Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.023%

Price spread now: Extended against BloFin−0.202%94s7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as 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−$680.682% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.202%−$20 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.202%, 7d avg −0.075%

Together, before fees−0.177%+ Points / potential airdropExtended: Active · farm board−$18 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 Extended is 0.127% cheaper against BloFin than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.075%). Swap the legs. The two prices were read 94 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	BloFin OP-USDT	0.1255	0.0220	pay 0.0220% / 8h	1h 07m	$992K	$324K	75x
Short	Extended OP-USD	0.1252	0.0104	get 0.0013% / 1h	7m 24s	$102K	$505K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BloFin. 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 BloFinbpFee ExtendedbpOrdersPrice spread, now −0.202%Rate

Funding earned: −$24.36
Price spread: −0.202% → −0.075%: −$12.7
Slippage, 4 orders: −$51.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$105.29
Costs to cover: 0.682%
Break-even: never at this rate

Slippage from BloFin: live order book, 15 min ago; Extended: live order book, 35 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 BloFin live order book, 15 min ago	2.40 bp	12.5 bp −$13	27.3 bp −$273	doesn't fit	doesn't fit
Sell Extended live order book, 35 min ago	11.89 bp	21.2 bp −$21	145.9 bp −$1,459	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	−0.1760%	1h	0.1248	−0.534%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1255	+0.040%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1255	+0.024%	$12K	$236K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1255	−0.014%	$754K	$665K	20x	as long as short
dYdX OP-USD	0.0000%	1h	0.1254	−0.067%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1254	−0.056%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1255	+0.024%	—	—	150x	as long as short
Variational Omni OP	+0.0011%	8h	0.1253	−0.098%	$221K	$46K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1253	−0.135%	$24K	$65K	50x	as long as short
KuCoin OPUSDTM	+0.0075%	8h	0.1253	−0.135%	$2.8M	$6.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1253	−0.120%	$275K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1255	0.000%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1255	+0.041%	$206K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1255	0.000%	$19.8M	$67.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1254	−0.040%	$18.4M	$26.1M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1255	+0.008%	$6.1M	$29.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1255	+0.024%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1254	−0.040%	$22.5M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1253	−0.135%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1254	−0.056%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1254	−0.080%	$115K	$220K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1254	−0.081%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1253	−0.130%	$310K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1255	+0.024%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1254	−0.072%	$201	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1254	−0.040%	$168K	$255K	50x	as long as short
Extended OP-USDshort	+0.0104%	1h	0.1252	−0.202%	$102K	$505K	25x
Aevo OP-PERP	+0.0104%	1h	0.1254	−0.067%	$3K	$1K	3x	as long as short
BloFin OP-USDTlong	+0.0220%	8h	0.1255	long leg	$992K	$324K	75x
Reya OPRUSDPERP	+0.0444%	1h	0.1253	−0.106%	$697	—	20x	as long as short