Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−1.3495%/8h= −1477.7% APRpaid last 24h −0.639%

Price spread now: Kraken Futures against Gate−0.213%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$405 a day on $10k at the current rate, and Kraken Futures is 0.213% cheaper against Gate than usual: you would sell low and buy high (−$21 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OPN_USDT	0.05265	0.1922	pay 0.0961% / 4h	1h 14m	$208K	$165K	50x
Short	Kraken Futures PF_OPNUSD	0.05254	−1.1573	pay 0.1447% / 1h	14m 52s	$2K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.213%Rate

Funding earned: −$2,833.91
Price spread: −0.213% → 0.000%: −$21.26
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$2,880.17
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 41 min ago; Kraken Futures: 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, 41 min ago	4.78 bp	44.4 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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_OPNUSDshort	−1.1573%	1h	0.05254	−0.213%	$2K	$4K	20x
Bybit OPNUSDT	+0.0100%	4h	0.05259	−0.114%	$736K	$2.9M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05261	−0.076%	$145K	$68K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05258	−0.133%	$607K	$187K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05270	+0.095%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05370	+1.994%	$2K	$1.4M	20x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0263%	1h	0.05266	+0.028%	—	—	10x	as long as short
OKX OPN-USDT-SWAP	+0.0282%	4h	0.05260	−0.095%	$813K	$3.1M	20x	as long as short
BloFin OPN-USDT	+0.0288%	4h	0.05263	−0.038%	$185K	$4K	50x	as long as short
BingX OPN-USDT	+0.0311%	4h	0.05258	−0.133%	—	$1.6M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC OPN_USDT	+0.0326%	4h	0.05258	−0.133%	$836K	$340K	50x	as long as short
Binance OPNUSDT	+0.0330%	4h	0.05260	−0.089%	$3.6M	$5.9M	25x	as long as short
Aster OPNUSDT	+0.0426%	4h	0.05261	−0.077%	$8K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTX	+0.1520%	1h	0.05278	+0.253%	$14K	$5K	50x	as long as short
Gate OPN_USDTlong	+0.1922%	4h	0.05265	long leg	$208K	$165K	50x