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 −0.075%

Price spread now: Deribit against edgeX−0.155%7-day average +0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$660.655% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.283%−$28 on $10k

Price spread, last 3 days (all we have)+0.271%+$27 · spread now −0.155%, 7d avg +0.057%

Together, before fees−0.013%+ Points / potential airdropedgeX: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.212% cheaper against edgeX than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.057%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX OPUSDC	0.1250	0.0100	pay 0.0050% / 4h	2h 44m	$9K	$381K	10x
Short	Deribit OP_USDC-PERPETUAL	0.1248	0	get 0.0000% / 1h	44m 42s	$41K	$172K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$21
Price spread: −0.155% → +0.057%: −$21.18
Slippage, 4 orders: −$49.52
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$107.7
Costs to cover: 0.655%
Break-even: never at this rate

Slippage from edgeX: live order book, 43 min ago; Deribit: live order book, 43 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, 43 min ago	7.99 bp	19.3 bp −$19	83.0 bp −$830	doesn't fit	doesn't fit
Sell Deribit live order book, 43 min ago	7.99 bp	19.2 bp −$19	doesn't fit	doesn't fit	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	−0.1658%	1h	0.1244	−0.475%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1249	−0.111%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.555%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1248	−0.125%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALshort	0.0000%	1h	0.1248	−0.155%	$41K	$172K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1249	−0.083%	—	—	150x	as long as short
Variational Omni OP	+0.0010%	8h	0.1249	−0.111%	$228K	$45K	—	as long as short
Orderly PERP_OP_USDC	+0.0028%	8h	0.1248	−0.155%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0094%	8h	0.1249	−0.075%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1250	−0.011%	$267K	$899K	15x	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	0.1250	−0.027%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1249	−0.113%	$210K	$243K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1249	−0.051%	$20.2M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1248	−0.123%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1249	−0.051%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1250	−0.027%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1248	−0.155%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	+0.005%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1249	−0.075%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.203%	$127K	$188K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1250	long leg	$9K	$381K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1249	−0.073%	$309K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	+0.085%	$45K	$718K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1248	−0.179%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1251	+0.077%	$173K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1249	−0.044%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1248	−0.169%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1249	−0.056%	$772K	$733K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1247	−0.203%	$993K	$286K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1248	−0.137%	$694	—	20x	as long as short