Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1564%/8h= −171.3% APRpaid last 24h −0.415%

Price spread now: Orderly against Coinbase International−0.559%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 Orderly

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 −$47 a day on $10k at the current rate, and Orderly is 0.559% cheaper against Coinbase International than usual: you would sell low and buy high (−$56 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	0.05259	0.1664	pay 0.0208% / 1h	27m 04s	$14K	$5K	50x
Short	Orderly PERP_OPN_USDC_mythos	0.05230	0.0100	get 0.0050% / 4h	27m 04s	$3K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.559%Rate

Funding earned: −$328.44
Price spread: −0.559% → 0.000%: −$55.9
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$400.34
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	−0.2712%	1h	0.05168	−1.742%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05231	−0.540%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05229	−0.578%	$733K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05230	−0.559%	$893K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05234	−0.483%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05232	−0.521%	$604K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythosshort	+0.0100%	4h	0.05230	−0.559%	$3K	$5K	10x
SunX OPN-USDT	+0.0100%	4h	0.05340	+1.532%	$1K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05232	−0.521%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0148%	4h	0.05234	−0.479%	$8K	$14K	5x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit OPN_USDC-PERPETUAL	+0.0190%	1h	0.05228	−0.591%	—	—	10x	as long as short
OKX OPN-USDT-SWAP	+0.0195%	4h	0.05235	−0.464%	$811K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05233	−0.502%	—	$1.7M	—	as long as short
Gate OPN_USDT	+0.0878%	4h	0.05238	−0.407%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTXlong	+0.1664%	1h	0.05259	long leg	$14K	$5K	50x