OPN arbitrage explained
Right now Opinion (OPN) trades on 8 venues we scan: 7 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Binance perp at $0.058 and the highest bid on OKX perp at $0.0581.
The widest OPN perpetual spread is between Binance and OKX: long OPN on Binance at $0.058 and short on OKX at $0.0581 for +0.10% gross, or -0.06% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best OPN route is to buy spot on Bybit and short the perpetual on OKX: -0.05% gross, -0.25% net, with +0.030% a day of funding on the short leg.
Spot–spot OPN arbitrage (buy on Bybit, withdraw, deposit and sell on Gate) shows -0.10% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small OPN gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: OPN funding rates · OPN spread charts · Opinion price · arbitrage scanner for all coins.