Funding arb · Price arb /

OPN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h —

Price spread now: Deribit against SunX−2.092%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 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

Funding pays, the price is against you. Deribit is 2.092% cheaper against SunX than usual: you would sell low and buy high (spread −2.092% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$209 on $10k: about 3 months of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX OPN-USDT	0.05340	0.0100	pay 0.0050% / 4h	27m 18s	$1K	$1.4M	20x
Short	Deribit OPN_USDC-PERPETUAL	0.05228	0.0190	get 0.0024% / 1h	27m 18s	—	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpOrdersPrice spread, now −2.092%Rate

Funding earned: $18.92
Price spread: −2.092% → 0.000%: −$209.18
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$205.25
Costs to cover: 0.150%
Break-even: 82.9 days

Slippage unknown: SunX: live order book, 7 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 SunX live order book, 7 min ago	261.68 bp	doesn't fit	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	−0.2712%	1h	0.05168	−3.225%	$2K	$4K	20x	as long as short
Binance OPNUSDT	+0.0100%	4h	0.05231	−2.037%	$3.7M	$6.0M	25x	as long as short
Bybit OPNUSDT	+0.0100%	4h	0.05229	−2.079%	$733K	$2.9M	20x	as long as short
MEXC OPN_USDT	+0.0100%	4h	0.05231	−2.041%	$894K	$320K	50x	as long as short
KuCoin OPNUSDTM	+0.0100%	4h	0.05233	−2.004%	$144K	$67K	25x	as long as short
Bitget OPNUSDT	+0.0100%	4h	0.05232	−2.022%	$604K	$185K	20x	as long as short
Orderly PERP_OPN_USDC_mythos	+0.0100%	4h	0.05230	−2.060%	$3K	$5K	10x	as long as short
SunX OPN-USDTlong	+0.0100%	4h	0.05340	long leg	$1K	$1.4M	20x
BloFin OPN-USDT	+0.0120%	4h	0.05232	−2.022%	$183K	$4K	50x	as long as short
Aster OPNUSDT	+0.0148%	4h	0.05234	−1.977%	$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-PERPETUALshort	+0.0190%	1h	0.05228	−2.092%	—	—	10x
OKX OPN-USDT-SWAP	+0.0195%	4h	0.05235	−1.966%	$811K	$3.1M	20x	as long as short
BingX OPN-USDT	+0.0224%	4h	0.05229	−2.079%	—	$1.7M	—	as long as short
Gate OPN_USDT	+0.0878%	4h	0.05238	−1.910%	$211K	$171K	50x	as long as short
Coinbase International OPN-PERP-INTX	+0.1664%	1h	0.05259	−1.509%	$14K	$5K	50x	as long as short