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 MEXC−0.019%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$570.568% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now −0.019%, 7d avg +0.020%

Together, before fees−0.006%−$1 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 0.039% cheaper against MEXC than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC OPN_USDT	0.05230	0.0100	pay 0.0050% / 4h	26m 43s	$893K	$320K	50x
Short	Bybit OPNUSDT	0.05229	0.0100	get 0.0050% / 4h	26m 43s	$733K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against MEXC. 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 MEXCbpFee BybitbpOrdersPrice spread, now −0.019%Rate

Funding earned: $0
Price spread: −0.019% → +0.020%: −$3.88
Slippage, 4 orders: −$41.75
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$60.63
Costs to cover: 0.568%
Break-even: never at this rate

Slippage from MEXC: live order book, 24 min ago; Bybit: live order book, 6 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 MEXC live order book, 24 min ago	2.88 bp	6.2 bp −$6	34.2 bp −$342	799.6 bp −$80.0K	doesn't fit
Sell Bybit live order book, 6 min ago	4.76 bp	23.0 bp −$23	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	−0.2712%	1h	0.05168	−1.189%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05230	−0.002%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05229	−0.019%	$733K	$2.9M	20x
MEXC OPN_USDTlong	+0.0100%	4h	0.05230	long leg	$893K	$320K	50x
KuCoin OPNUSDTM	+0.0100%	4h	0.05233	+0.057%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05232	+0.038%	$604K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	0.000%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.103%	$1K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05232	+0.038%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0141%	4h	0.05233	+0.062%	$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
Deribit OPN_USDC-PERPETUAL	+0.0190%	1h	0.05228	−0.033%	—	—	10x	as long as short
OKX OPN-USDT-SWAP	+0.0195%	4h	0.05232	+0.038%	$811K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05231	+0.019%	—	$1.7M	—	as long as short
Gate OPN_USDT	+0.0878%	4h	0.05238	+0.153%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.562%	$14K	$5K	50x	as long as short