Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2166%/8h= +237.1% APRpaid last 24h +0.751%

Price spread now: Bybit against Kraken Futures+0.248%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Bybit

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 for this trade now. Funding pays +$65 a day on $10k at the current rate, and Bybit is 0.248% dearer against Kraken Futures than usual: you sell high and buy low: +$25 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPNUSD	0.05144	−0.2066	get 0.0258% / 1h	37m 08s	$2K	$4K	20x
Short	Bybit OPNUSDT	0.05157	0.0100	get 0.0050% / 4h	2h 37m	$708K	$3.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.248%Rate

Funding earned: $454.79
Price spread: +0.248% → 0.000%: $24.76
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $458.55
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 5 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	3.88 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit

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_OPNUSDlong	−0.2066%	1h	0.05144	long leg	$2K	$4K	20x
Aster OPNUSDT	+0.0100%	4h	0.05151	+0.125%	$7K	$15K	5x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05159	+0.286%	$3.6M	$6.3M	25x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05157	+0.248%	$708K	$3.0M	20x
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05164	+0.384%	$799K	$3.1M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05155	+0.209%	$830K	$329K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05149	+0.092%	$142K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05153	+0.170%	$595K	$184K	20x	as long as short
BingX OPN-USDT	+0.0100%	4h	0.05159	+0.286%	—	$1.7M	—	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05140	−0.083%	$3K	$5K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX OPN-USDT	+0.0100%	4h	0.05270	+2.444%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0111%	4h	0.05154	+0.189%	$181K	$4K	50x	as long as short
Gate OPN_USDT	+0.0120%	4h	0.05150	+0.112%	$208K	$168K	50x	as long as short
Deribit OPN_USDC-PERPETUAL	+0.1150%	1h	0.05152	+0.143%	—	—	10x	as long as short
Coinbase International OPN-PERP-INTX	+0.1216%	1h	0.05257	+2.188%	$14K	$6K	50x	as long as short