Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.085%

Price spread now: OKX against Coinbase International+0.964%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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.234%+$23 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. OKX is 0.964% dearer against Coinbase International than usual: you sell high and buy low (spread +0.964% now, against zero (this spread has no 7-day history yet)): +$96 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 51 days. Mind the row above: over the last 7 days funding on this pair paid +0.234%, 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	0.1245	0.0160	pay 0.0020% / 1h	37m 36s	$26K	$60K	50x
Short	OKX OP-USDT-SWAP	0.1257	0.0097	get 0.0097% / 8h	2h 37m	$6.2M	$28.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.964%Rate

Funding earned: −$13.23
Price spread: +0.964% → 0.000%: $96.39
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $63.15
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; OKX: 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 OKX live order book, 1 min ago	0.40 bp	11.4 bp −$11	30.9 bp −$309	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	−0.1583%	1h	0.1241	−0.321%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1253	+0.630%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1257	+0.933%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1254	+0.723%	$40K	$139K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1253	+0.619%	—	—	150x	as long as short
Variational Omni OP	+0.0026%	8h	0.1251	+0.453%	$221K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0029%	8h	0.1251	+0.482%	$59K	$138K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0074%	1h	0.1256	+0.872%	$768K	$612K	20x	as long as short
Lighter OP	+0.0096%	1h	0.1257	+0.940%	$290K	$987K	15x	as long as short
OKX OP-USDT-SWAPshort	+0.0097%	8h	0.1257	+0.964%	$6.2M	$28.8M	50x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1256	+0.900%	$3.5M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1257	+0.961%	$208K	$218K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1257	+0.999%	$19.9M	$63.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1256	+0.916%	$18.6M	$25.5M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1256	+0.916%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1256	+0.908%	$23.0M	$7.6M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1254	+0.723%	$2.9M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1257	+0.964%	$5.8M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1256	+0.916%	—	$6.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1254	+0.715%	$106K	$215K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1248	+0.234%	$378K	$769K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1247	+0.177%	$316K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1249	+0.321%	$43K	$703K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1253	+0.683%	$197	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1253	+0.675%	$172K	$236K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1256	+0.923%	$100K	$505K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1253	+0.602%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0160%	1h	0.1245	long leg	$26K	$60K	50x
BloFin OP-USDT	+0.0220%	8h	0.1248	+0.217%	$1.0M	$275K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1252	+0.530%	$696	—	20x	as long as short