Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.3060%/8h= +335.1% APRpaid last 24h −0.587%

Price spread now: Kraken Futures against Bybit+0.288%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 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 for this trade now. Funding pays +$92 a day on $10k at the current rate, and Kraken Futures is 0.288% dearer against Bybit than usual: you sell high and buy low: +$29 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	0.05215	0.0100	pay 0.0050% / 4h	2h 20m	$743K	$3.3M	20x
Short	Kraken Futures PF_OPNUSD	0.05230	0.3160	get 0.0395% / 1h	20m 06s	$2K	$7K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.288%Rate

Funding earned: $642.59
Price spread: +0.288% → 0.000%: $28.83
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $650.42
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago	3.85 bp	19.6 bp −$20	1609.0 bp −$16.1K	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 exchanges

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
BloFin OPN-USDT	+0.0050%	4h	0.05228	+0.249%	$185K	$6K	50x	as long as short
Aster OPNUSDT	+0.0100%	4h	0.05211	−0.084%	$7K	$17K	5x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05216	+0.022%	$3.7M	$6.6M	25x	as long as short
Bybit OPNUSDTlong	+0.0100%	4h	0.05215	long leg	$743K	$3.3M	20x
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05223	+0.153%	$814K	$3.0M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05215	0.000%	$797K	$311K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05221	+0.115%	$130K	$63K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05218	+0.058%	$591K	$171K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05219	+0.077%	—	$1.7M	—	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05210	−0.096%	$3K	$5K	10x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX OPN-USDT	+0.0100%	4h	0.05330	+2.205%	$2K	$1.5M	20x	as long as short
Gate OPN_USDT	+0.0586%	4h	0.05222	+0.134%	$212K	$171K	50x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0996%	1h	0.05221	+0.121%	—	$203	10x	as long as short
Coinbase International OPN-PERP-INTX	+0.2976%	1h	0.05170	−0.867%	$14K	$15K	50x	as long as short
Kraken Futures PF_OPNUSDshort	+0.3160%	1h	0.05230	+0.288%	$2K	$7K	20x