Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0343%/8h= +37.6% APRpaid last 24h +0.100%

Price spread now: Reya against edgeX−0.024%65s7-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 Reya

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 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.024% cheaper against edgeX than usual: you would sell low and buy high (spread −0.024% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$10 a day). The two prices were read 65 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	1h 36m	$382K	$767K	10x
Short	Reya OPRUSDPERP	0.1262	0.0443	get 0.0055% / 1h	36m 17s	$702	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.024%Rate

Funding earned: $72.09
Price spread: −0.024% → 0.000%: −$2.43
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: $54.65
Costs to cover: 0.150%
Break-even: 1.7 days

Slippage unknown: edgeX: live order book, 7 min ago; Reya: 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, 7 min ago	39.56 bp	50.7 bp −$51	174.4 bp −$1,744	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1760%	1h	0.1257	−0.392%	$35K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1263	+0.102%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0043%	8h	0.1262	+0.004%	$60K	$142K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1264	+0.195%	$757K	$652K	20x	as long as short
Variational Omni OP	−0.0012%	8h	0.1264	+0.157%	$224K	$46K	—	as long as short
dYdX OP-USD	0.0000%	1h	0.1264	+0.129%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1263	+0.083%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1263	+0.067%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1262	+0.004%	$24K	$64K	50x	as long as short
Bybit OPUSDT	+0.0050%	8h	0.1262	−0.012%	$18.5M	$26.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin OPUSDTM	+0.0059%	8h	0.1262	+0.004%	$2.8M	$6.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0079%	8h	0.1263	+0.067%	$6.2M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1263	+0.083%	$277K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1263	+0.083%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	+0.136%	$209K	$218K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	+0.067%	$20.0M	$66.5M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1263	+0.075%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1263	+0.044%	$23.2M	$7.6M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1264	+0.163%	$5.7M	$6.8M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1263	+0.083%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−0.067%	$107K	$215K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1262	long leg	$382K	$767K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1264	+0.162%	$312K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1268	+0.480%	$43K	$699K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	+0.028%	$202	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.075%	$171K	$253K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	+0.011%	$101K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	+0.066%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.234%	$990K	$316K	75x	as long as short
Reya OPRUSDPERPshort	+0.0443%	1h	0.1262	−0.024%	$702	—	20x