Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0819%/8h= −89.7% APRpaid last 24h —

Price spread now: Binance against Deribit−0.040%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days—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 −$25 a day on $10k at the current rate, and Binance is 0.040% cheaper against Deribit than usual: you would sell low and buy high (−$4 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	Deribit OPN_USDC-PERPETUAL	0.05137	0.0919	pay 0.0115% / 1h	39m 01s	—	—	10x
Short	Binance OPNUSDT	0.05135	0.0100	get 0.0050% / 4h	2h 39m	$3.5M	$6.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.040%Rate

Funding earned: −$172.08
Price spread: −0.040% → 0.000%: −$3.97
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$193.05
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Binance: 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 15 min ago	0.96 bp	18.0 bp −$18	111.9 bp −$1,119	doesn't fit	doesn't fit

Deribit: 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	−0.2075%	1h	0.05122	−0.285%	$2K	$4K	20x	as long as short
BloFin OPN-USDT	+0.0057%	4h	0.05131	−0.109%	$180K	$4K	50x	as long as short
Aster OPNUSDT	+0.0100%	4h	0.05133	−0.061%	$7K	$15K	5x	as long as short
Binance OPNUSDTshort	+0.0100%	4h	0.05135	−0.040%	$3.5M	$6.3M	25x
Bybit OPNUSDT	+0.0100%	4h	0.05132	−0.090%	$703K	$3.0M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05140	+0.066%	$795K	$3.1M	20x	as long as short
Gate OPN_USDT	+0.0100%	4h	0.05130	−0.128%	$207K	$168K	50x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05135	−0.031%	$827K	$328K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05133	−0.070%	$142K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05132	−0.090%	$592K	$184K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX OPN-USDT	+0.0100%	4h	0.05135	−0.031%	—	$1.7M	—	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05130	−0.128%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05250	+2.208%	$2K	$1.4M	20x	as long as short
Deribit OPN_USDC-PERPETUALlong	+0.0919%	1h	0.05137	long leg	—	—	10x
Coinbase International OPN-PERP-INTX	+0.1216%	1h	0.05257	+2.340%	$14K	$6K	50x	as long as short