Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Bybit against edgeX−0.046%101s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.558% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 3 days (all we have)−0.193%−$19 · spread now −0.046%, 7d avg −0.013%

Together, before fees−0.244%+ Points / potential airdropedgeX: Active · farm board−$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.034% cheaper against edgeX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.013%. The two prices were read 101 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX OPUSDC	0.1279	0.0100	pay 0.0050% / 4h	33m 46s	$9K	$383K	10x
Short	Bybit OPUSDT	0.1278	0.0100	get 0.0100% / 8h	33m 46s	$18.5M	$25.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against edgeX. 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 edgeXbpFee BybitbpOrdersPrice spread, now −0.046%Rate

Funding earned: $0
Price spread: −0.046% → −0.013%: −$3.37
Slippage, 4 orders: −$35.78
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$59.15
Costs to cover: 0.558%
Break-even: never at this rate

Slippage from edgeX: live order book, 45 min ago; Bybit: live order book, 5 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 edgeX live order book, 45 min ago	7.81 bp	15.2 bp −$15	135.4 bp −$1,354	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.39 bp	11.5 bp −$12	26.1 bp −$261	72.4 bp −$7,240	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	−0.1633%	1h	0.1273	−0.437%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	+0.036%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0532%	1h	0.1278	−0.046%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.203%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1281	+0.173%	$40K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1279	+0.049%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1279	+0.032%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1276	−0.179%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1280	+0.134%	$291K	$922K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1280	+0.094%	$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	0.1279	+0.049%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	+0.019%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1278	−0.046%	$18.5M	$25.8M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1278	−0.031%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	+0.071%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1279	+0.024%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1278	−0.046%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1279	+0.032%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1279	+0.032%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	+0.001%	$124K	$189K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1279	long leg	$9K	$383K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	−0.046%	$319K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	+0.110%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1279	+0.016%	$200	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	+0.118%	$177K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	+0.022%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	+0.020%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1280	+0.126%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1280	+0.123%	$801K	$746K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1278	−0.040%	$711	—	20x	as long as short