Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0071%/8h= +7.7% APRpaid last 24h —

Price spread now: Deribit against BloFin−0.071%7-day average — · you buy dearer than you sell

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

Long on BloFin 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

Funding pays, the price is against you. Deribit is 0.071% cheaper against BloFin than usual: you would sell low and buy high (spread −0.071% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 3.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin OPN-USDT	0.05232	0.0120	pay 0.0060% / 4h	26m 24s	$183K	$4K	50x
Short	Deribit OPN_USDC-PERPETUAL	0.05228	0.0190	get 0.0024% / 1h	26m 24s	—	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.071%Rate

Funding earned: $14.81
Price spread: −0.071% → 0.000%: −$7.07
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$11.27
Costs to cover: 0.190%
Break-even: 12.3 days

Slippage unknown: BloFin: live order book, 4 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 BloFin live order book, 4 min ago	3.81 bp	17.4 bp −$17	67.0 bp −$670	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	−0.2712%	1h	0.05168	−1.227%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05230	−0.039%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05232	0.000%	$738K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05231	−0.019%	$894K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05231	−0.019%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05228	−0.076%	$604K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−0.038%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.064%	$1K	$1.4M	20x	as long as short
BloFin OPN-USDTlong	+0.0120%	4h	0.05232	long leg	$183K	$4K	50x
Aster OPNUSDT	+0.0141%	4h	0.05232	+0.001%	$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	+0.0190%	4h	0.05235	+0.057%	$811K	$3.1M	20x	as long as short
Deribit OPN_USDC-PERPETUALshort	+0.0190%	1h	0.05228	−0.071%	—	—	10x
BingX OPN-USDT	+0.0200%	4h	0.05234	+0.038%	—	$1.7M	—	as long as short
Gate OPN_USDT	+0.0866%	4h	0.05237	+0.096%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.524%	$14K	$5K	50x	as long as short