Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h −0.003%

Price spread now: Orderly against gTrade (Gains Network)−0.073%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 Orderly

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. Orderly is 0.073% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.073% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.5 days of funding at the current rate (+$2 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	10m 42s	—	—	150x
Short	Orderly PERP_OP_USDC	0.1272	0.0058	get 0.0058% / 8h	7h 10m	$6K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.073%Rate

Funding earned: $11.3
Price spread: −0.073% → 0.000%: −$7.31
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$12
Costs to cover: 0.160%
Break-even: 14.4 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and Orderly: 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	−0.1656%	1h	0.1272	−0.073%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1273	+0.016%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1279	+0.477%	$25K	$77K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1276	+0.233%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1272	−0.073%	$42K	$167K	25x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1273	long leg	—	—	150x
Variational Omni OP	+0.0053%	8h	0.1272	−0.090%	$232K	$46K	—	as long as short
Orderly PERP_OP_USDCshort	+0.0058%	8h	0.1272	−0.073%	$6K	$48K	10x
Lighter OP	+0.0096%	1h	0.1277	+0.320%	$284K	$953K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1277	+0.288%	$4.0M	$2.9M	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	0.1275	+0.152%	$213K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1276	+0.258%	$20.6M	$62.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1276	+0.225%	$18.5M	$26.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1276	+0.210%	$6.2M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1276	+0.265%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1277	+0.304%	$20.3M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1275	+0.163%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1277	+0.320%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1276	+0.241%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1271	−0.120%	$122K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1277	+0.319%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1276	+0.258%	$315K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1279	+0.477%	$44K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1272	−0.097%	$173	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	+0.005%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1275	+0.193%	$107K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1272	−0.038%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1272	−0.104%	$1.0M	$275K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0381%	1h	0.1273	+0.028%	$804K	$755K	20x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1273	−0.024%	$708	—	20x	as long as short