Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0142%/8h= −15.5% APRpaid last 24h +0.344%

Price spread now: Coinbase International against Gate+1.083%7-day average — · you sell dearer than you buy

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

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Coinbase International is 1.083% dearer against Gate than usual: you sell high and buy low (spread +1.083% now, against zero (this spread has no 7-day history yet)): +$108 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OPN_USDT	0.05181	0.1270	pay 0.0635% / 4h	2h 07m	$207K	$160K	50x
Short	Coinbase International OPN-PERP-INTX	0.05237	0.1128	get 0.0141% / 1h	7m 54s	$14K	$5K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +1.083%Rate

Funding earned: −$29.82
Price spread: +1.083% → 0.000%: $108.28
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $53.46
Costs to cover: 0.250%
Break-even: from the start

Slippage unknown: Gate: live order book, 53 min ago; 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 Gate live order book, 53 min ago	8.73 bp	36.4 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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 14 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
Deribit OPN_USDC-PERPETUAL	+0.0078%	1h	0.05178	−0.066%	—	—	10x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05178	−0.058%	$718K	$2.9M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05183	+0.039%	$802K	$3.2M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05181	0.000%	$140K	$79K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05176	−0.097%	$593K	$187K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05170	−0.212%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05290	+2.104%	$2K	$1.4M	20x	as long as short
MEXC OPN_USDT	+0.0180%	4h	0.05180	−0.019%	$818K	$344K	50x	as long as short
Binance OPNUSDT	+0.0181%	4h	0.05180	−0.012%	$3.6M	$5.8M	25x	as long as short
BingX OPN-USDT	+0.0190%	4h	0.05180	−0.019%	—	$1.6M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPNUSDT	+0.0255%	4h	0.05182	+0.021%	$7K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTXshort	+0.1128%	1h	0.05237	+1.083%	$14K	$5K	50x
Gate OPN_USDTlong	+0.1270%	4h	0.05181	long leg	$207K	$160K	50x
Kraken Futures PF_OPNUSD	+0.2638%	1h	0.05163	−0.339%	$2K	$4K	20x	as long as short