Settings8H · net · $10k
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Funding arb · Price arb / Crypto

OP

All OP markets →
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
Binance SpotOPUSDT
0.1028spotno funding——$2.8M1xBuy Binance Spot
SHORT
BinanceOPUSDT
0.1027+0.0080get 0.0080% / 8h7h 44m$12.2M$33.0M75xShort Binance
Price gap−0.029%
Funding gap+0.0080% /8h

Both sides work: funding pays +$2 a day on $10k, and the gap is 0.037% above its 7d average: +$4 more if it goes back.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding+$3+0.0080% /8h now · paid +0.026% over the last 7D
Price+$4spread −0.029% now, avg −0.066% → +0.037% if it goes back
Costs−$680.679% of $10k · taker + slippage, in and out
Result−$62−0.62%no points

Price and funding

1h · history
PRICE SPREAD · 7D
Now−0.029%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

OP on 29 exchanges

lowest funding first

Before you open

2 ok · 2 to watch
  • Watch: Thin at this size30.7 / 10.6 bp
    At $10k entering Binance Spot costs 30.7 bp, fee and slippage, 2.9× Binance’s.
  • Note: Spot in full, margin on the short$10,000 + $133
    The spot leg is bought with the whole $10k; Binance runs at up to 75x. Only the short can be liquidated, when the price rises, while the spot leg's gain is not yet realised: keep about 2× the margin on Binance.
  • OK: Only the short pays funding— / 8h
    The spot leg pays no funding; Binance settles every 8h.
    Next 24h at the current rates, on $10k a leg: +$2.41Long Binance Spot: 0 payments, $0.00; short Binance: 3 payments, +$2.41.
  • OK: Entry gap works for you−0.029% vs −0.066%
    You short the dearer leg. If the gap goes back to average, the short gains.
  • Note: Spot has no open interest$12.2M OI
    Only Binance reports one; the spot book's depth is in the cost check above.
  • Note: No points program—
    Neither exchange runs points right now.
  • Watch: KYCBinance Spot Yes · Binance Yes
    Verified KYC to deposit or trade.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned+0.0012%/8h × 21 periods+$2.56
Price spread−0.029% → −0.066% (7d avg)+$3.66
Slippage, 4 orderslive order books−$37.91
Fee Binance Spot bp × 2 orders−$20.00
Fee Binance bp × 2 orders−$10.00
Net · 7 days · $10k−$61.69
Costs to cover0.679%Break-even175.4 days
Slippage: Binance Spot: live order book, 1 min ago; Binance: live order book, 15 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGBinance Spot4.8630.7 bp−$31111.7 bp−$1,117doesn’t fitdoesn’t fit
SELL · SHORTBinance0.5010.6 bp−$1127.8 bp−$278146.5 bp−$14.7Kdoesn’t fit

Closing costs about the same again.

Alert

OP news

posts that mention OP, from every exchange
10-14 12:02PhemexOther$OP got the first move. Now comes the harder part. Is capital rotating back into L2s, or is this a sharp bounce from beaten-down levels? Price is the headline. Follow-through is the test. Which side are you watching?👇 @Phemex_official on X ↗