Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.087%

Price spread now: MEXC against Coinbase International+0.217%51s7-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 MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.246%+$25 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. MEXC is 0.217% dearer against Coinbase International than usual: you sell high and buy low (spread +0.217% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 12 days. Mind the row above: over the last 7 days funding on this pair paid +0.246%, so the current rate has only just turned against you. The two prices were read 51 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	0.1243	0.0160	pay 0.0020% / 1h	22m 30s	$26K	$59K	50x
Short	MEXC OP_USDT	0.1246	0.0100	get 0.0100% / 8h	2h 22m	$22.7M	$7.7M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.217%Rate

Funding earned: −$12.6
Price spread: +0.217% → 0.000%: $21.72
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$0.88
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; MEXC: 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 MEXC live order book, 1 min ago	0.81 bp	2.9 bp −$3	20.6 bp −$206	73.6 bp −$7,358	121.6 bp −$60.8K

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	0.1236	−0.563%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1247	+0.331%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0555%	1h	0.1242	−0.080%	$40K	$139K	25x	as long as short
dYdX OP-USD	0.0000%	1h	0.1245	+0.121%	$38K	$532	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1247	+0.322%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0012%	8h	0.1246	+0.241%	$59K	$142K	10x	as long as short
Variational Omni OP	+0.0023%	8h	0.1243	−0.029%	$220K	$45K	—	as long as short
Kraken Futures PF_OPUSD	+0.0075%	1h	0.1244	+0.055%	$748K	$629K	20x	as long as short
Bybit OPUSDT	+0.0085%	8h	0.1247	+0.298%	$18.3M	$25.6M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1244	+0.105%	$277K	$1.0M	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	0.1246	+0.282%	$3.3M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1246	+0.221%	$204K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1246	+0.270%	$19.5M	$64.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1247	+0.346%	$6.1M	$28.8M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1247	+0.290%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDTshort	+0.0100%	8h	0.1246	+0.217%	$22.7M	$7.7M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1244	+0.080%	$2.8M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1245	+0.161%	$5.7M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1246	+0.265%	—	$6.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1243	−0.016%	$104K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1245	+0.182%	$377K	$766K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1245	+0.161%	$310K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1247	+0.322%	$43K	$705K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1242	−0.088%	$195	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1243	0.000%	$172K	$239K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1245	+0.122%	$99K	$502K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1241	−0.140%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0160%	1h	0.1243	long leg	$26K	$59K	50x
BloFin OP-USDT	+0.0220%	8h	0.1243	+0.008%	$990K	$274K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1246	+0.227%	$693	—	20x	as long as short