Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.2769%/8h= −303.2% APRpaid last 24h −0.708%

Price spread now: Kraken Futures against KuCoin−0.117%7-day average — · you buy dearer than you sell

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

Long on KuCoin 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 −$83 a day on $10k at the current rate, and Kraken Futures is 0.117% cheaper against KuCoin than usual: you would sell low and buy high (−$12 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	KuCoin OPNUSDTM	0.05257	0.0100	pay 0.0050% / 4h	17m 06s	$145K	$67K	25x
Short	Kraken Futures PF_OPNUSD	0.05251	−0.2669	pay 0.0334% / 1h	17m 06s	$2K	$4K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$581.5
Price spread: −0.117% → 0.000%: −$11.66
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$615.16
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 57 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 KuCoin live order book, 57 min ago	16.16 bp	355.4 bp −$355	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	−0.2669%	1h	0.05251	−0.117%	$2K	$4K	20x
Binance OPNUSDT	+0.0100%	4h	0.05260	+0.054%	$3.7M	$6.1M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05254	−0.057%	$743K	$2.9M	20x	as long as short
KuCoin OPNUSDTMlong	+0.0100%	4h	0.05257	long leg	$145K	$67K	25x
Bitget OPNUSDT	+0.0100%	4h	0.05253	−0.076%	$607K	$186K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05250	−0.133%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05370	+2.150%	$2K	$1.4M	20x	as long as short
MEXC OPN_USDT	+0.0104%	4h	0.05259	+0.038%	$897K	$321K	50x	as long as short
BloFin OPN-USDT	+0.0122%	4h	0.05260	+0.057%	$185K	$4K	50x	as long as short
Aster OPNUSDT	+0.0164%	4h	0.05254	−0.061%	$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	+0.0164%	4h	0.05265	+0.152%	$816K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0176%	4h	0.05262	+0.095%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0644%	1h	0.05260	+0.057%	—	—	10x	as long as short
Gate OPN_USDT	+0.0966%	4h	0.05247	−0.190%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05263	+0.114%	$14K	$6K	50x	as long as short