Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1116%/8h= −122.2% APRpaid last 24h −0.414%

Price spread now: OKX against Coinbase International−1.727%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 OKX

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 −$33 a day on $10k at the current rate, and OKX is 1.727% cheaper against Coinbase International than usual: you would sell low and buy high (−$173 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	0.05257	0.1216	pay 0.0152% / 1h	36m 44s	$14K	$6K	50x
Short	OKX OPN-USDT-SWAP	0.05166	0.0100	get 0.0050% / 4h	2h 36m	$799K	$3.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −1.727%Rate

Funding earned: −$234.36
Price spread: −1.727% → 0.000%: −$172.73
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$427.09
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; OKX: live order book, just now. 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 OKX live order book, just now	2.91 bp	19.2 bp −$19	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	−0.2066%	1h	0.05144	−2.141%	$2K	$4K	20x	as long as short
Aster OPNUSDT	+0.0100%	4h	0.05154	−1.952%	$7K	$15K	5x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05160	−1.845%	$3.6M	$6.3M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05157	−1.898%	$708K	$3.0M	20x	as long as short
OKX OPN-USDT-SWAPshort	+0.0100%	4h	0.05166	−1.727%	$799K	$3.1M	20x
MEXC OPN_USDT	+0.0100%	4h	0.05157	−1.898%	$830K	$329K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05151	−2.013%	$142K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05155	−1.937%	$595K	$184K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05163	−1.784%	—	$1.7M	—	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05140	−2.222%	$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	0.05270	+0.251%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0111%	4h	0.05154	−1.956%	$181K	$4K	50x	as long as short
Gate OPN_USDT	+0.0168%	4h	0.05150	−2.032%	$208K	$168K	50x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.1150%	1h	0.05152	−2.001%	—	—	10x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.1216%	1h	0.05257	long leg	$14K	$6K	50x