Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.068%
Price spread now: Bybit against Deribit−0.201%7-day average −0.056% · you buy dearer than you sell
Net, funding: paid 7d − costs−$33as in the Funding arb table
Net, price: spread back to 7d avg − costs−$71as in the Price arb table
costs, in and out, $10k−$560.564% of the position
Funding, last 7 days+0.232%+$23 on $10k
+Price spread, last 3 days (all we have)−0.157%−$16 · spread now −0.201%, 7d avg −0.056%
=Funding pays, the price is against you. Bybit is 0.144% cheaper against Deribit than usual: you would sell low and buy high (spread −0.201% now, against its 7-day average of −0.056%). If the spread goes back, that is −$14 on $10k: about 4.8 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 | 0.1246 | 0 | get 0.0000% / 1h | 57m 56s | $43K | $194K | 25x |
| Short | Bybit OPUSDT | 0.1244 | 0.0100 | get 0.0100% / 8h | 2h 57m | $18.3M | $25.7M | 75x |
Deribit OP_USDC-PERPETUAL
Bybit OPUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $21
- Price spread: −0.201% → −0.056%
- −$14.44
- Slippage, 4 orders
- −$38.38
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$49.82
- Costs to cover
- 0.564%
- Break-even
- 23.6 days
Slippage from Deribit: live order book, 30 min ago; Bybit: live order book, 1 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, 30 min ago | 7.99 bp | 11.5 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 1 min ago | 0.40 bp | 13.9 bp −$14 | 27.7 bp −$277 | 77.0 bp −$7,703 | 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 | 0.1242 | −0.321% | $34K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1066% / S +0.0229% | 1h | 0.1246 | +0.040% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0328% | 1h | 0.1243 | −0.241% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1246 | +0.024% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUALlong | 0.0000% | 1h | 0.1246 | long leg | $43K | $194K | 25x | |
| Variational Omni OP | +0.0001% | 8h | 0.1249 | +0.246% | $227K | $44K | — | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1247 | +0.070% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0026% | 8h | 0.1245 | −0.080% | $6K | $51K | 10x | as long as short |
| OKX OP-USDT-SWAP | +0.0092% | 8h | 0.1244 | −0.169% | $5.7M | $29.7M | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1245 | −0.056% | $266K | $899K | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
dYdX OP-USD
Variational Omni OP
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
OKX OP-USDT-SWAP
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate OP_USDT | +0.0097% | 8h | 0.1245 | −0.064% | $1.8M | $1.4M | 50x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1246 | −0.008% | $3.9M | $3.0M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1246 | −0.005% | $210K | $242K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1244 | −0.136% | $20.1M | $63.3M | 75x | as long as short |
| Bybit OPUSDTshort | +0.0100% | 8h | 0.1244 | −0.201% | $18.3M | $25.7M | 75x | |
| MEXC OP_USDT | +0.0100% | 8h | 0.1244 | −0.152% | $20.0M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1244 | −0.161% | $2.9M | $7.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1245 | −0.080% | $5.9M | $6.3M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1244 | −0.161% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1244 | −0.161% | $127K | $196K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1250 | +0.356% | $9K | $381K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1249 | +0.254% | $304K | $5.3M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1251 | +0.401% | $45K | $721K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1244 | −0.152% | $152 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1245 | −0.048% | $177K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1244 | −0.172% | $100K | $196K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1244 | −0.161% | $4K | — | 3x | as long as short |
| Kraken Futures PF_OPUSD | +0.0138% | 1h | 0.1245 | −0.049% | $769K | $752K | 20x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1246 | +0.016% | $993K | $296K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0435% | 1h | 0.1247 | +0.079% | $693 | — | 20x | as long as short |
Gate OP_USDT
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDC
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Kraken Futures PF_OPUSD
BloFin OP-USDT
Reya OPRUSDPERP