Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.105%

Price spread now: Bybit against Coinbase International−0.558%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.267%+$27 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.558% cheaper against Coinbase International than usual: you would sell low and buy high (−$56 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.267%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1254	0.0160	pay 0.0020% / 1h	40m 36s	$25K	$58K	50x
Short	Bybit OPUSDT	0.1247	0.0100	get 0.0100% / 8h	2h 40m	$18.5M	$25.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.558%Rate

Funding earned: −$12.6
Price spread: −0.558% → 0.000%: −$55.82
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$89.42
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 3 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.40 bp	15.9 bp −$16	28.9 bp −$289	110.9 bp −$11.1K	doesn't fit

Coinbase International: 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 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	−0.1583%	1h	0.1248	−0.478%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1253	−0.069%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0548%	1h	0.1252	−0.159%	$40K	$139K	25x	as long as short
dYdX OP-USD	0.0000%	1h	0.1249	−0.438%	$39K	$532	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1253	−0.080%	—	—	150x	as long as short
Variational Omni OP	+0.0026%	8h	0.1251	−0.268%	$221K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0034%	8h	0.1250	−0.319%	$59K	$107K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0074%	1h	0.1254	+0.006%	$761K	$595K	20x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1249	−0.439%	$6.2M	$28.5M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1249	−0.439%	$288K	$987K	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	0.1249	−0.415%	$3.5M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1247	−0.528%	$208K	$218K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1248	−0.486%	$19.8M	$63.5M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1247	−0.558%	$18.5M	$25.5M	75x
Gate OP_USDT	+0.0100%	8h	0.1248	−0.478%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1249	−0.439%	$22.2M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1247	−0.558%	$2.9M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1248	−0.478%	$5.8M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1248	−0.478%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1246	−0.638%	$105K	$213K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1259	+0.376%	$381K	$768K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1255	+0.087%	$310K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1260	+0.478%	$43K	$704K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1252	−0.183%	$200	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1253	−0.040%	$171K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1247	−0.561%	$100K	$505K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1252	−0.199%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0160%	1h	0.1254	long leg	$25K	$58K	50x
BloFin OP-USDT	+0.0220%	8h	0.1252	−0.191%	$1.0M	$276K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1253	−0.074%	$697	—	20x	as long as short