OP

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0215%/8h= +23.5% APRnext payment +$2.15 per $10,000 · paid last 24h −0.019%

Price spread now: OKX against Bybit−0.032%7-day average +0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 7 days+0.069%+$7 · spread now −0.032%, 7d avg +0.024%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.056% cheaper against Bybit than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of +0.024%). If the spread goes back, that is −$6 on $10k: about 21 hours of funding at the current rate (+$6 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.033% in total (about -1.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.15 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPUSDT	0.1264	−0.0115	get 0.0115% / 8h	7h 40m	$18.4M	$26.0M	75x
Short	OKX OP-USDT-SWAP	0.1263	0.0100	get 0.0100% / 8h	7h 40m	$6.1M	$29.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Bybit. 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 BybitbpFee OKXbpOrdersPrice spread, now −0.032%Rate

Funding earned: $45.07
Price spread: −0.032% → +0.024%: −$5.58
Slippage, 4 orders: −$21.24
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$2.74
Costs to cover: 0.422%
Break-even: 7.4 days

Slippage from Bybit: live order book, 3 min ago; OKX: live order book, 3 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, 3 min ago	0.40 bp	11.3 bp −$11	30.2 bp −$302	83.3 bp −$8,326	doesn't fit
Sell OKX live order book, 3 min ago	0.40 bp	7.9 bp −$8	26.4 bp −$264	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	−0.1656%	1h	0.1259	−0.388%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1265	+0.107%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.150%	$21K	$64K	50x	as long as short
Bybit OPUSDTlong	−0.0115%	8h	0.1264	long leg	$18.4M	$26.0M	75x
dYdX OP-USD	0.0000%	1h	0.1264	+0.016%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1265	+0.087%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	+0.123%	—	—	150x	as long as short
Variational Omni OP	+0.0049%	8h	0.1263	−0.110%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1265	+0.087%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1266	+0.158%	$283K	$948K	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	0.1265	+0.095%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1265	+0.110%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	+0.063%	$20.5M	$62.0M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1263	−0.032%	$6.1M	$29.9M	50x
Gate OP_USDT	+0.0100%	8h	0.1265	+0.071%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1265	+0.095%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1265	+0.087%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	+0.087%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1264	−0.016%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	+0.040%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1266	+0.184%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1266	+0.151%	$311K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1267	+0.245%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1265	+0.079%	$185	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1265	+0.111%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1264	+0.035%	$101K	$327K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	+0.047%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1265	+0.047%	$1.0M	$270K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0383%	1h	0.1266	+0.151%	$798K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1264	+0.029%	$703	—	20x	as long as short