Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h +0.008%

Price spread now: Lighter against BloFin+0.039%60s7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as 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−$530.531% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 3 days (all we have)−0.238%−$24 · spread now +0.039%, 7d avg +0.024%

Together, before fees−0.395%+ Points / potential airdropLighter: Season 3 · farm board−$40 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.024%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 60 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	0.1280	0.0220	pay 0.0220% / 8h	1h 10m	$1.0M	$299K	75x
Short	Lighter OP	0.1281	0.0096	get 0.0012% / 1h	10m 06s	$290K	$923K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$26.04
Price spread: +0.039% → +0.024%: $1.46
Slippage, 4 orders: −$41.05
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$77.63
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Lighter: live order book, 5 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, 2 min ago	0.39 bp	9.4 bp −$9	14.4 bp −$144	49.2 bp −$4,925	doesn't fit
Sell Lighter live order book, 5 min ago	3.90 bp	18.3 bp −$18	54.7 bp −$547	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	−0.1710%	1h	0.1274	−0.508%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.083%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	−0.039%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1280	−0.031%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	−0.039%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.039%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1279	−0.117%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1280	−0.056%	$233K	$53K	—	as long as short
Lighter OPshort	+0.0096%	1h	0.1281	+0.039%	$290K	$923K	15x
Hyperliquid OP	+0.0100%	1h	0.1281	+0.008%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1280	−0.027%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	−0.081%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	−0.117%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1279	−0.086%	$6.0M	$30.2M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	−0.047%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	−0.070%	$20.3M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1278	−0.195%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	−0.039%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1280	−0.062%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.094%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.089%	$9K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.085%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	−0.039%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	−0.070%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	−0.078%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	−0.118%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.130%	$4K	—	3x	as long as short
BloFin OP-USDTlong	+0.0220%	8h	0.1280	long leg	$1.0M	$299K	75x
Kraken Futures PF_OPUSD	+0.0225%	1h	0.1281	+0.046%	$801K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1278	−0.157%	$711	—	20x	as long as short