Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.004%

Price spread now: Binance against gTrade (Gains Network)−0.160%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Binance

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—needs both histories

Funding pays, the price is against you. Binance is 0.160% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.160% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 5.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) OP/USD	0.1247	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	23m 45s	—	—	150x
Short	Binance OPUSDT	0.1245	0.0100	get 0.0100% / 8h	2h 23m	$19.5M	$63.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BinancebpOrdersPrice spread, now −0.160%Rate

Funding earned: $20.06
Price spread: −0.160% → 0.000%: −$16.04
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$15.98
Costs to cover: 0.200%
Break-even: 12.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Binance: live order book, 4 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Binance live order book, 4 min ago	0.40 bp	13.4 bp −$13	31.0 bp −$310	103.4 bp −$10.3K	doesn't fit

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	−0.1583%	1h	0.1236	−0.882%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1247	0.000%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0552%	1h	0.1246	−0.080%	$40K	$139K	25x	as long as short
dYdX OP-USD	0.0000%	1h	0.1248	+0.046%	$39K	$532	10x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1247	long leg	—	—	150x
Orderly PERP_OP_USDC	+0.0013%	8h	0.1247	0.000%	$59K	$142K	10x	as long as short
Variational Omni OP	+0.0023%	8h	0.1243	−0.349%	$220K	$45K	—	as long as short
Kraken Futures PF_OPUSD	+0.0075%	1h	0.1248	+0.049%	$750K	$628K	20x	as long as short
Bybit OPUSDT	+0.0093%	8h	0.1245	−0.152%	$18.3M	$25.6M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1247	−0.016%	$278K	$1.0M	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	0.1245	−0.192%	$3.3M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1245	−0.122%	$204K	$218K	10x	as long as short
Binance OPUSDTshort	+0.0100%	8h	0.1245	−0.160%	$19.5M	$63.9M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1245	−0.176%	$6.1M	$28.7M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1245	−0.144%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1245	−0.200%	$22.7M	$7.7M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1244	−0.241%	$2.8M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1245	−0.160%	$5.7M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1245	−0.160%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1246	−0.096%	$105K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1245	−0.139%	$377K	$766K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1249	+0.151%	$306K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1247	0.000%	$43K	$705K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1246	−0.048%	$192	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1246	−0.040%	$171K	$236K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1245	−0.186%	$99K	$502K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1246	−0.059%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0160%	1h	0.1247	0.000%	$26K	$59K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1246	−0.096%	$992K	$275K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1246	−0.057%	$693	—	20x	as long as short