Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.034%

Price spread now: edgeX against Extended−0.066%113s7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as 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−$730.735% of the position

Long on Extended Short on edgeX

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)+0.313%+$31 · spread now −0.066%, 7d avg +0.025%

Together, before fees+0.385%+ Points / potential airdropExtended: Active · edgeX: Active · farm board+$39 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: edgeX is 0.091% cheaper against Extended than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.025%. The two prices were read 113 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	Extended OP-USD	0.1258	0.0104	pay 0.0013% / 1h	53m 40s	$101K	$186K	25x
Short	edgeX OPUSDC	0.1257	0.0100	get 0.0050% / 4h	1h 53m	$11K	$377K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Extended. 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 ExtendedbpFee edgeXbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$0.84
Price spread: −0.066% → +0.025%: −$9.07
Slippage, 4 orders: −$59.49
Fee Extended: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$83.39
Costs to cover: 0.735%
Break-even: never at this rate

Slippage from Extended: live order book, 28 min ago; edgeX: live order book, 30 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 Extended live order book, 28 min ago	11.85 bp	21.1 bp −$21	142.6 bp −$1,426	doesn't fit	doesn't fit
Sell edgeX live order book, 30 min ago	7.90 bp	15.9 bp −$16	78.1 bp −$781	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	−0.1710%	1h	0.1254	−0.282%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	+0.160%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1243	−1.157%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1259	+0.105%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	+0.195%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	+0.257%	—	—	150x	as long as short
Variational Omni OP	+0.0039%	8h	0.1259	+0.119%	$231K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0045%	8h	0.1260	+0.195%	$6K	$49K	10x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1258	+0.012%	$5.9M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1260	+0.179%	$275K	$904K	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	0.1260	+0.226%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1259	+0.112%	$210K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1258	+0.067%	$20.4M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1258	−0.004%	$18.3M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1260	+0.163%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1258	+0.075%	$20.0M	$7.0M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1258	+0.036%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1259	+0.115%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1258	+0.044%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1259	+0.131%	$125K	$191K	10x	as long as short
edgeX OPUSDCshort	+0.0100%	4h	0.1257	−0.066%	$11K	$377K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1259	+0.116%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1258	+0.036%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	+0.179%	$174	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	+0.274%	$174K	$232K	50x	as long as short
Extended OP-USDlong	+0.0104%	1h	0.1258	long leg	$101K	$186K	25x
Aevo OP-PERP	+0.0104%	1h	0.1260	+0.228%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.274%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0228%	1h	0.1261	+0.285%	$782K	$734K	20x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1260	+0.173%	$700	—	20x	as long as short