Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0329%/8h= −36.1% APRpaid last 24h −0.095%

Price spread now: GMX against Bitget−0.044%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and GMX is 0.044% cheaper against Bitget than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget OPUSDT	0.1265	0.0100	pay 0.0100% / 8h	2h 14m	$6.0M	$6.3M	75x
Short	GMX OP/USD [OP-USDC]	0.1264	L −0.1066% / S +0.0229%	pay 0.0029% / 1h	14m 40s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$69.15
Price spread: −0.044% → 0.000%: −$4.43
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$97.57
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 4 min ago; GMX: 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 Bitget live order book, 4 min ago	7.90 bp	16.8 bp −$17	29.3 bp −$293	105.5 bp −$10.5K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1658%	1h	0.1259	−0.474%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.1066% / S +0.0229%	1h	0.1264	−0.044%	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.739%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	−0.007%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1265	0.000%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	0.000%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0038%	8h	0.1264	−0.079%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0040%	8h	0.1264	−0.103%	$231K	$44K	—	as long as short
OKX OP-USDT-SWAP	+0.0088%	8h	0.1264	−0.095%	$5.9M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.024%	$271K	$907K	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	0.1266	+0.063%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	−0.042%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	−0.008%	$20.5M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1263	−0.166%	$18.4M	$25.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1265	−0.016%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1264	−0.047%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1264	−0.079%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDTlong	+0.0100%	8h	0.1265	long leg	$6.0M	$6.3M	75x
BingX OP-USDT	+0.0100%	8h	0.1264	−0.071%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	−0.087%	$125K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1265	+0.033%	$8K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1265	−0.002%	$313K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	+0.079%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	−0.071%	$165	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1265	+0.032%	$175K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1264	−0.070%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	−0.006%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0136%	1h	0.1266	+0.040%	$782K	$731K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1264	−0.047%	$1.0M	$282K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1264	−0.071%	$703	—	20x	as long as short