Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0444%/8h= +48.6% APRpaid last 24h +0.112%

Price spread now: Gate against Coinbase International+0.283%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.163%+$16 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Gate is 0.283% dearer against Coinbase International than usual: you sell high and buy low: +$28 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.163% in total (about 8.5% a year). A funding rate is set anew for every payment. 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	Coinbase International OP-PERP-INTX	0.1270	−0.0344	get 0.0043% / 1h	11m 47s	$21K	$65K	50x
Short	Gate OP_USDT	0.1274	0.0100	get 0.0100% / 8h	11m 47s	$2.0M	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.283%Rate

Funding earned: $93.24
Price spread: +0.283% → 0.000%: $28.35
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $96.59
Costs to cover: 0.250%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Gate: live order book, 1 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 Gate live order book, 1 min ago	1.96 bp	22.3 bp −$22	53.4 bp −$534	doesn't fit	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	−0.1633%	1h	0.1267	−0.236%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1273	+0.256%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0344%	1h	0.1270	long leg	$21K	$65K	50x
dYdX OP-USD	0.0000%	1h	0.1274	+0.285%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1273	+0.236%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1274	+0.297%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1273	+0.236%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0065%	8h	0.1275	+0.415%	$232K	$55K	—	as long as short
Lighter OP	+0.0096%	1h	0.1274	+0.315%	$293K	$959K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1274	+0.331%	$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	0.1274	+0.302%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1273	+0.212%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1271	+0.102%	$18.3M	$25.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1272	+0.157%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDTshort	+0.0100%	8h	0.1274	+0.283%	$2.0M	$1.6M	50x
MEXC OP_USDT	+0.0100%	8h	0.1273	+0.220%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1272	+0.157%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1273	+0.236%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1272	+0.150%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1273	+0.197%	$123K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1276	+0.459%	$11K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1275	+0.394%	$315K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1277	+0.551%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1272	+0.173%	$191	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	+0.228%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1273	+0.213%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1273	+0.209%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1274	+0.283%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0359%	1h	0.1274	+0.316%	$801K	$749K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1272	+0.180%	$707	—	20x	as long as short