Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0130%/8h= +14.2% APRpaid last 24h —

Price spread now: BingX against Deribit+0.048%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on BingX

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 for this trade now. Funding pays +$4 a day on $10k at the current rate, and BingX is 0.048% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OPN_USDC-PERPETUAL	0.05230	0.0094	pay 0.0012% / 1h	27m 35s	—	—	10x
Short	BingX OPN-USDT	0.05233	0.0224	get 0.0112% / 4h	27m 35s	—	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.048%Rate

Funding earned: $27.25
Price spread: +0.048% → 0.000%: $4.78
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $15.03
Costs to cover: 0.170%
Break-even: 3.1 days

Slippage unknown: Deribit: no order-book sample; BingX: live order book, 4 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 BingX live order book, 4 min ago	4.75 bp	11.4 bp −$11	26.6 bp −$266	872.1 bp −$87.2K	1357.9 bp −$678.9K

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	−0.2687%	1h	0.05217	−0.265%	$2K	$4K	20x	as long as short
BloFin OPN-USDT	+0.0042%	4h	0.05248	+0.335%	$184K	$4K	50x	as long as short
Deribit OPN_USDC-PERPETUALlong	+0.0094%	1h	0.05230	long leg	—	—	10x
Binance OPNUSDT	+0.0100%	4h	0.05231	+0.010%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05230	−0.010%	$733K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05231	+0.010%	$894K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05233	+0.048%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05232	+0.029%	$604K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−0.010%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05350	+2.285%	$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	+0.0148%	4h	0.05236	+0.102%	$8K	$14K	5x	as long as short
OKX OPN-USDT-SWAP	+0.0199%	4h	0.05235	+0.086%	$811K	$3.1M	20x	as long as short
BingX OPN-USDTshort	+0.0224%	4h	0.05233	+0.048%	—	$1.7M	—
Gate OPN_USDT	+0.0878%	4h	0.05238	+0.143%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.553%	$14K	$5K	50x	as long as short