Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.048%

Price spread now: gTrade (Gains Network) against BloFin+0.042%70s7-day average — · you sell dearer than you buy

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

Long on BloFin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. gTrade (Gains Network) is 0.042% dearer against BloFin than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.3 days. The two prices were read 70 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	0.1227	0.0036	pay 0.0036% / 8h	5h 30m	$980K	$279K	75x
Short	gTrade (Gains Network) OP/USD	0.1228	L +0.0004% / S −0.0004%	get 0.0000% / 1h	30m 53s	—	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.042%Rate

Funding earned: −$6.78
Price spread: +0.042% → 0.000%: $4.16
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$24.63
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 14 min ago; gTrade (Gains Network): 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 BloFin live order book, 14 min ago	0.81 bp	6.8 bp −$7	21.6 bp −$216	62.9 bp −$6,289	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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 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
GMX OP/USD [OP-USDC]	L −0.0886% / S +0.0200%	1h	0.1229	+0.120%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0564%	1h	0.1228	+0.065%	$30K	$113K	25x	as long as short
Hyperliquid OP	−0.0531%	1h	0.1229	+0.147%	$3.8M	$3.9M	5x	as long as short
Binance OPUSDT	−0.0083%	8h	0.1229	+0.163%	$18.9M	$66.3M	75x	as long as short
MEXC OP_USDT	−0.0083%	8h	0.1229	+0.106%	$21.6M	$7.4M	300x	as long as short
Extended OP-USD	−0.0080%	1h	0.1228	+0.080%	$98K	$580K	25x	as long as short
Orderly PERP_OP_USDC	−0.0069%	8h	0.1228	+0.065%	$12K	$231K	10x	as long as short
Gate OP_USDT	−0.0048%	8h	0.1229	+0.179%	$1.9M	$1.4M	50x	as long as short
Coinbase International OP-PERP-INTX	−0.0048%	1h	0.1229	+0.147%	$24K	$68K	50x	as long as short
GRVT OP_USDT_Perp	−0.0020%	8h	0.1224	−0.289%	$303K	$5.8M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX OP-USD	0.0000%	1h	0.1225	−0.203%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USDshort	L +0.0004% / S −0.0004%	1h	0.1228	+0.042%	—	—	150x
Injective OP/USDC PERP	+0.0033%	1h	0.1257	+2.428%	$35K	$67K	12x	as long as short
BloFin OP-USDTlong	+0.0036%	8h	0.1227	long leg	$980K	$279K	75x
SoDEX OP-USD	+0.0042%	1h	0.1228	+0.098%	$195	$5K	5x	as long as short
Aevo OP-PERP	+0.0064%	1h	0.1227	+0.024%	$3K	$1K	3x	as long as short
Variational Omni OP	+0.0066%	8h	0.1231	+0.321%	$219K	$46K	—	as long as short
Lighter OP	+0.0096%	1h	0.1228	+0.098%	$263K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1228	+0.065%	$203K	$211K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1229	+0.130%	$17.7M	$24.6M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1229	+0.171%	$5.9M	$27.6M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1227	−0.016%	$2.8M	$5.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1229	+0.147%	$5.7M	$6.8M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1228	+0.065%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1228	+0.057%	$106K	$204K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1224	−0.236%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1230	+0.228%	$43K	$686K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1227	+0.008%	$166K	$262K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0157%	1h	0.1230	+0.219%	$731K	$736K	20x	as long as short
Reya OPRUSDPERP	+0.0447%	1h	0.1228	+0.042%	$683	—	20x	as long as short