Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+1.1881%/8h= +1300.9% APRpaid last 24h +0.584%

Price spread now: OKX against Kraken Futures+0.220%45s7-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 OKX

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 +$356 a day on $10k at the current rate, and OKX is 0.220% dearer against Kraken Futures than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPNUSD	0.05235	−1.1613	get 0.1452% / 1h	11m 35s	$2K	$4K	20x
Short	OKX OPN-USDT-SWAP	0.05247	0.0267	get 0.0134% / 4h	1h 11m	$812K	$3.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.220%Rate

Funding earned: $2,494.96
Price spread: +0.220% → 0.000%: $22.04
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $2,497
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Kraken Futures: no order-book sample; OKX: live order book, 1 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 OKX live order book, 1 min ago	4.77 bp	32.2 bp −$32	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	−1.1613%	1h	0.05235	long leg	$2K	$4K	20x
Deribit OPN_USDC-PERPETUAL	−0.0074%	1h	0.05243	+0.138%	—	—	10x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05239	+0.068%	$729K	$2.9M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05245	+0.182%	$144K	$68K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05249	+0.259%	$607K	$187K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05250	+0.278%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05350	+2.188%	$2K	$1.4M	20x	as long as short
OKX OPN-USDT-SWAPshort	+0.0267%	4h	0.05247	+0.220%	$812K	$3.1M	20x
Binance OPNUSDT	+0.0287%	4h	0.05244	+0.163%	$3.7M	$5.9M	25x	as long as short
MEXC OPN_USDT	+0.0314%	4h	0.05241	+0.106%	$833K	$340K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX OPN-USDT	+0.0326%	4h	0.05244	+0.163%	—	$1.7M	—	as long as short
BloFin OPN-USDT	+0.0354%	4h	0.05264	+0.545%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0380%	4h	0.05244	+0.169%	$8K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTX	+0.1520%	1h	0.05278	+0.818%	$14K	$5K	50x	as long as short
Gate OPN_USDT	+0.1792%	4h	0.05251	+0.297%	$207K	$165K	50x	as long as short