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: MEXC against Bybit+0.115%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$550.545% of the position

Long on Bybit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now +0.115%, 7d avg −0.020%

Together, before fees−0.089%−$9 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: MEXC is 0.134% dearer against Bybit than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPNUSDT	0.05237	0.0100	pay 0.0050% / 4h	25m 49s	$734K	$2.9M	20x
Short	MEXC OPN_USDT	0.05243	0.0100	get 0.0050% / 4h	25m 49s	$896K	$320K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.115%Rate

Funding earned: $0
Price spread: +0.115% → −0.020%: $13.43
Slippage, 4 orders: −$39.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$41.09
Costs to cover: 0.545%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; MEXC: live order book, 25 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, 1 min ago	2.87 bp	22.8 bp −$23	1149.0 bp −$11.5K	doesn't fit	doesn't fit
Sell MEXC live order book, 25 min ago	2.88 bp	5.8 bp −$6	29.0 bp −$290	802.6 bp −$80.3K	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	−0.2707%	1h	0.05178	−1.132%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05243	+0.115%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDTlong	+0.0100%	4h	0.05237	long leg	$734K	$2.9M	20x
MEXC OPN_USDTshort	+0.0100%	4h	0.05243	+0.115%	$896K	$320K	50x
KuCoin OPNUSDTM	+0.0100%	4h	0.05234	−0.057%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05236	−0.019%	$605K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−0.134%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05350	+2.158%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05232	−0.095%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0141%	4h	0.05232	−0.087%	$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	0.05245	+0.153%	$812K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0200%	4h	0.05242	+0.095%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0324%	1h	0.05231	−0.113%	—	—	10x	as long as short
Gate OPN_USDT	+0.0866%	4h	0.05236	−0.019%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.428%	$14K	$5K	50x	as long as short