Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.108%

Price spread now: Orderly against Coinbase International−1.486%54s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 1.486% cheaper against Coinbase International than usual: you would sell low and buy high (spread −1.486% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$149 on $10k: about 20 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.213% in total) that is about 49 days. The two prices were read 54 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	30m 24s	$25K	$75K	50x
Short	Orderly PERP_OP_USDC	0.1260	0.0058	get 0.0058% / 8h	6h 30m	$6K	$47K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.486%Rate

Funding earned: $50.8
Price spread: −1.486% → 0.000%: −$148.55
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$113.76
Costs to cover: 0.160%
Break-even: 22.7 days

Slippage unknown: Coinbase International: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	0.1255	−1.876%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	−1.405%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0184%	1h	0.1279	long leg	$25K	$75K	50x
dYdX OP-USD	0.0000%	1h	0.1259	−1.533%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	−1.329%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−1.415%	—	—	150x	as long as short
Variational Omni OP	+0.0050%	8h	0.1259	−1.536%	$224K	$51K	—	as long as short
Orderly PERP_OP_USDCshort	+0.0058%	8h	0.1260	−1.486%	$6K	$47K	10x
OKX OP-USDT-SWAP	+0.0083%	8h	0.1261	−1.439%	$6.0M	$29.8M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1260	−1.501%	$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	−1.353%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1260	−1.475%	$210K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	−1.412%	$20.3M	$62.3M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1260	−1.454%	$18.3M	$26.1M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1260	−1.478%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	−1.423%	$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	0.1261	−1.407%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1260	−1.446%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1258	−1.626%	$124K	$204K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	−1.728%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1255	−1.877%	$309K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	−1.720%	$43K	$726K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	−1.345%	$173	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−1.493%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−1.416%	$103K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1261	−1.375%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1260	−1.466%	$701	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0462%	1h	0.1263	−1.287%	$797K	$593K	20x	as long as short