Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.022%

Price spread now: OKX against gTrade (Gains Network)−0.161%93s7-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 OKX

What this pair did over the last

the charts below follow

Funding, last 4 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. OKX is 0.161% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.161% 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). The two prices were read 93 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	gTrade (Gains Network) OP/USD	0.1252	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	49m 54s	—	—	150x
Short	OKX OP-USDT-SWAP	0.1250	0.0100	get 0.0100% / 8h	7h 49m	$6.0M	$29.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.161%Rate

Funding earned: $20.06
Price spread: −0.161% → 0.000%: −$16.14
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$16.08
Costs to cover: 0.200%
Break-even: 12.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; OKX: 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 OKX live order book, 4 min ago	0.40 bp	11.4 bp −$11	29.8 bp −$298	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	−0.1328%	1h	0.1235	−1.336%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1248	−0.264%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0054%	8h	0.1248	−0.297%	$12K	$236K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1251	−0.082%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1248	−0.297%	$31K	$165K	25x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1252	long leg	—	—	150x
GRVT OP_USDT_Perp	+0.0016%	8h	0.1249	−0.217%	$310K	$5.3M	10x	as long as short
KuCoin OPUSDTM	+0.0037%	8h	0.1247	−0.377%	$2.8M	$6.0M	75x	as long as short
Gate OP_USDT	+0.0060%	8h	0.1249	−0.185%	$2.0M	$1.5M	50x	as long as short
Variational Omni OP	+0.0063%	8h	0.1250	−0.102%	$221K	$47K	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1249	−0.209%	$288K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1250	−0.129%	$3.5M	$3.6M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1250	−0.164%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1250	−0.169%	$19.7M	$67.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	−0.201%	$18.2M	$26.3M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1250	−0.161%	$6.0M	$29.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1250	−0.153%	$22.3M	$7.7M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	−0.137%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1249	−0.217%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1248	−0.297%	$117K	$222K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1249	−0.240%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1250	−0.137%	$43K	$694K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1248	−0.329%	$195	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	−0.097%	$166K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1249	−0.197%	$100K	$613K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1247	−0.337%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0112%	1h	0.1253	+0.102%	$24K	$67K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0155%	1h	0.1250	−0.167%	$744K	$676K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	−0.161%	$994K	$324K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1248	−0.262%	$694	—	20x	as long as short