Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h —

Price spread now: Deribit against OKX+0.008%56s7-day average — · you sell dearer than you buy

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

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 56 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	OKX OPN-USDT-SWAP	0.05256	0.0280	pay 0.0140% / 4h	1h 13m	$814K	$3.1M	20x
Short	Deribit OPN_USDC-PERPETUAL	0.05256	0	get 0.0000% / 1h	13m 20s	—	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$58.88
Price spread: +0.008% → 0.000%: $0.76
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$75.12
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 min ago; Deribit: 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 OKX live order book, 4 min ago	3.81 bp	27.2 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−1.1616%	1h	0.05234	−0.415%	$2K	$4K	20x	as long as short
Deribit OPN_USDC-PERPETUALshort	0.0000%	1h	0.05256	+0.008%	—	—	10x
Bybit OPNUSDT	+0.0100%	4h	0.05256	0.000%	$733K	$2.9M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05259	+0.057%	$145K	$68K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05258	+0.038%	$608K	$187K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05260	+0.076%	$3K	$5K	10x	as long as short
SunX OPN-USDT	+0.0100%	4h	0.05370	+2.169%	$2K	$1.4M	20x	as long as short
OKX OPN-USDT-SWAPlong	+0.0280%	4h	0.05256	long leg	$814K	$3.1M	20x
BloFin OPN-USDT	+0.0288%	4h	0.05263	+0.133%	$185K	$4K	50x	as long as short
BingX OPN-USDT	+0.0314%	4h	0.05256	0.000%	—	$1.6M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC OPN_USDT	+0.0324%	4h	0.05260	+0.076%	$836K	$340K	50x	as long as short
Binance OPNUSDT	+0.0325%	4h	0.05259	+0.062%	$3.7M	$5.9M	25x	as long as short
Aster OPNUSDT	+0.0416%	4h	0.05260	+0.070%	$8K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTX	+0.1520%	1h	0.05278	+0.424%	$14K	$5K	50x	as long as short
Gate OPN_USDT	+0.1864%	4h	0.05264	+0.152%	$208K	$165K	50x	as long as short