Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against edgeX−0.281%68s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on edgeX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.281% cheaper against edgeX than usual: you would sell low and buy high (−$28 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 68 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	0.1262	0.0100	pay 0.0050% / 4h	3h 09m	$4K	$385K	10x
Short	gTrade (Gains Network) OP/USD	0.1259	L +0.0004% / S −0.0004%	get 0.0000% / 1h	9m 57s	—	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.281%Rate

Funding earned: −$20.17
Price spread: −0.281% → 0.000%: −$28.11
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$67.29
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 43 min ago; gTrade (Gains Network): 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 edgeX live order book, 43 min ago	7.84 bp	15.8 bp −$16	113.4 bp −$1,134	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.1568%	1h	0.1255	−0.573%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1258	−0.315%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1260	−0.179%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1258	−0.335%	$41K	$138K	25x	as long as short
gTrade (Gains Network) OP/USDshort	L +0.0004% / S −0.0004%	1h	0.1259	−0.281%	—	—	150x
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1270	+0.616%	$25K	$56K	50x	as long as short
Variational Omni OP	+0.0038%	8h	0.1258	−0.334%	$223K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1257	−0.414%	$6K	$46K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1259	−0.278%	$772K	$548K	20x	as long as short
OKX OP-USDT-SWAP	+0.0093%	8h	0.1258	−0.311%	$6.2M	$28.3M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1259	−0.272%	$275K	$948K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1260	−0.200%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1259	−0.263%	$210K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1258	−0.327%	$20.3M	$60.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1257	−0.383%	$18.5M	$24.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1258	−0.311%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1258	−0.311%	$21.1M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1257	−0.414%	$2.8M	$6.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1259	−0.256%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1258	−0.303%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1258	−0.359%	$117K	$206K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1262	long leg	$4K	$385K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	−0.017%	$316K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1263	+0.061%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1258	−0.351%	$195	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.200%	$170K	$229K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1258	−0.335%	$102K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	−0.335%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.232%	$836K	$279K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1258	−0.374%	$699	—	20x	as long as short