Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h +0.125%

Price spread now: KuCoin against Coinbase International+0.634%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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.327%+$33 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. KuCoin is 0.634% dearer against Coinbase International than usual: you sell high and buy low (spread +0.634% now, against zero (this spread has no 7-day history yet)): +$63 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 31 days. Mind the row above: over the last 7 days funding on this pair paid +0.327%, 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	0.1262	0.0168	pay 0.0021% / 1h	26m 03s	$24K	$63K	50x
Short	KuCoin OPUSDTM	0.1270	0.0100	get 0.0100% / 8h	4h 26m	$2.9M	$6.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.634%Rate

Funding earned: −$14.28
Price spread: +0.634% → 0.000%: $63.39
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $27.11
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	3.94 bp	28.6 bp −$29	77.5 bp −$775	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	−0.1607%	1h	0.1263	+0.079%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1270	+0.663%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1272	+0.766%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1271	+0.713%	$42K	$140K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1271	+0.689%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0044%	8h	0.1273	+0.864%	$6.2M	$28.7M	50x	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1272	+0.792%	$6K	$45K	10x	as long as short
Variational Omni OP	+0.0060%	8h	0.1270	+0.595%	$224K	$48K	—	as long as short
Lighter OP	+0.0096%	1h	0.1272	+0.784%	$279K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1274	+0.927%	$3.7M	$2.8M	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	0.1271	+0.746%	$212K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1273	+0.850%	$20.6M	$60.2M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1272	+0.792%	$18.7M	$24.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1272	+0.777%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1271	+0.729%	$21.5M	$7.2M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1270	+0.634%	$2.9M	$6.5M	75x
Bitget OPUSDT	+0.0100%	8h	0.1272	+0.792%	$5.9M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1272	+0.761%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1271	+0.705%	$125K	$199K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1270	+0.662%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1271	+0.717%	$318K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1275	+1.030%	$44K	$711K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1271	+0.713%	$202	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1271	+0.697%	$175K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1270	+0.659%	$104K	$394K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1271	+0.705%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0168%	1h	0.1262	long leg	$24K	$63K	50x
BloFin OP-USDT	+0.0220%	8h	0.1270	+0.658%	$998K	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0346%	1h	0.1271	+0.747%	$791K	$546K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1270	+0.668%	$706	—	20x	as long as short