Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0060%/8h= +6.5% APRpaid last 24h −0.008%

Price spread now: Orderly against dYdX−0.220%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 Orderly

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. Orderly is 0.220% cheaper against dYdX than usual: you would sell low and buy high (spread −0.220% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 12 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX OP-USD	0.1275	0	get 0.0000% / 1h	4m 37s	$39K	$519	10x
Short	Orderly PERP_OP_USDC	0.1272	0.0060	get 0.0060% / 8h	4m 37s	$6K	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.220%Rate

Funding earned: $12.51
Price spread: −0.220% → 0.000%: −$22.03
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.53
Costs to cover: 0.160%
Break-even: 21.3 days

Slippage unknown: dYdX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

dYdX and Orderly: 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	−0.1633%	1h	0.1266	−0.691%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1272	−0.183%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1270	−0.377%	$21K	$65K	50x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1275	long leg	$39K	$519	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1273	−0.142%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1273	−0.159%	—	—	150x	as long as short
Orderly PERP_OP_USDCshort	+0.0060%	8h	0.1272	−0.220%	$6K	$49K	10x
Variational Omni OP	+0.0060%	8h	0.1270	−0.379%	$232K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1276	+0.078%	$290K	$963K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1277	+0.141%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1275	−0.017%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1276	+0.065%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1275	+0.007%	$18.4M	$26.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1276	+0.086%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1274	−0.063%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1275	−0.009%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1274	−0.063%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1275	+0.015%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1274	−0.071%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1272	−0.212%	$123K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1271	−0.282%	$11K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1273	−0.161%	$312K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1271	−0.299%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1272	−0.212%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	−0.103%	$176K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1275	−0.001%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1273	−0.181%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1272	−0.260%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0359%	1h	0.1274	−0.070%	$801K	$749K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1273	−0.178%	$708	—	20x	as long as short