Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.042%

Price spread now: Deribit against Binance−0.082%7-day average 0.000% · 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−$69as in the Price arb table

costs, in and out, $10k−$610.611% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.212%−$21 on $10k

Price spread, last 3 days (all we have)+0.146%+$15 · spread now −0.082%, 7d avg 0.000%

Together, before fees−0.066%−$7 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 0.082% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1262	0.0100	pay 0.0100% / 8h	6h 06m	$20.3M	$61.5M	75x
Short	Deribit OP_USDC-PERPETUAL	0.1261	0	get 0.0000% / 1h	6m 59s	$42K	$151K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$21
Price spread: −0.082% → 0.000%: −$8.16
Slippage, 4 orders: −$44.15
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$90.31
Costs to cover: 0.611%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; Deribit: live order book, 61 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 Binance live order book, 5 min ago	0.40 bp	11.6 bp −$12	21.2 bp −$212	102.5 bp −$10.2K	doesn't fit
Sell Deribit live order book, 61 min ago	7.84 bp	27.0 bp −$27	doesn't fit	doesn't fit	doesn't fit

OP on 29 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	−0.1535%	1h	0.1255	−0.557%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	−0.130%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.344%	$25K	$74K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1261	−0.102%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALshort	0.0000%	1h	0.1261	−0.082%	$42K	$151K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.105%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1260	−0.161%	$6K	$47K	10x	as long as short
Variational Omni OP	+0.0056%	8h	0.1261	−0.080%	$224K	$49K	—	as long as short
OKX OP-USDT-SWAP	+0.0065%	8h	0.1262	−0.018%	$6.1M	$29.5M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1262	−0.011%	$280K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	−0.003%	$3.7M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	−0.064%	$211K	$229K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1262	long leg	$20.3M	$61.5M	75x
Bybit OPUSDT	+0.0100%	8h	0.1261	−0.114%	$18.3M	$25.7M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	−0.003%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1262	−0.042%	$20.6M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−0.161%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1261	−0.082%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1262	−0.042%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1260	−0.137%	$121K	$202K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	−0.385%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1257	−0.437%	$309K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	−0.399%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	−0.098%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	−0.042%	$174K	$223K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	−0.135%	$101K	$392K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.152%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1260	−0.174%	$701	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0462%	1h	0.1262	+0.033%	$797K	$587K	20x	as long as short