Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.120%

Price spread now: GRVT against Coinbase International−1.307%76s7-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 GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.321%+$32 on $10k

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

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. GRVT is 1.307% cheaper against Coinbase International than usual: you would sell low and buy high (spread −1.307% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$131 on $10k: about 15 days of funding at the current rate (+$9 a day). The two prices were read 76 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	Coinbase International OP-PERP-INTX	0.1279	−0.0184	get 0.0023% / 1h	7m 53s	$25K	$74K	50x
Short	GRVT OP_USDT_Perp	0.1262	0.0100	get 0.0100% / 8h	6h 07m	$311K	$5.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −1.307%Rate

Funding earned: $59.64
Price spread: −1.307% → 0.000%: −$130.69
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$90.05
Costs to cover: 0.190%
Break-even: 17.6 days

Slippage unknown: Coinbase International: no order-book sample; GRVT: 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 GRVT live order book, 1 min ago	3.98 bp	18.8 bp −$19	120.6 bp −$1,206	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 29 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	−0.1535%	1h	0.1252	−2.111%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	−1.406%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0184%	1h	0.1279	long leg	$25K	$74K	50x
dYdX OP-USD	0.0000%	1h	0.1260	−1.525%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1261	−1.407%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−1.432%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1259	−1.564%	$6K	$47K	10x	as long as short
Variational Omni OP	+0.0056%	8h	0.1261	−1.405%	$224K	$49K	—	as long as short
OKX OP-USDT-SWAP	+0.0066%	8h	0.1261	−1.392%	$6.1M	$29.5M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1262	−1.345%	$280K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	−1.306%	$3.7M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	−1.396%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	−1.375%	$20.3M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1261	−1.423%	$18.3M	$25.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	−1.329%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	−1.376%	$20.6M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−1.486%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	−1.329%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1261	−1.415%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−1.384%	$121K	$202K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1261	−1.386%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perpshort	+0.0100%	8h	0.1262	−1.307%	$311K	$5.2M	10x
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	−1.329%	$43K	$706K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	−1.392%	$180	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1259	−1.532%	$174K	$223K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−1.426%	$101K	$392K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−1.446%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1259	−1.530%	$700	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0462%	1h	0.1262	−1.357%	$797K	$587K	20x	as long as short