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: MEXC against Coinbase International+0.113%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on MEXC

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

The price spread pays, funding is against you. MEXC is 0.113% dearer against Coinbase International than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$40 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OPN-PERP-INTX	0.05232	0.1448	pay 0.0181% / 1h	30m 40s	$14K	$6K	50x
Short	MEXC OPN_USDT	0.05238	0.0100	get 0.0050% / 4h	3h 30m	$854K	$329K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$283.08
Price spread: +0.113% → 0.000%: $11.28
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$285.8
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; MEXC: live order book, 15 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 MEXC live order book, 15 min ago	0.96 bp	5.5 bp −$5	27.0 bp −$270	669.9 bp −$67.0K	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	−0.2490%	1h	0.05229	−0.058%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05236	+0.075%	$3.6M	$6.2M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05235	+0.055%	$725K	$2.9M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05244	+0.227%	$810K	$3.1M	20x	as long as short
MEXC OPN_USDTshort	+0.0100%	4h	0.05238	+0.113%	$854K	$329K	50x
KuCoin OPNUSDTM	+0.0100%	4h	0.05237	+0.094%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05235	+0.055%	$605K	$185K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05239	+0.132%	—	$1.7M	—	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−0.040%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.062%	$2K	$1.4M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPNUSDT	+0.0111%	4h	0.05231	−0.026%	$8K	$15K	5x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05227	−0.097%	$184K	$4K	50x	as long as short
Gate OPN_USDT	+0.0592%	4h	0.05237	+0.094%	$211K	$172K	50x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0648%	1h	0.05238	+0.117%	—	—	10x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.1448%	1h	0.05232	long leg	$14K	$6K	50x