Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.017%

Price spread now: Extended against Bitget+0.012%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$750.748% of the position

Long on Bitget Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now +0.012%, 7d avg −0.071%

Together, before fees−0.002%+ Points / potential airdropExtended: Active · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.082% dearer against Bitget than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.071%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.6 days. At the pace of the last 7 days (−0.062% in total) that is about 9.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget OPUSDT	0.1252	0.0100	pay 0.0100% / 8h	6h 22m	$5.8M	$6.8M	75x
Short	Extended OP-USD	0.1252	0.0024	get 0.0003% / 1h	22m 07s	$102K	$579K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Bitget. 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 BitgetbpFee ExtendedbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$15.96
Price spread: +0.012% → −0.071%: $8.24
Slippage, 4 orders: −$57.81
Fee Bitget: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$82.53
Costs to cover: 0.748%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Extended: live order book, 28 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 Bitget live order book, 4 min ago	4.01 bp	17.6 bp −$18	31.0 bp −$310	125.1 bp −$12.5K	doesn't fit
Sell Extended live order book, 28 min ago	12.04 bp	21.6 bp −$22	151.1 bp −$1,511	doesn't fit	doesn't fit

OP on 30 exchanges

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	−0.1934%	1h	0.1257	+0.399%	$35K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0886% / S +0.0200%	1h	0.1253	+0.097%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0059%	8h	0.1252	0.000%	$12K	$233K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1252	−0.020%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1253	+0.080%	$31K	$128K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1253	+0.074%	—	—	150x	as long as short
Extended OP-USDshort	+0.0024%	1h	0.1252	+0.012%	$102K	$579K	25x
MEXC OP_USDT	+0.0027%	8h	0.1252	−0.032%	$22.1M	$7.6M	300x	as long as short
Binance OPUSDT	+0.0027%	8h	0.1252	−0.028%	$19.3M	$68.3M	75x	as long as short
GRVT OP_USDT_Perp	+0.0060%	8h	0.1252	−0.036%	$305K	$5.5M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin OPUSDTM	+0.0068%	8h	0.1251	−0.080%	$2.9M	$5.8M	75x	as long as short
Variational Omni OP	+0.0068%	8h	0.1248	−0.304%	$221K	$46K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1248	−0.319%	$26K	$71K	50x	as long as short
Aevo OP-PERP	+0.0088%	1h	0.1252	0.000%	$3K	$1K	3x	as long as short
Gate OP_USDT	+0.0094%	8h	0.1252	+0.024%	$2.0M	$1.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1252	+0.016%	$266K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1252	−0.016%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1252	0.000%	$207K	$224K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1251	−0.080%	$18.1M	$25.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1251	−0.072%	$6.0M	$28.8M	50x	as long as short
Bitget OPUSDTlong	+0.0100%	8h	0.1252	long leg	$5.8M	$6.8M	75x
BingX OP-USDC	+0.0100%	8h	0.1253	+0.080%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1252	+0.008%	$110K	$222K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1249	−0.251%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1248	−0.319%	$43K	$690K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1252	−0.008%	$198	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1253	+0.048%	$170K	$257K	50x	as long as short
BloFin OP-USDT	+0.0109%	8h	0.1248	−0.343%	$980K	$278K	75x	as long as short
Reya OPRUSDPERP	+0.0446%	1h	0.1252	+0.039%	$696	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0511%	1h	0.1253	+0.059%	$745K	$803K	20x	as long as short