Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.2812%/8h= −307.9% APRpaid last 24h −0.708%

Price spread now: Kraken Futures against Bitget−1.133%7-day average — · you buy dearer than you sell

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

Long on Bitget 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 −$84 a day on $10k at the current rate, and Kraken Futures is 1.133% cheaper against Bitget than usual: you would sell low and buy high (−$113 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	Bitget OPNUSDT	0.05227	0.0100	pay 0.0050% / 4h	26m 35s	$604K	$185K	20x
Short	Kraken Futures PF_OPNUSD	0.05168	−0.2712	pay 0.0339% / 1h	26m 35s	$2K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −1.133%Rate

Funding earned: −$590.51
Price spread: −1.133% → 0.000%: −$113.26
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$725.76
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 29 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 Bitget live order book, 29 min ago	6.71 bp	29.4 bp −$29	194.5 bp −$1,945	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	−0.2712%	1h	0.05168	−1.133%	$2K	$4K	20x
Binance OPNUSDT	+0.0100%	4h	0.05230	+0.057%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05230	+0.057%	$733K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05230	+0.057%	$893K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05231	+0.077%	$144K	$67K	25x	as long as short
Bitget OPNUSDTlong	+0.0100%	4h	0.05227	long leg	$604K	$185K	20x
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	+0.057%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.162%	$1K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05232	+0.096%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0141%	4h	0.05233	+0.107%	$8K	$14K	5x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit OPN_USDC-PERPETUAL	+0.0190%	1h	0.05228	+0.025%	—	—	10x	as long as short
OKX OPN-USDT-SWAP	+0.0195%	4h	0.05234	+0.134%	$810K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0210%	4h	0.05231	+0.077%	—	$1.7M	—	as long as short
Gate OPN_USDT	+0.0866%	4h	0.05237	+0.191%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.620%	$14K	$5K	50x	as long as short