Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0983%/8h= −107.6% APRpaid last 24h −0.399%

Price spread now: Binance against Coinbase International−1.071%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Binance

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 against this trade now: funding costs −$29 a day on $10k at the current rate, and Binance is 1.071% cheaper against Coinbase International than usual: you would sell low and buy high (−$107 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OPN-PERP-INTX	0.05237	0.1128	pay 0.0141% / 1h	6m 41s	$14K	$5K	50x
Short	Binance OPNUSDT	0.05181	0.0145	get 0.0073% / 4h	2h 06m	$3.6M	$5.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −1.071%Rate

Funding earned: −$206.38
Price spread: −1.071% → 0.000%: −$107.12
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$333.5
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Binance: live order book, 2 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	1.93 bp	15.4 bp −$15	98.2 bp −$982	doesn't fit	doesn't fit

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 14 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
Deribit OPN_USDC-PERPETUAL	+0.0040%	1h	0.05178	−1.132%	—	—	10x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05178	−1.128%	$717K	$2.9M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05183	−1.033%	$802K	$3.2M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05181	−1.071%	$140K	$79K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05176	−1.167%	$593K	$187K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05170	−1.281%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05290	+1.010%	$2K	$1.4M	20x	as long as short
Binance OPNUSDTshort	+0.0145%	4h	0.05181	−1.071%	$3.6M	$5.8M	25x
MEXC OPN_USDT	+0.0180%	4h	0.05179	−1.109%	$817K	$344K	50x	as long as short
BingX OPN-USDT	+0.0188%	4h	0.05179	−1.109%	—	$1.6M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPNUSDT	+0.0222%	4h	0.05179	−1.102%	$7K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.1128%	1h	0.05237	long leg	$14K	$5K	50x
Gate OPN_USDT	+0.1244%	4h	0.05183	−1.033%	$207K	$160K	50x	as long as short
Kraken Futures PF_OPNUSD	+0.2657%	1h	0.05128	−2.079%	$2K	$4K	20x	as long as short