Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.034%

Price spread now: Extended against edgeX+0.083%93s7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as 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−$780.777% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 3 days (all we have)−0.368%−$37 · spread now +0.083%, 7d avg −0.021%

Together, before fees−0.441%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$44 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: Extended is 0.104% dearer against edgeX than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.021%. The two prices were read 93 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	0.1247	0.0100	pay 0.0050% / 4h	2h 49m	$9K	$380K	10x
Short	Extended OP-USD	0.1248	0.0104	get 0.0013% / 1h	49m 53s	$100K	$186K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.083%Rate

Funding earned: $0.84
Price spread: +0.083% → −0.021%: $10.42
Slippage, 4 orders: −$63.65
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$66.39
Costs to cover: 0.777%
Break-even: 560.3 days

Slippage from edgeX: live order book, 38 min ago; Extended: live order book, 36 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, 38 min ago	7.99 bp	19.3 bp −$19	83.0 bp −$830	doesn't fit	doesn't fit
Sell Extended live order book, 36 min ago	11.99 bp	21.4 bp −$21	147.2 bp −$1,472	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	0.1240	−0.562%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1245	−0.121%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.322%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1245	−0.162%	$38K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1246	−0.081%	$41K	$174K	25x	as long as short
Variational Omni OP	+0.0002%	8h	0.1243	−0.349%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1246	−0.084%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0027%	8h	0.1245	−0.162%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1249	+0.191%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1246	−0.065%	$266K	$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	0.1251	+0.304%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1246	−0.066%	$210K	$243K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1249	+0.175%	$20.2M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	+0.159%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1248	+0.079%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1249	+0.135%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1248	+0.079%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	+0.239%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1249	+0.159%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	+0.007%	$127K	$189K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1247	long leg	$9K	$380K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	+0.253%	$304K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1248	+0.079%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1245	−0.145%	$157	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1245	−0.129%	$172K	$234K	50x	as long as short
Extended OP-USDshort	+0.0104%	1h	0.1248	+0.083%	$100K	$186K	25x
Aevo OP-PERP	+0.0104%	1h	0.1246	−0.085%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0138%	1h	0.1247	−0.019%	$770K	$742K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1244	−0.242%	$988K	$294K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1245	−0.154%	$692	—	20x	as long as short