Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1884%/8h= +206.3% APRpaid last 24h +0.414%

Price spread now: Coinbase International against Bybit+0.526%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

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

Both sides work for this trade now. Funding pays +$57 a day on $10k at the current rate, and Coinbase International is 0.526% dearer against Bybit than usual: you sell high and buy low: +$53 more if the spread 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	Bybit OPNUSDT	0.05325	0.0100	pay 0.0050% / 4h	1h 59m	$764K	$3.1M	20x
Short	Coinbase International OPN-PERP-INTX	0.05353	0.1984	get 0.0248% / 1h	59m 03s	$14K	$6K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.526%Rate

Funding earned: $395.64
Price spread: +0.526% → 0.000%: $52.58
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $427.22
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Coinbase International: 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 Bybit live order book, 3 min ago	3.77 bp	17.1 bp −$17	1027.6 bp −$10.3K	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.2402%	1h	0.05312	−0.251%	$2K	$4K	20x	as long as short
BloFin OPN-USDT	+0.0042%	4h	0.05312	−0.244%	$182K	$5K	50x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05334	+0.169%	$3.8M	$6.4M	25x	as long as short
Bybit OPNUSDTlong	+0.0100%	4h	0.05325	long leg	$764K	$3.1M	20x
MEXC OPN_USDT	+0.0100%	4h	0.05331	+0.113%	$856K	$318K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05328	+0.056%	$156K	$64K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05328	+0.056%	$614K	$172K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05320	−0.094%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05450	+2.347%	$1K	$1.4M	20x	as long as short
Aster OPNUSDT	+0.0105%	4h	0.05319	−0.109%	$8K	$16K	5x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX OPN-USDT	+0.0120%	4h	0.05334	+0.169%	—	$1.7M	—	as long as short
OKX OPN-USDT-SWAP	+0.0150%	4h	0.05332	+0.131%	$831K	$3.1M	20x	as long as short
Gate OPN_USDT	+0.0834%	4h	0.05336	+0.207%	$214K	$171K	50x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.1461%	1h	0.05329	+0.077%	$103	$101	10x	as long as short
Coinbase International OPN-PERP-INTXshort	+0.1984%	1h	0.05353	+0.526%	$14K	$6K	50x