Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1564%/8h= −171.3% APRpaid last 24h −0.412%

Price spread now: Bitget against Coinbase International−0.236%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 Bitget

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 −$47 a day on $10k at the current rate, and Bitget is 0.236% cheaper against Coinbase International than usual: you would sell low and buy high (−$24 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	0.05259	0.1664	pay 0.0208% / 1h	30m 26s	$14K	$5K	50x
Short	Bitget OPNUSDT	0.05247	0.0100	get 0.0050% / 4h	30m 26s	$606K	$186K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.236%Rate

Funding earned: −$328.44
Price spread: −0.236% → 0.000%: −$23.58
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$374.02
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bitget: live order book, 25 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 Bitget live order book, 25 min ago	6.71 bp	38.6 bp −$39	141.4 bp −$1,414	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 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	−0.2683%	1h	0.05223	−0.686%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05251	−0.160%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05248	−0.217%	$733K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05251	−0.160%	$897K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05250	−0.179%	$145K	$67K	25x	as long as short
Bitget OPNUSDTshort	+0.0100%	4h	0.05247	−0.236%	$606K	$186K	20x
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05250	−0.179%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05370	+2.103%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0110%	4h	0.05261	+0.030%	$185K	$4K	50x	as long as short
Aster OPNUSDT	+0.0158%	4h	0.05256	−0.065%	$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	+0.0209%	4h	0.05254	−0.103%	$813K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05251	−0.160%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0379%	1h	0.05250	−0.173%	—	—	10x	as long as short
Gate OPN_USDT	+0.0904%	4h	0.05250	−0.179%	$212K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.1664%	1h	0.05259	long leg	$14K	$5K	50x