Funding arb · Price arb /

OPN

all OPN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1232%/8h= −134.9% APRpaid last 24h −0.410%

Price spread now: BloFin against Coinbase International−0.290%58s7-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 BloFin

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 −$37 a day on $10k at the current rate, and BloFin is 0.290% cheaper against Coinbase International than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OPN-PERP-INTX	0.05278	0.1520	pay 0.0190% / 1h	13m 40s	$14K	$5K	50x
Short	BloFin OPN-USDT	0.05263	0.0288	get 0.0144% / 4h	1h 13m	$185K	$4K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.290%Rate

Funding earned: −$258.78
Price spread: −0.290% → 0.000%: −$28.99
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$309.77
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; BloFin: live order book, 24 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 BloFin live order book, 24 min ago	5.77 bp	17.2 bp −$17	62.3 bp −$623	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	−1.1616%	1h	0.05234	−0.835%	$2K	$4K	20x	as long as short
Deribit OPN_USDC-PERPETUAL	0.0000%	1h	0.05256	−0.415%	—	—	10x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05258	−0.385%	$734K	$2.9M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05259	−0.366%	$145K	$68K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05258	−0.385%	$608K	$187K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05260	−0.347%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05370	+1.737%	$2K	$1.4M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0283%	4h	0.05261	−0.328%	$814K	$3.1M	20x	as long as short
BloFin OPN-USDTshort	+0.0288%	4h	0.05263	−0.290%	$185K	$4K	50x
BingX OPN-USDT	+0.0314%	4h	0.05258	−0.385%	—	$1.7M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC OPN_USDT	+0.0324%	4h	0.05259	−0.366%	$836K	$340K	50x	as long as short
Binance OPNUSDT	+0.0325%	4h	0.05260	−0.354%	$3.7M	$5.9M	25x	as long as short
Aster OPNUSDT	+0.0416%	4h	0.05260	−0.351%	$8K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.1520%	1h	0.05278	long leg	$14K	$5K	50x
Gate OPN_USDT	+0.1894%	4h	0.05264	−0.271%	$208K	$165K	50x	as long as short