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: Bitget against Bybit0.000%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

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

Long on Bybit Short on Bitget

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: Bitget is 0.066% dearer against Bybit than usual: you sell high and buy low, +$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	Bybit OPNUSDT	0.05243	0.0100	pay 0.0050% / 4h	1h 17m	$738K	$2.9M	20x
Short	Bitget OPNUSDT	0.05243	0.0100	get 0.0050% / 4h	1h 17m	$601K	$183K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bybit. 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 BybitbpFee BitgetbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.066%: $6.6
Slippage, 4 orders: −$81.16
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$97.55
Costs to cover: 1.042%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Bitget: live order book, 43 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 Bybit live order book, 5 min ago	2.87 bp	18.4 bp −$18	1276.5 bp −$12.8K	doesn't fit	doesn't fit
Sell Bitget live order book, 43 min ago	5.78 bp	28.0 bp −$28	129.3 bp −$1,293	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	−1.1616%	1h	0.05234	−0.167%	$2K	$4K	20x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0018%	1h	0.05234	−0.175%	—	—	10x	as long as short
Bybit OPNUSDTlong	+0.0100%	4h	0.05243	long leg	$738K	$2.9M	20x
KuCoin OPNUSDTM	+0.0100%	4h	0.05244	+0.019%	$141K	$68K	25x	as long as short
Bitget OPNUSDTshort	+0.0100%	4h	0.05243	0.000%	$601K	$183K	20x
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	0.05330	+1.659%	$1K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0265%	4h	0.05225	−0.343%	$182K	$4K	50x	as long as short
OKX OPN-USDT-SWAP	+0.0272%	4h	0.05247	+0.076%	$812K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0298%	4h	0.05243	0.000%	—	$1.6M	—	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	+0.0314%	4h	0.05242	−0.019%	$834K	$339K	50x	as long as short
Binance OPNUSDT	+0.0315%	4h	0.05241	−0.038%	$3.6M	$5.8M	25x	as long as short
Aster OPNUSDT	+0.0404%	4h	0.05234	−0.171%	$8K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTX	+0.1520%	1h	0.05239	−0.071%	$14K	$5K	50x	as long as short
Gate OPN_USDT	+0.1936%	4h	0.05246	+0.057%	$209K	$162K	50x	as long as short