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 −0.003%

Price spread now: Orderly against Bitget+0.057%7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.057% dearer against Bitget than usual: you sell high and buy low, +$6 on $10k if it 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	Bitget OPNUSDT	0.05247	0.0100	pay 0.0050% / 4h	30m 11s	$606K	$186K	20x
Short	Orderly PERP_OPN_USDC_mythos	0.05250	0.0100	get 0.0050% / 4h	30m 11s	$3K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → 0.000%: $5.72
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$12.28
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 25 min ago; Orderly: 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, 25 min ago	6.71 bp	29.4 bp −$29	194.5 bp −$1,945	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.2683%	1h	0.05223	−0.452%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05252	+0.095%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05251	+0.076%	$733K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05250	+0.057%	$897K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05252	+0.095%	$145K	$67K	25x	as long as short
Bitget OPNUSDTlong	+0.0100%	4h	0.05247	long leg	$606K	$186K	20x
Orderly PERP_OPN_USDC_mythosshort	+0.0100%	4h	0.05250	+0.057%	$3K	$5K	10x
SunX OPN-USDT	+0.0100%	4h	0.05370	+2.344%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0110%	4h	0.05261	+0.267%	$185K	$4K	50x	as long as short
Aster OPNUSDT	+0.0158%	4h	0.05256	+0.172%	$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
OKX OPN-USDT-SWAP	+0.0209%	4h	0.05259	+0.229%	$813K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05255	+0.152%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0379%	1h	0.05250	+0.063%	—	—	10x	as long as short
Gate OPN_USDT	+0.0904%	4h	0.05250	+0.057%	$212K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.236%	$14K	$5K	50x	as long as short