OPN

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0095%/8h= −10.3% APRnext payment −$0.47 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against OKX−0.115%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1121.121% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 7 days+0.155%+$15 · spread now −0.115%, 7d avg +0.002%

Together, before fees+0.147%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.116% cheaper against OKX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OPN-USDT-SWAP	0.05235	0.0195	pay 0.0097% / 4h	27m 17s	$811K	$3.1M	20x
Short	Bybit OPNUSDT	0.05229	0.0100	get 0.0050% / 4h	27m 17s	$733K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against OKX. 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 OKXbpFee BybitbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$19.85
Price spread: −0.115% → +0.002%: −$11.63
Slippage, 4 orders: −$91.14
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$143.61
Costs to cover: 1.121%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Bybit: live order book, 5 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 OKX live order book, 5 min ago	1.90 bp	34.2 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 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	−1.284%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05231	−0.072%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05229	−0.115%	$733K	$2.9M	20x
MEXC OPN_USDT	+0.0100%	4h	0.05231	−0.076%	$894K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05233	−0.038%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05232	−0.057%	$604K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−0.096%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05340	+2.006%	$1K	$1.4M	20x	as long as short
BloFin OPN-USDT	+0.0120%	4h	0.05232	−0.057%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0148%	4h	0.05234	−0.011%	$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	−0.128%	—	—	10x	as long as short
OKX OPN-USDT-SWAPlong	+0.0195%	4h	0.05235	long leg	$811K	$3.1M	20x
BingX OPN-USDT	+0.0224%	4h	0.05229	−0.115%	—	$1.7M	—	as long as short
Gate OPN_USDT	+0.0878%	4h	0.05238	+0.057%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	+0.466%	$14K	$5K	50x	as long as short