Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.055%
Price spread now: Deribit against Bybit−0.275%45s7-day average +0.058% · you buy dearer than you sell
Net, funding: paid 7d − costs−$73as 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−$490.494% of the position
Funding, last 7 days−0.234%−$23 on $10k
+Price spread, last 4 days (all we have)+0.462%+$46 · spread now −0.275%, 7d avg +0.058%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.332% cheaper against Bybit than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of +0.058%). Swap the legs. The two prices were read 45 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 | Bybit OPUSDT | 0.1273 | 0.0100 | pay 0.0100% / 8h | 3h 31m | $18.8M | $24.9M | 75x |
| Short | Deribit OP_USDC-PERPETUAL | 0.1270 | 0 | get 0.0000% / 1h | 31m 28s | $42K | $138K | 25x |
Bybit OPUSDT
Deribit OP_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$21
- Price spread: −0.275% → +0.058%
- −$33.23
- Slippage, 4 orders
- −$31.4
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$103.64
- Costs to cover
- 0.494%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 22 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 Bybit live order book, 2 min ago | 0.39 bp | 8.9 bp −$9 | 23.7 bp −$237 | 89.7 bp −$8,968 | doesn't fit |
| Sell Deribit live order book, 22 min ago | 7.83 bp | 19.2 bp −$19 | doesn't fit | 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 | −0.1568% | 1h | 0.1263 | −0.824% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1270 | −0.310% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1271 | −0.214% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUALshort | 0.0000% | 1h | 0.1270 | −0.275% | $42K | $138K | 25x | |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1270 | −0.288% | — | — | 150x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0032% | 1h | 0.1270 | −0.275% | $25K | $58K | 50x | as long as short |
| Variational Omni OP | +0.0044% | 8h | 0.1268 | −0.438% | $224K | $48K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1269 | −0.353% | $6K | $46K | 10x | as long as short |
| Kraken Futures PF_OPUSD | +0.0057% | 1h | 0.1270 | −0.290% | $779K | $555K | 20x | as long as short |
| OKX OP-USDT-SWAP | +0.0084% | 8h | 0.1274 | +0.031% | $6.3M | $28.7M | 50x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
gTrade (Gains Network) OP/USD
Coinbase International OP-PERP-INTX
Variational Omni OP
Orderly PERP_OP_USDC
Kraken Futures PF_OPUSD
OKX OP-USDT-SWAPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter OP | +0.0096% | 1h | 0.1271 | −0.228% | $276K | $945K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1276 | +0.173% | $3.7M | $2.8M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1273 | −0.075% | $213K | $216K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1273 | −0.068% | $20.6M | $60.9M | 75x | as long as short |
| Bybit OPUSDTlong | +0.0100% | 8h | 0.1273 | long leg | $18.8M | $24.9M | 75x | |
| Gate OP_USDT | +0.0100% | 8h | 0.1271 | −0.196% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1275 | +0.094% | $21.4M | $7.3M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1270 | −0.275% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1274 | +0.039% | $5.9M | $6.5M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1272 | −0.157% | — | $6.3M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1269 | −0.369% | $118K | $205K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1269 | −0.342% | $4K | $387K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1270 | −0.312% | $318K | $5.0M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1270 | −0.275% | $44K | $709K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1269 | −0.353% | $192 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1270 | −0.291% | $172K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1271 | −0.169% | $102K | $393K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1269 | −0.353% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1270 | −0.291% | $1.0M | $280K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0442% | 1h | 0.1274 | +0.060% | $709 | — | 20x | as long as short |
Lighter OP
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Reya OPRUSDPERP