Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.029%

Price spread now: KuCoin against gTrade (Gains Network)−0.305%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 KuCoin

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. KuCoin is 0.305% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.305% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$30 on $10k: about 11 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	0.1273	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	12m 44s	—	—	150x
Short	KuCoin OPUSDTM	0.1269	0.0100	get 0.0100% / 8h	5h 12m	$2.9M	$6.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.305%Rate

Funding earned: $20.06
Price spread: −0.305% → 0.000%: −$30.48
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$32.42
Costs to cover: 0.220%
Break-even: 18.3 days

Slippage unknown: gTrade (Gains Network): no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	7.83 bp	22.4 bp −$22	68.3 bp −$683	doesn't fit	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	−0.1488%	1h	0.1269	−0.305%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1272	−0.045%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1271	−0.182%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1272	−0.069%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1273	long leg	—	—	150x
OKX OP-USDT-SWAP	+0.0028%	8h	0.1270	−0.195%	$6.2M	$29.0M	50x	as long as short
Variational Omni OP	+0.0048%	8h	0.1275	+0.151%	$225K	$50K	—	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1272	−0.069%	$6K	$45K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1272	−0.093%	$281K	$936K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1272	−0.053%	$3.7M	$3.0M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1270	−0.243%	$212K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1271	−0.179%	$20.6M	$60.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1270	−0.234%	$18.6M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	−0.187%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1271	−0.132%	$21.0M	$7.1M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1269	−0.305%	$2.9M	$6.7M	75x
Bitget OPUSDT	+0.0100%	8h	0.1271	−0.148%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1271	−0.148%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1270	−0.211%	$121K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1277	+0.354%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	+0.417%	$315K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1278	+0.402%	$44K	$706K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1272	−0.077%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1272	−0.069%	$176K	$216K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1270	−0.217%	$106K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1272	−0.062%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0152%	1h	0.1278	+0.402%	$25K	$71K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1271	−0.156%	$1.0M	$279K	75x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1272	−0.089%	$707	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0488%	1h	0.1272	−0.042%	$803K	$572K	20x	as long as short