Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.101%

Price spread now: Coinbase International against Binance−1.045%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.258%−$26 on $10k

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. Coinbase International is 1.045% cheaper against Binance than usual: you would sell low and buy high (spread −1.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$104 on $10k: about 51 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.258%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1275	0.0100	pay 0.0100% / 8h	4h 30m	$20.6M	$60.5M	75x
Short	Coinbase International OP-PERP-INTX	0.1262	0.0168	get 0.0021% / 1h	30m 15s	$24K	$64K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now −1.045%Rate

Funding earned: $14.28
Price spread: −1.045% → 0.000%: −$104.48
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$110.2
Costs to cover: 0.200%
Break-even: 61.0 days

Slippage unknown: Binance: live order book, 12 min ago; Coinbase International: 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 Binance live order book, 12 min ago	0.40 bp	11.7 bp −$12	23.2 bp −$232	105.0 bp −$10.5K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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.

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	−0.1607%	1h	0.1252	−1.829%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1273	−0.156%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1274	−0.130%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1274	−0.131%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0044%	8h	0.1277	+0.092%	$6.2M	$28.9M	50x	as long as short
Variational Omni OP	+0.0053%	8h	0.1271	−0.376%	$225K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1273	−0.182%	$6K	$45K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1275	−0.033%	$280K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1278	+0.194%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1273	−0.172%	$213K	$219K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance OPUSDTlong	+0.0100%	8h	0.1275	long leg	$20.6M	$60.5M	75x
Bybit OPUSDT	+0.0100%	8h	0.1276	+0.022%	$18.7M	$24.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1276	+0.061%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1276	+0.053%	$21.6M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1275	−0.025%	$2.9M	$6.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1276	+0.053%	$5.9M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1276	+0.053%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1275	−0.010%	$126K	$200K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	−1.470%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1257	−1.454%	$314K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	−1.123%	$43K	$710K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1274	−0.088%	$205	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1276	+0.022%	$175K	$228K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1274	−0.111%	$102K	$391K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1274	−0.121%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0168%	1h	0.1262	−1.045%	$24K	$64K	50x
BloFin OP-USDT	+0.0220%	8h	0.1271	−0.370%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0346%	1h	0.1275	−0.056%	$794K	$546K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1272	−0.227%	$708	—	20x	as long as short
Deribit OP_USDC-PERPETUAL	+0.0535%	1h	0.1275	−0.025%	$42K	$141K	25x	as long as short