Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.052%

Price spread now: OKX against ApeX Omni+0.258%7-day average −0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$650.646% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 3 days (all we have)−0.555%−$55 · spread now +0.258%, 7d avg −0.093%

Together, before fees−0.648%−$65 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: OKX is 0.350% dearer against ApeX Omni than usual: you sell high and buy low, +$35 on $10k if it goes back to its 7-day average of −0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni OPUSDT	0.1280	0.0100	pay 0.0013% / 1h	8m 57s	$46K	$722K	50x
Short	OKX OP-USDT-SWAP	0.1283	0.0100	get 0.0100% / 8h	1h 08m	$6.1M	$30.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against ApeX Omni. 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 ApeX OmnibpFee OKXbpOrdersPrice spread, now +0.258%Rate

Funding earned: $0
Price spread: +0.258% → −0.093%: $35.04
Slippage, 4 orders: −$44.6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$29.56
Costs to cover: 0.646%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 10 min ago; OKX: live order book, 5 min ago.

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 ApeX Omni live order book, 10 min ago	11.72 bp	21.6 bp −$22	124.6 bp −$1,246	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.39 bp	8.8 bp −$9	30.9 bp −$309	doesn't fit	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1710%	1h	0.1274	−0.469%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1283	+0.260%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	0.000%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1283	+0.220%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1283	+0.234%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1283	+0.234%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1282	+0.156%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1280	−0.017%	$233K	$53K	—	as long as short
Lighter OP	+0.0096%	1h	0.1284	+0.344%	$291K	$923K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1285	+0.359%	$4.2M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1284	+0.302%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1284	+0.292%	$20.9M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1283	+0.219%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1283	+0.258%	$6.1M	$30.3M	50x
Gate OP_USDT	+0.0100%	8h	0.1284	+0.312%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1283	+0.273%	$20.4M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1283	+0.234%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1284	+0.312%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1284	+0.312%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1283	+0.250%	$125K	$191K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1281	+0.053%	$10K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.046%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDTlong	+0.0100%	1h	0.1280	long leg	$46K	$722K	50x
SoDEX OP-USD	+0.0100%	1h	0.1283	+0.227%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1282	+0.180%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1283	+0.233%	$103K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1283	+0.221%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1282	+0.164%	$1.0M	$289K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0224%	1h	0.1284	+0.315%	$803K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1283	+0.230%	$713	—	20x	as long as short