Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against KuCoin+0.134%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$648as in the Funding arb table

Net, price: spread back to 7d avg − costs−$636as in the Price arb table

costs, in and out, $10k−$6506.503% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.392%−$39 · spread now +0.134%, 7d avg −0.005%

Together, before fees−0.373%−$37 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.139% dearer against KuCoin than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin OPNUSDTM	0.05242	0.0100	pay 0.0050% / 4h	25m 21s	$144K	$67K	25x
Short	Bybit OPNUSDT	0.05249	0.0100	get 0.0050% / 4h	25m 21s	$737K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now +0.134%Rate

Funding earned: $0
Price spread: +0.134% → −0.005%: $13.88
Slippage, 4 orders: −$627.27
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$636.39
Costs to cover: 6.503%
Break-even: never at this rate

Slippage from KuCoin: live order book, 49 min ago; Bybit: live order book, 2 min ago.

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 KuCoin live order book, 49 min ago	16.16 bp	355.4 bp −$355	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	2.87 bp	19.7 bp −$20	doesn't fit	doesn't fit	doesn't fit

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_OPNUSD	−0.2682%	1h	0.05225	−0.316%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05248	+0.114%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05249	+0.134%	$737K	$2.9M	20x
MEXC OPN_USDT	+0.0100%	4h	0.05252	+0.191%	$897K	$320K	50x	as long as short
KuCoin OPNUSDTMlong	+0.0100%	4h	0.05242	long leg	$144K	$67K	25x
Bitget OPNUSDT	+0.0100%	4h	0.05248	+0.114%	$606K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05250	+0.153%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05370	+2.442%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0112%	4h	0.05236	−0.114%	$185K	$4K	50x	as long as short
Aster OPNUSDT	+0.0141%	4h	0.05241	−0.018%	$8K	$14K	5x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX OPN-USDT-SWAP	+0.0185%	4h	0.05252	+0.191%	$812K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0200%	4h	0.05250	+0.153%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0570%	1h	0.05251	+0.166%	—	—	10x	as long as short
Gate OPN_USDT	+0.0854%	4h	0.05246	+0.076%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.332%	$14K	$5K	50x	as long as short