Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1028%/8h= +112.6% APRpaid last 24h +0.399%

Price spread now: Coinbase International against SunX−1.187%7-day average — · you buy dearer than you sell

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

Long on SunX 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

Funding pays, the price is against you. Coinbase International is 1.187% cheaper against SunX than usual: you would sell low and buy high (spread −1.187% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$119 on $10k: about 3.8 days of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX OPN-USDT	0.05300	0.0100	pay 0.0050% / 4h	2h 04m	$2K	$1.4M	20x
Short	Coinbase International OPN-PERP-INTX	0.05237	0.1128	get 0.0141% / 1h	4m 54s	$14K	$5K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −1.187%Rate

Funding earned: $215.88
Price spread: −1.187% → 0.000%: −$118.68
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $79.2
Costs to cover: 0.180%
Break-even: 4.4 days

Slippage unknown: SunX: live order book, 9 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 SunX live order book, 9 min ago	253.52 bp	doesn't fit	doesn't fit	doesn't fit	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 14 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
Deribit OPN_USDC-PERPETUAL	+0.0020%	1h	0.05182	−2.234%	—	—	10x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05184	−2.189%	$721K	$2.9M	20x	as long as short
OKX OPN-USDT-SWAP	+0.0100%	4h	0.05187	−2.132%	$802K	$3.2M	20x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05179	−2.283%	$140K	$79K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05182	−2.226%	$594K	$187K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05180	−2.264%	$3K	$5K	10x	as long as short
SunX OPN-USDTlong	+0.0100%	4h	0.05300	long leg	$2K	$1.4M	20x
Binance OPNUSDT	+0.0137%	4h	0.05182	−2.226%	$3.6M	$5.8M	25x	as long as short
MEXC OPN_USDT	+0.0144%	4h	0.05183	−2.208%	$818K	$344K	50x	as long as short
BingX OPN-USDT	+0.0180%	4h	0.05185	−2.170%	—	$1.6M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPNUSDT	+0.0214%	4h	0.05177	−2.321%	$7K	$14K	5x	as long as short
Coinbase International OPN-PERP-INTXshort	+0.1128%	1h	0.05237	−1.187%	$14K	$5K	50x
Gate OPN_USDT	+0.1212%	4h	0.05184	−2.189%	$207K	$160K	50x	as long as short
Kraken Futures PF_OPNUSD	+0.2657%	1h	0.05128	−3.242%	$2K	$4K	20x	as long as short