Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.075%

Price spread now: KuCoin against Deribit−0.159%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$830.830% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.252%+$25 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.159%, 7d avg −0.015%

Together, before fees+0.284%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.144% cheaper against Deribit than usual: you would sell low and buy high (spread −0.159% now, against its 7-day average of −0.015%). 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	0.1259	0	get 0.0000% / 1h	1m 37s	$42K	$171K	25x
Short	KuCoin OPUSDTM	0.1257	0.0100	get 0.0100% / 8h	2h 01m	$2.9M	$7.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.159%Rate

Funding earned: $21
Price spread: −0.159% → −0.015%: −$14.36
Slippage, 4 orders: −$64.04
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$76.41
Costs to cover: 0.830%
Break-even: 32.5 days

Slippage from Deribit: live order book, 22 min ago; KuCoin: live order book, 6 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, 22 min ago	7.89 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	7.94 bp	21.2 bp −$21	66.4 bp −$664	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	−0.1658%	1h	0.1254	−0.397%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1258	−0.041%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.271%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1259	−0.004%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALlong	0.0000%	1h	0.1259	long leg	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1259	−0.002%	—	—	150x	as long as short
Variational Omni OP	+0.0036%	8h	0.1256	−0.247%	$231K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0044%	8h	0.1258	−0.079%	$6K	$50K	10x	as long as short
OKX OP-USDT-SWAP	+0.0091%	8h	0.1258	−0.103%	$5.9M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1258	−0.064%	$270K	$908K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate OP_USDT	+0.0096%	8h	0.1258	−0.079%	$1.8M	$1.5M	50x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1259	−0.016%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1257	−0.129%	$211K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1258	−0.056%	$20.4M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1257	−0.151%	$18.3M	$25.4M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1258	−0.087%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1257	−0.159%	$2.9M	$7.6M	75x
Bitget OPUSDT	+0.0100%	8h	0.1258	−0.079%	$6.0M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1258	−0.119%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1257	−0.151%	$124K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1258	−0.066%	$11K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1256	−0.238%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	−0.159%	$45K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1257	−0.143%	$168	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	+0.056%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1258	−0.085%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	−0.045%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1258	−0.058%	$778K	$732K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1258	−0.064%	$1.0M	$281K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1258	−0.076%	$700	—	20x	as long as short