as short
OKX OPN-USDT-SWAP	+0.0252%	4h	0.05228	+0.038%	$808K	$3.1M	20x	as long as short
BloFin OPN-USDT	+0.0265%	4h	0.05225	−0.019%	$182K	$4K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC OPN_USDT	+0.0296%	4h	0.05227	+0.019%	$832K	$339K	50x	as long as short
Binance OPNUSDT	+0.0315%	4h	0.05225	−0.019%	$3.6M	$5.8M	25x	as long as short
Aster OPNUSDT	+0.0389%	4h	0.05213	−0.244%	$7K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTX	+0.1520%	1h	0.05239	+0.254%	$14K	$5K	50x	as long as short
Gate OPN_USDT	+0.1932%	4h	0.05231	+0.096%	$209K	$161K	50x	as long as short