Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.039%

Price spread now: edgeX against Binance−0.248%90s7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.557% of the position

Long on Binance Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 3 days (all we have)+0.480%+$48 · spread now −0.248%, 7d avg −0.054%

Together, before fees+0.554%+ Points / potential airdropedgeX: Active · farm board+$55 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: edgeX is 0.195% cheaper against Binance than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.054%. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1250	0.0100	pay 0.0100% / 8h	2h 48m	$20.2M	$62.6M	75x
Short	edgeX OPUSDC	0.1247	0.0100	get 0.0050% / 4h	2h 48m	$9K	$380K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.248%Rate

Funding earned: $0
Price spread: −0.248% → −0.054%: −$19.5
Slippage, 4 orders: −$36.66
Fee Binance: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$75.16
Costs to cover: 0.557%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; edgeX: live order book, 40 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, 9 min ago	0.40 bp	11.2 bp −$11	19.9 bp −$199	100.6 bp −$10.1K	doesn't fit
Sell edgeX live order book, 40 min ago	7.99 bp	15.5 bp −$15	79.2 bp −$792	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	0.1238	−0.970%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1250	+0.016%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.570%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1250	−0.009%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1250	−0.010%	$41K	$172K	25x	as long as short
Variational Omni OP	+0.0002%	8h	0.1243	−0.597%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1250	−0.005%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0027%	8h	0.1250	−0.010%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1250	−0.018%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1251	+0.062%	$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	0.1252	+0.150%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1250	−0.007%	$210K	$243K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1250	long leg	$20.2M	$62.6M	75x
Bybit OPUSDT	+0.0100%	8h	0.1249	−0.090%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1250	−0.050%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1250	−0.010%	$20.1M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1249	−0.090%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	−0.010%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1249	−0.090%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1250	−0.010%	$128K	$188K	10x	as long as short
edgeX OPUSDCshort	+0.0100%	4h	0.1247	−0.248%	$9K	$380K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1243	−0.555%	$308K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.490%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	−0.018%	$163	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	−0.018%	$173K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1250	−0.019%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	+0.005%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1251	+0.079%	$773K	$736K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1248	−0.162%	$992K	$294K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1249	−0.058%	$695	—	20x	as long as short