Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h −0.010%

Price spread now: MEXC against gTrade (Gains Network)−0.076%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 MEXC

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. MEXC is 0.076% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.076% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.6 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	0.1268	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	20m 51s	—	—	150x
Short	MEXC OP_USDT	0.1267	0.0100	get 0.0100% / 8h	2h 20m	$20.2M	$7.3M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.076%Rate

Funding earned: $20.06
Price spread: −0.076% → 0.000%: −$7.57
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: $2.49
Costs to cover: 0.100%
Break-even: 6.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; MEXC: live order book, 3 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 MEXC live order book, 3 min ago	0.40 bp	2.6 bp −$3	16.3 bp −$163	58.0 bp −$5,798	98.0 bp −$49.0K

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	−0.1658%	1h	0.1261	−0.541%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1267	−0.035%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0539%	1h	0.1266	−0.147%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.961%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1269	+0.081%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1268	long leg	—	—	150x
Orderly PERP_OP_USDC	+0.0036%	8h	0.1266	−0.147%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0039%	8h	0.1263	−0.351%	$230K	$44K	—	as long as short
Lighter OP	+0.0096%	1h	0.1266	−0.123%	$272K	$907K	15x	as long as short
OKX OP-USDT-SWAP	+0.0098%	8h	0.1267	−0.076%	$5.9M	$29.9M	50x	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	0.1268	+0.027%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1267	−0.054%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1267	−0.036%	$20.5M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1266	−0.123%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1267	−0.091%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDTshort	+0.0100%	8h	0.1267	−0.076%	$20.2M	$7.3M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1267	−0.068%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1268	+0.011%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1268	+0.011%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1267	−0.099%	$125K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1265	−0.198%	$10K	$378K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1266	−0.161%	$313K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	−0.147%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1267	−0.107%	$174	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1267	−0.044%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1267	−0.092%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	−0.101%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0135%	1h	0.1268	−0.010%	$784K	$731K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1267	−0.060%	$997K	$282K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1266	−0.150%	$704	—	20x	as long as short