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 SunX−2.216%7-day average −2.074% · you buy dearer than you sell

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

Long on SunX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now −2.216%, 7d avg −2.074%

Together, before fees−0.055%−$5 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 0.142% cheaper against SunX than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −2.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX OPN-USDT	0.05370	0.0100	pay 0.0050% / 4h	29m 58s	$2K	$1.4M	20x
Short	Bybit OPNUSDT	0.05251	0.0100	get 0.0050% / 4h	29m 58s	$735K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SunX. 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 SunXbpFee BybitbpOrdersPrice spread, now −2.216%Rate

Funding earned: $0
Price spread: −2.216% → −2.074%: −$14.24
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.24
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 5 min ago; Bybit: live order book, 2 min ago. 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 SunX live order book, 5 min ago	261.68 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 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	−0.2683%	1h	0.05223	−2.732%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05252	−2.195%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDTshort	+0.0100%	4h	0.05251	−2.216%	$735K	$2.9M	20x
MEXC OPN_USDT	+0.0100%	4h	0.05253	−2.179%	$897K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05253	−2.179%	$145K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05248	−2.272%	$606K	$186K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05250	−2.235%	$3K	$5K	10x	as long as short
SunX OPN-USDTlong	+0.0100%	4h	0.05370	long leg	$2K	$1.4M	20x
BloFin OPN-USDT	+0.0110%	4h	0.05261	−2.030%	$185K	$4K	50x	as long as short
Aster OPNUSDT	+0.0158%	4h	0.05256	−2.123%	$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	+0.0209%	4h	0.05259	−2.067%	$814K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05255	−2.142%	—	$1.7M	—	as long as short
Deribit OPN_USDC-PERPETUAL	+0.0379%	1h	0.05250	−2.229%	—	—	10x	as long as short
Gate OPN_USDT	+0.0904%	4h	0.05250	−2.235%	$212K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	−2.060%	$14K	$5K	50x	as long as short