Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0523%/8h= +57.3% APRpaid last 24h —

Price spread now: Gate against Deribit−0.006%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 Gate

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$16 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OPN_USDC-PERPETUAL	0.05250	0.0379	pay 0.0047% / 1h	29m 34s	—	—	10x
Short	Gate OPN_USDT	0.05250	0.0902	get 0.0451% / 4h	29m 34s	$212K	$171K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.006%Rate

Funding earned: $109.84
Price spread: −0.006% → 0.000%: −$0.57
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $87.27
Costs to cover: 0.220%
Break-even: 1.4 days

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 22 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 Gate live order book, 22 min ago	6.72 bp	36.4 bp −$36	doesn't fit	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	−0.2683%	1h	0.05223	−0.514%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05247	−0.063%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05248	−0.044%	$735K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05250	−0.006%	$897K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05252	+0.032%	$145K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05247	−0.063%	$606K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05250	−0.006%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05370	+2.280%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0110%	4h	0.05261	+0.204%	$185K	$4K	50x	as long as short
Aster OPNUSDT	+0.0163%	4h	0.05256	+0.109%	$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
OKX OPN-USDT-SWAP	+0.0209%	4h	0.05249	−0.025%	$815K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05247	−0.063%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUALlong	+0.0379%	1h	0.05250	long leg	—	—	10x
Gate OPN_USDTshort	+0.0902%	4h	0.05250	−0.006%	$212K	$171K	50x
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.173%	$14K	$5K	50x	as long as short