Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.2551%/8h= −279.4% APRpaid last 24h +0.676%

Price spread now: SunX against Kraken Futures+3.346%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 SunX

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

The price spread pays, funding is against you. SunX is 3.346% dearer against Kraken Futures than usual: you sell high and buy low (spread +3.346% now, against zero (this spread has no 7-day history yet)): +$335 on $10k if it goes back. Holding the pair costs −$77 a day in funding at the current rate, which eats that in about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPNUSD	0.05138	0.2651	pay 0.0331% / 1h	2m 08s	$2K	$4K	20x
Short	SunX OPN-USDT	0.05310	0.0100	get 0.0050% / 4h	2h 02m	$1K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +3.346%Rate

Funding earned: −$535.79
Price spread: +3.346% → 0.000%: $334.56
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$219.23
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Kraken Futures: no order-book sample; SunX: live order book, 2 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 SunX live order book, 2 min ago	254.48 bp	doesn't fit	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 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
Bybit OPNUSDT	+0.0100%	4h	0.05188	+0.971%	$723K	$2.9M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05200	+1.205%	$805K	$3.2M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05181	+0.835%	$140K	$79K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05184	+0.893%	$594K	$184K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05190	+1.010%	$3K	$5K	10x	as long as short
SunX OPN-USDTshort	+0.0100%	4h	0.05310	+3.346%	$1K	$1.4M	20x
MEXC OPN_USDT	+0.0134%	4h	0.05193	+1.068%	$820K	$344K	50x	as long as short
Binance OPNUSDT	+0.0135%	4h	0.05194	+1.081%	$3.6M	$5.8M	25x	as long as short
BingX OPN-USDT	+0.0180%	4h	0.05196	+1.127%	—	$1.6M	—	as long as short
Aster OPNUSDT	+0.0212%	4h	0.05180	+0.816%	$7K	$14K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit OPN_USDC-PERPETUAL	+0.0270%	1h	0.05192	+1.055%	—	—	10x	as long as short
Coinbase International OPN-PERP-INTX	+0.1128%	1h	0.05237	+1.927%	$14K	$5K	50x	as long as short
Gate OPN_USDT	+0.1190%	4h	0.05190	+1.010%	$207K	$160K	50x	as long as short
Kraken Futures PF_OPNUSDlong	+0.2651%	1h	0.05138	long leg	$2K	$4K	20x