Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1361%/8h= +149.0% APRpaid last 24h —

Price spread now: Deribit against Orderly+0.171%7-day average — · you sell dearer than you buy

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

Long on Orderly 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

Both sides work for this trade now. Funding pays +$41 a day on $10k at the current rate, and Deribit is 0.171% dearer against Orderly than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_OPN_USDC_mythos	0.05320	0.0100	pay 0.0050% / 4h	1h 58m	$3K	$5K	10x
Short	Deribit OPN_USDC-PERPETUAL	0.05329	0.1461	get 0.0183% / 1h	58m 54s	$103	$101	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now +0.171%Rate

Funding earned: $285.72
Price spread: +0.171% → 0.000%: $17.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $289.82
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Orderly and 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	−0.2402%	1h	0.05312	−0.157%	$2K	$4K	20x	as long as short
BloFin OPN-USDT	+0.0042%	4h	0.05312	−0.150%	$182K	$5K	50x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05331	+0.207%	$3.8M	$6.4M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05327	+0.132%	$764K	$3.1M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05331	+0.207%	$856K	$318K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05329	+0.169%	$156K	$64K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05326	+0.113%	$613K	$172K	20x	as long as short
Orderly PERP_OPN_USDC_mythoslong	+0.0100%	4h	0.05320	long leg	$3K	$5K	10x
SunX OPN-USDT	+0.0100%	4h	0.05450	+2.444%	$1K	$1.4M	20x	as long as short
Aster OPNUSDT	+0.0105%	4h	0.05319	−0.015%	$8K	$16K	5x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX OPN-USDT	+0.0120%	4h	0.05331	+0.207%	—	$1.7M	—	as long as short
OKX OPN-USDT-SWAP	+0.0150%	4h	0.05332	+0.226%	$831K	$3.1M	20x	as long as short
Gate OPN_USDT	+0.0834%	4h	0.05336	+0.301%	$214K	$171K	50x	as long as short
Deribit OPN_USDC-PERPETUALshort	+0.1461%	1h	0.05329	+0.171%	$103	$101	10x
Coinbase International OPN-PERP-INTX	+0.1984%	1h	0.05353	+0.620%	$14K	$6K	50x	as long as short