Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1474%/8h= +161.4% APRnext payment +$1.84 per $10,000 · paid last 24h —

Price spread now: Coinbase International against Deribit+0.595%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 Coinbase International

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 +$44 a day on $10k at the current rate, and Coinbase International is 0.595% dearer against Deribit than usual: you sell high and buy low: +$59 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	0.05228	0.0190	pay 0.0024% / 1h	26m 46s	—	—	10x
Short	Coinbase International OPN-PERP-INTX	0.05259	0.1664	get 0.0208% / 1h	26m 46s	$14K	$5K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.595%Rate

Funding earned: $309.52
Price spread: +0.595% → 0.000%: $59.48
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $352
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; Coinbase International: 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 Deribit no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Deribit and 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	−0.2712%	1h	0.05168	−1.157%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05230	+0.030%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05229	+0.013%	$733K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05230	+0.033%	$893K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05233	+0.090%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05232	+0.071%	$604K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	+0.033%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.136%	$1K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05232	+0.071%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0141%	4h	0.05233	+0.094%	$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-PERPETUALlong	+0.0190%	1h	0.05228	long leg	—	—	10x
OKX OPN-USDT-SWAP	+0.0195%	4h	0.05232	+0.071%	$811K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05231	+0.052%	—	$1.7M	—	as long as short
Gate OPN_USDT	+0.0878%	4h	0.05238	+0.186%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTXshort	+0.1664%	1h	0.05259	+0.595%	$14K	$5K	50x