Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Gate against dYdX−0.064%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 Gate

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. Gate is 0.064% cheaper against dYdX than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.1 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	dYdX OP-USD	0.1261	0	get 0.0000% / 1h	31m 28s	$39K	$519	10x
Short	Gate OP_USDT	0.1260	0.0100	get 0.0100% / 8h	6h 31m	$1.9M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.064%Rate

Funding earned: $21
Price spread: −0.064% → 0.000%: −$6.43
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$10.43
Costs to cover: 0.250%
Break-even: 10.5 days

Slippage unknown: dYdX: no order-book sample; Gate: live order book, 1 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 Gate live order book, 1 min ago	3.17 bp	29.6 bp −$30	69.8 bp −$698	doesn't fit	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 29 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	−0.1535%	1h	0.1256	−0.382%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	+0.050%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.443%	$25K	$75K	50x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1261	long leg	$39K	$519	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1261	+0.015%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1260	−0.090%	—	—	150x	as long as short
Variational Omni OP	+0.0052%	8h	0.1257	−0.266%	$223K	$51K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1258	−0.223%	$6K	$47K	10x	as long as short
OKX OP-USDT-SWAP	+0.0083%	8h	0.1258	−0.199%	$6.0M	$29.8M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1261	+0.007%	$280K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1260	−0.064%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1260	−0.086%	$210K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1259	−0.139%	$20.2M	$62.3M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1258	−0.183%	$18.3M	$26.1M	75x	as long as short
Gate OP_USDTshort	+0.0100%	8h	0.1260	−0.064%	$1.9M	$1.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1259	−0.120%	$20.6M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1259	−0.144%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1260	−0.064%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1259	−0.144%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−0.001%	$124K	$204K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	−0.310%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1255	−0.462%	$309K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	−0.302%	$43K	$726K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	+0.023%	$171	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	+0.055%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.152%	$103K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1262	+0.056%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1259	−0.150%	$700	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0462%	1h	0.1262	+0.100%	$797K	$593K	20x	as long as short