OPN

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0444%/8h= −48.6% APRnext payment −$2.22 per $10,000 · paid last 24h −0.102%

Price spread now: Bybit against Gate−0.077%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1041.037% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 4 days (all we have)−0.175%−$17 · spread now −0.077%, 7d avg −0.063%

Together, before fees−0.304%−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.063%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.22 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OPN_USDT	0.05227	0.0544	pay 0.0272% / 4h	3h 33m	$211K	$172K	50x
Short	Bybit OPNUSDT	0.05223	0.0100	get 0.0050% / 4h	3h 33m	$723K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$93.24
Price spread: −0.077% → −0.063%: −$1.35
Slippage, 4 orders: −$77.74
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$198.33
Costs to cover: 1.037%
Break-even: never at this rate

Slippage from Gate: live order book, 13 min ago; Bybit: live order book, 4 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, 13 min ago	8.59 bp	34.2 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.91 bp	13.7 bp −$14	doesn't fit	doesn't fit	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	−0.2524%	1h	0.05158	−1.322%	$2K	$4K	20x	as long as short
Deribit OPN_USDC-PERPETUAL	0.0000%	1h	0.05217	−0.195%	—	—	10x	as long as short
BloFin OPN-USDT	+0.0082%	4h	0.05230	+0.057%	$184K	$4K	50x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05222	−0.096%	$3.6M	$6.2M	25x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05223	−0.077%	$723K	$2.9M	20x
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05226	−0.019%	$808K	$3.1M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05220	−0.134%	$851K	$329K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05223	−0.077%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05226	−0.019%	$604K	$185K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05223	−0.077%	—	$1.7M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05210	−0.325%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05320	+1.779%	$2K	$1.4M	20x	as long as short
Aster OPNUSDT	+0.0125%	4h	0.05224	−0.049%	$8K	$15K	5x	as long as short
Gate OPN_USDTlong	+0.0544%	4h	0.05227	long leg	$211K	$172K	50x
Coinbase International OPN-PERP-INTX	+0.1448%	1h	0.05248	+0.411%	$14K	$6K	50x	as long as short