Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.075%

Price spread now: Deribit against Aster−0.101%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$780.780% of the position

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.283%−$28 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.101%, 7d avg −0.033%

Together, before fees−0.120%+ Points / potential airdropAster: Stage 5 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.068% cheaper against Aster than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster OPUSDT	0.1261	0.0100	pay 0.0100% / 8h	2h 13m	$212K	$241K	10x
Short	Deribit OP_USDC-PERPETUAL	0.1260	0	get 0.0000% / 1h	13m 21s	$42K	$171K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$21
Price spread: −0.101% → −0.033%: −$6.83
Slippage, 4 orders: −$63.01
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$105.84
Costs to cover: 0.780%
Break-even: never at this rate

Slippage from Aster: live order book, 8 min ago; Deribit: live order book, 10 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 Aster live order book, 8 min ago	9.47 bp	28.8 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 10 min ago	7.89 bp	19.3 bp −$19	doesn't fit	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	−0.1658%	1h	0.1259	−0.180%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1260	−0.068%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.449%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1263	+0.130%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALshort	0.0000%	1h	0.1260	−0.101%	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.032%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0039%	8h	0.1260	−0.101%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0040%	8h	0.1264	+0.192%	$231K	$44K	—	as long as short
OKX OP-USDT-SWAP	+0.0088%	8h	0.1259	−0.172%	$5.9M	$29.8M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1260	−0.061%	$270K	$908K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	+0.089%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDTlong	+0.0100%	8h	0.1261	long leg	$212K	$241K	10x
Binance OPUSDT	+0.0100%	8h	0.1260	−0.101%	$20.4M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1258	−0.259%	$18.3M	$25.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	+0.058%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	−0.037%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.022%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1260	−0.101%	$6.0M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1260	−0.101%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	+0.200%	$125K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	+0.241%	$8K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1265	+0.293%	$313K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1265	+0.296%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1259	−0.148%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.169%	$175K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.163%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.129%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0136%	1h	0.1261	−0.058%	$779K	$731K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	−0.045%	$1.0M	$281K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1261	−0.037%	$701	—	20x	as long as short