Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.037%

Price spread now: Binance against Deribit−0.251%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$520.515% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.251%, 7d avg +0.005%

Together, before fees+0.211%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.256% cheaper against Deribit than usual: you would sell low and buy high (spread −0.251% now, against its 7-day average of +0.005%). If the spread goes back, that is −$26 on $10k: about 8.5 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OP_USDC-PERPETUAL	0.1251	0	get 0.0000% / 1h	54m 51s	$43K	$165K	25x
Short	Binance OPUSDT	0.1248	0.0100	get 0.0100% / 8h	2h 54m	$20.2M	$62.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.251%Rate

Funding earned: $21
Price spread: −0.251% → +0.005%: −$25.63
Slippage, 4 orders: −$34.54
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$56.17
Costs to cover: 0.515%
Break-even: 25.7 days

Slippage from Deribit: live order book, 33 min ago; Binance: live order book, 2 min ago.

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 Deribit live order book, 33 min ago	7.99 bp	11.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.40 bp	9.6 bp −$10	20.8 bp −$208	92.8 bp −$9,275	doesn't fit

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	−0.1658%	1h	0.1241	−0.799%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1251	+0.014%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.639%	$21K	$64K	50x	as long as short
Variational Omni OP	−0.0002%	8h	0.1247	−0.308%	$227K	$44K	—	as long as short
dYdX OP-USD	0.0000%	1h	0.1248	−0.241%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALlong	0.0000%	1h	0.1251	long leg	$43K	$165K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	0.000%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0026%	8h	0.1250	−0.080%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1247	−0.312%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1251	+0.032%	$267K	$899K	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	0.1249	−0.168%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1250	−0.041%	$211K	$243K	10x	as long as short
Binance OPUSDTshort	+0.0100%	8h	0.1248	−0.251%	$20.2M	$62.8M	75x
Bybit OPUSDT	+0.0100%	8h	0.1247	−0.320%	$18.4M	$25.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1248	−0.224%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1248	−0.240%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1247	−0.320%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1248	−0.240%	$5.9M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1248	−0.240%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1251	−0.024%	$128K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1245	−0.492%	$9K	$379K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1246	−0.408%	$303K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.560%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1251	0.000%	$159	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	−0.056%	$174K	$236K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1247	−0.318%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1251	0.000%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1251	+0.034%	$773K	$743K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1251	−0.032%	$1.0M	$295K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1249	−0.121%	$695	—	20x	as long as short