Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.064%

Price spread now: Kraken Futures against Aster−0.008%7-day average +0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$800.803% of the position

Long on Aster Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 3 days (all we have)+0.141%+$14 · spread now −0.008%, 7d avg +0.049%

Together, before fees+0.123%+ Points / potential airdropAster: Stage 5 · farm board+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.057% cheaper against Aster than usual: you would sell low and buy high (spread −0.008% now, against its 7-day average of +0.049%). If the spread goes back, that is −$6 on $10k: about 5.1 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster OPUSDT	0.1249	0.0100	pay 0.0100% / 8h	2h 45m	$210K	$243K	10x
Short	Kraken Futures PF_OPUSD	0.1249	0.0137	get 0.0017% / 1h	45m 23s	$772K	$733K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.008%Rate

Funding earned: $7.87
Price spread: −0.008% → +0.049%: −$5.71
Slippage, 4 orders: −$62.26
Fee Aster: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$78.09
Costs to cover: 0.803%
Break-even: 76.4 days

Slippage from Aster: live order book, 41 min ago; Kraken Futures: live order book, 43 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, 41 min ago	11.58 bp	20.7 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 43 min ago	8.38 bp	15.7 bp −$16	109.1 bp −$1,091	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	0.1244	−0.427%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1249	−0.063%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.507%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1249	−0.027%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1248	−0.107%	$41K	$172K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1249	−0.035%	—	—	150x	as long as short
Variational Omni OP	+0.0010%	8h	0.1249	−0.062%	$228K	$45K	—	as long as short
Orderly PERP_OP_USDC	+0.0028%	8h	0.1248	−0.107%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0094%	8h	0.1247	−0.147%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1249	−0.027%	$267K	$899K	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	0.1250	+0.053%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDTlong	+0.0100%	8h	0.1249	long leg	$210K	$243K	10x
Binance OPUSDT	+0.0100%	8h	0.1248	−0.083%	$20.2M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1247	−0.203%	$18.3M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1249	−0.067%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1248	−0.091%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1248	−0.107%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1249	−0.027%	$5.9M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1249	−0.051%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1249	−0.011%	$127K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	+0.048%	$9K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1249	−0.025%	$309K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	+0.133%	$45K	$718K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1248	−0.131%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1249	−0.035%	$173K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1248	−0.138%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1248	−0.121%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSDshort	+0.0137%	1h	0.1249	−0.008%	$772K	$733K	20x
BloFin OP-USDT	+0.0220%	8h	0.1250	+0.077%	$995K	$287K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1248	−0.089%	$694	—	20x	as long as short