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 −0.009%

Price spread now: Binance against dYdX−0.039%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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. Binance is 0.039% cheaper against dYdX than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 32 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX OP-USD	0.1250	0	get 0.0000% / 1h	47m 10s	$39K	$519	10x
Short	Binance OPUSDT	0.1250	0.0100	get 0.0100% / 8h	2h 47m	$20.2M	$62.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against dYdX. 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 dYdXbpFee BinancebpOrdersPrice spread, now −0.039%Rate

Funding earned: $21
Price spread: −0.039% → 0.000%: −$3.95
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$2.95
Costs to cover: 0.200%
Break-even: 8.0 days

Slippage unknown: dYdX: no order-book sample; Binance: live order book, 10 min ago. 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 dYdX no order-book sample	—	—	—	—	—
Sell Binance live order book, 10 min ago	0.40 bp	9.6 bp −$10	20.8 bp −$208	92.8 bp −$9,275	doesn't fit

dYdX: 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 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	0.1244	−0.481%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1250	+0.038%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.561%	$21K	$64K	50x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1250	long leg	$39K	$519	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1250	−0.001%	$41K	$172K	25x	as long as short
Variational Omni OP	+0.0002%	8h	0.1243	−0.588%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	+0.051%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0027%	8h	0.1250	−0.001%	$6K	$51K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1250	+0.039%	$267K	$899K	15x	as long as short
OKX OP-USDT-SWAP	+0.0097%	8h	0.1250	−0.033%	$5.8M	$29.4M	50x	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	0.1251	+0.111%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1251	+0.053%	$210K	$243K	10x	as long as short
Binance OPUSDTshort	+0.0100%	8h	0.1250	−0.039%	$20.2M	$62.6M	75x
Bybit OPUSDT	+0.0100%	8h	0.1249	−0.105%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1250	−0.041%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1250	−0.009%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1249	−0.081%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	−0.001%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1251	+0.079%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1250	−0.001%	$128K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1248	−0.155%	$9K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1248	−0.160%	$309K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.481%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	−0.009%	$161	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	+0.007%	$173K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1250	−0.025%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	+0.037%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1251	+0.048%	$772K	$733K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	+0.023%	$995K	$287K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1250	−0.003%	$695	—	20x	as long as short