Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.102%

Price spread now: BingX against Gate+0.039%7-day average −0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$930.935% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 4 days (all we have)−0.173%−$17 · spread now +0.039%, 7d avg −0.067%

Together, before fees−0.262%−$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.106% dearer against Gate than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OPN_USDT	0.05140	0.0100	pay 0.0050% / 4h	2h 40m	$208K	$168K	50x
Short	BingX OPN-USDT	0.05142	0.0100	get 0.0050% / 4h	2h 40m	—	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Gate. 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 GatebpFee BingXbpOrdersPrice spread, now +0.039%Rate

Funding earned: $0
Price spread: +0.039% → −0.067%: $10.64
Slippage, 4 orders: −$68.47
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$82.83
Costs to cover: 0.935%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; BingX: live order book, 2 min ago.

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 Gate live order book, 1 min ago	6.79 bp	33.4 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	2.91 bp	10.9 bp −$11	22.0 bp −$220	739.8 bp −$74.0K	doesn't fit

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	−0.2073%	1h	0.05126	−0.271%	$2K	$4K	20x	as long as short
BloFin OPN-USDT	+0.0051%	4h	0.05161	+0.409%	$181K	$4K	50x	as long as short
Aster OPNUSDT	+0.0100%	4h	0.05137	−0.064%	$7K	$15K	5x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05138	−0.039%	$3.5M	$6.3M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05137	−0.058%	$700K	$3.0M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05145	+0.097%	$797K	$3.1M	20x	as long as short
Gate OPN_USDTlong	+0.0100%	4h	0.05140	long leg	$208K	$168K	50x
MEXC OPN_USDT	+0.0100%	4h	0.05138	−0.039%	$827K	$328K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05139	−0.019%	$142K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05137	−0.058%	$593K	$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-USDTshort	+0.0100%	4h	0.05142	+0.039%	—	$1.7M	—
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05130	−0.195%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05250	+2.140%	$1K	$1.4M	20x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0549%	1h	0.05137	−0.058%	—	—	10x	as long as short
Coinbase International OPN-PERP-INTX	+0.1216%	1h	0.05257	+2.272%	$14K	$6K	50x	as long as short