Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1564%/8h= +171.3% APRpaid last 24h +0.412%

Price spread now: Coinbase International against MEXC+0.141%51s7-day average — · you sell dearer than you buy

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

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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 +$47 a day on $10k at the current rate, and Coinbase International is 0.141% dearer against MEXC than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 51 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	MEXC OPN_USDT	0.05252	0.0100	pay 0.0050% / 4h	25m 31s	$897K	$320K	50x
Short	Coinbase International OPN-PERP-INTX	0.05259	0.1664	get 0.0208% / 1h	25m 31s	$14K	$5K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.141%Rate

Funding earned: $328.44
Price spread: +0.141% → 0.000%: $14.09
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $328.53
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: MEXC: live order book, 25 min ago; Coinbase International: 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 MEXC live order book, 25 min ago	2.88 bp	6.2 bp −$6	34.2 bp −$342	799.6 bp −$80.0K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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_OPNUSD	−0.2707%	1h	0.05178	−1.415%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05246	−0.112%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05249	−0.057%	$737K	$2.9M	20x	as long as short
MEXC OPN_USDTlong	+0.0100%	4h	0.05252	long leg	$897K	$320K	50x
KuCoin OPNUSDTM	+0.0100%	4h	0.05242	−0.190%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05248	−0.076%	$606K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−0.419%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05350	+1.866%	$2K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05232	−0.381%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0141%	4h	0.05239	−0.251%	$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	+0.0190%	4h	0.05252	0.000%	$812K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0200%	4h	0.05249	−0.057%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0324%	1h	0.05231	−0.398%	—	—	10x	as long as short
Gate OPN_USDT	+0.0854%	4h	0.05246	−0.114%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTXshort	+0.1664%	1h	0.05259	+0.141%	$14K	$5K	50x