Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1348%/8h= −147.6% APRpaid last 24h −0.415%

Price spread now: Bybit against Coinbase International−0.505%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 Bybit

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 −$40 a day on $10k at the current rate, and Bybit is 0.505% cheaper against Coinbase International than usual: you would sell low and buy high (−$50 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	0.05248	0.1448	pay 0.0181% / 1h	32m 30s	$14K	$6K	50x
Short	Bybit OPNUSDT	0.05222	0.0100	get 0.0050% / 4h	3h 32m	$723K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.505%Rate

Funding earned: −$283.08
Price spread: −0.505% → 0.000%: −$50.49
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$354.57
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	1.91 bp	13.7 bp −$14	doesn't fit	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	−0.2507%	1h	0.05193	−1.061%	$2K	$4K	20x	as long as short
Deribit OPN_USDC-PERPETUAL	0.0000%	1h	0.05221	−0.526%	—	—	10x	as long as short
BloFin OPN-USDT	+0.0057%	4h	0.05223	−0.486%	$183K	$4K	50x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05219	−0.569%	$3.6M	$6.2M	25x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05222	−0.505%	$723K	$2.9M	20x
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05227	−0.410%	$808K	$3.1M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05223	−0.486%	$851K	$329K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05218	−0.581%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05223	−0.486%	$603K	$185K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05223	−0.486%	—	$1.7M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05210	−0.734%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05330	+1.553%	$1K	$1.4M	20x	as long as short
Aster OPNUSDT	+0.0114%	4h	0.05216	−0.612%	$7K	$15K	5x	as long as short
Gate OPN_USDT	+0.0526%	4h	0.05226	−0.429%	$211K	$172K	50x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.1448%	1h	0.05248	long leg	$14K	$6K	50x