Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2388%/8h= −261.5% APRpaid last 24h −0.438%

Price spread now: KuCoin against Coinbase International−3.005%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 KuCoin

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 −$72 a day on $10k at the current rate, and KuCoin is 3.005% cheaper against Coinbase International than usual: you would sell low and buy high (−$300 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	0.05365	0.2488	pay 0.0311% / 1h	22m 55s	$14K	$6K	50x
Short	KuCoin OPNUSDTM	0.05204	0.0100	get 0.0050% / 4h	22m 55s	$135K	$65K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −3.005%Rate

Funding earned: −$501.48
Price spread: −3.005% → 0.000%: −$300.45
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$823.93
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	12.37 bp	258.1 bp −$258	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
BloFin OPN-USDT	+0.0047%	4h	0.05200	−3.079%	$187K	$5K	50x	as long as short
Aster OPNUSDT	+0.0100%	4h	0.05201	−3.061%	$7K	$18K	5x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05211	−2.873%	$3.7M	$6.6M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05207	−2.949%	$737K	$3.2M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05217	−2.762%	$817K	$3.1M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05209	−2.911%	$830K	$325K	50x	as long as short
KuCoin OPNUSDTMshort	+0.0100%	4h	0.05204	−3.005%	$135K	$65K	25x
Bitget OPNUSDT	+0.0100%	4h	0.05206	−2.967%	$595K	$177K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05216	−2.781%	—	$1.7M	—	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05200	−3.079%	$3K	$5K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX OPN-USDT	+0.0100%	4h	0.05320	−0.842%	$1K	$1.5M	20x	as long as short
Gate OPN_USDT	+0.0164%	4h	0.05205	−2.986%	$213K	$177K	50x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0481%	1h	0.05204	−3.003%	—	$203	10x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.2488%	1h	0.05365	long leg	$14K	$6K	50x
Kraken Futures PF_OPNUSD	+0.2889%	1h	0.05231	−2.499%	$4K	$6K	20x	as long as short