Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0649%/8h= +71.1% APRpaid last 24h +0.065%

Price spread now: Gate against Deribit+0.096%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$680.679% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.144%+$14 on $10k

Price spread, last 4 days (all we have)−0.196%−$20 · spread now +0.096%, 7d avg −0.002%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Gate is 0.098% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.144% in total (about 7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OP_USDC-PERPETUAL	0.1250	−0.0549	get 0.0069% / 1h	3m 46s	$32K	$154K	25x
Short	Gate OP_USDT	0.1251	0.0100	get 0.0100% / 8h	1h 03m	$2.0M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.096%Rate

Funding earned: $136.29
Price spread: +0.096% → −0.002%: $9.83
Slippage, 4 orders: −$45.91
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $78.21
Costs to cover: 0.679%
Break-even: 3.0 days

Slippage from Deribit: live order book, 40 min ago; Gate: live order book, 4 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, 40 min ago	7.92 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	2.79 bp	25.1 bp −$25	62.2 bp −$622	doesn't fit	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	−0.1760%	1h	0.1247	−0.240%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1250	+0.030%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUALlong	−0.0549%	1h	0.1250	long leg	$32K	$154K	25x
Orderly PERP_OP_USDC	−0.0055%	8h	0.1251	+0.080%	$12K	$236K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1251	+0.089%	$751K	$666K	20x	as long as short
dYdX OP-USD	0.0000%	1h	0.1251	+0.062%	$39K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	+0.074%	—	—	150x	as long as short
Variational Omni OP	+0.0016%	8h	0.1255	+0.394%	$222K	$47K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1253	+0.240%	$24K	$65K	50x	as long as short
KuCoin OPUSDTM	+0.0070%	8h	0.1250	0.000%	$2.8M	$6.2M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1252	+0.144%	$274K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1252	+0.144%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1251	+0.102%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1251	+0.048%	$19.7M	$67.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1250	+0.032%	$18.3M	$26.1M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1251	+0.072%	$6.0M	$29.4M	50x	as long as short
Gate OP_USDTshort	+0.0100%	8h	0.1251	+0.096%	$2.0M	$1.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1251	+0.072%	$22.4M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	0.000%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1251	+0.056%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1250	+0.008%	$115K	$220K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1254	+0.295%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1253	+0.246%	$310K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1255	+0.400%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	0.000%	$206	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1251	+0.080%	$167K	$255K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1250	+0.013%	$100K	$508K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	+0.013%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1254	+0.288%	$990K	$324K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1249	−0.045%	$695	—	20x	as long as short