Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.005%

Price spread now: MEXC against dYdX−0.045%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 6 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. MEXC is 0.045% cheaper against dYdX than usual: you would sell low and buy high (spread −0.045% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 36 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	0.1263	0	get 0.0000% / 1h	35m 13s	$39K	$522	10x
Short	MEXC OP_USDT	0.1262	0.0100	get 0.0100% / 8h	1h 35m	$23.2M	$7.6M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.045%Rate

Funding earned: $21
Price spread: −0.045% → 0.000%: −$4.54
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: $6.46
Costs to cover: 0.100%
Break-even: 4.8 days

Slippage unknown: dYdX: no order-book sample; MEXC: live order book, 3 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 MEXC live order book, 3 min ago	0.40 bp	2.8 bp −$3	11.0 bp −$110	64.0 bp −$6,402	111.0 bp −$55.5K

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	−0.1760%	1h	0.1256	−0.536%	$35K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1263	−0.014%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0044%	8h	0.1261	−0.140%	$60K	$142K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1263	+0.017%	$756K	$652K	20x	as long as short
Variational Omni OP	−0.0015%	8h	0.1262	−0.027%	$223K	$46K	—	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1263	long leg	$39K	$522	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	−0.061%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1263	+0.001%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1262	−0.061%	$24K	$64K	50x	as long as short
Bybit OPUSDT	+0.0050%	8h	0.1261	−0.172%	$18.5M	$26.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin OPUSDTM	+0.0057%	8h	0.1261	−0.140%	$2.8M	$6.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0078%	8h	0.1262	−0.093%	$6.1M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1263	−0.014%	$277K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1263	−0.022%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1262	−0.047%	$209K	$218K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.093%	$19.9M	$66.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	−0.061%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDTshort	+0.0100%	8h	0.1262	−0.045%	$23.2M	$7.6M	300x
Bitget OPUSDT	+0.0100%	8h	0.1262	−0.061%	$5.7M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1262	−0.093%	—	$6.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1262	−0.101%	$108K	$216K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	−0.095%	$382K	$768K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1261	−0.110%	$311K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	−0.061%	$43K	$699K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	−0.117%	$206	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	−0.132%	$171K	$253K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.174%	$101K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1261	−0.140%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1262	−0.045%	$996K	$327K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1261	−0.123%	$701	—	20x	as long as short