Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.125%

Price spread now: Coinbase International against Gate−0.135%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

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. Coinbase International is 0.135% cheaper against Gate than usual: you would sell low and buy high (spread −0.135% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 6.6 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.181%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OP_USDT	0.1264	0.0100	pay 0.0100% / 8h	4h 04m	$2.0M	$1.5M	50x
Short	Coinbase International OP-PERP-INTX	0.1262	0.0168	get 0.0021% / 1h	4m 38s	$24K	$63K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now −0.135%Rate

Funding earned: $14.28
Price spread: −0.135% → 0.000%: −$13.45
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$24.17
Costs to cover: 0.250%
Break-even: 18.8 days

Slippage unknown: Gate: live order book, 3 min ago; Coinbase International: 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 Gate live order book, 3 min ago	1.97 bp	16.9 bp −$17	54.2 bp −$542	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.1607%	1h	0.1259	−0.372%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1264	+0.048%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1264	+0.014%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1265	+0.103%	$42K	$139K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	+0.075%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1264	+0.024%	$6K	$45K	10x	as long as short
Variational Omni OP	+0.0056%	8h	0.1263	−0.053%	$223K	$48K	—	as long as short
OKX OP-USDT-SWAP	+0.0064%	8h	0.1263	−0.016%	$6.2M	$28.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1264	0.000%	$278K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1265	+0.063%	$3.7M	$2.8M	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	0.1264	+0.036%	$211K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	−0.032%	$20.4M	$60.3M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1262	−0.103%	$18.6M	$24.8M	75x	as long as short
Gate OP_USDTlong	+0.0100%	8h	0.1264	long leg	$2.0M	$1.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1263	−0.047%	$21.3M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1262	−0.135%	$2.9M	$6.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1263	−0.055%	$5.8M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1263	−0.055%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	−0.032%	$120K	$200K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1267	+0.238%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1268	+0.319%	$317K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1267	+0.261%	$43K	$710K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	0.000%	$211	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1264	+0.055%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.046%	$104K	$390K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	+0.037%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0168%	1h	0.1262	−0.135%	$24K	$63K	50x
BloFin OP-USDT	+0.0220%	8h	0.1263	−0.047%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0348%	1h	0.1265	+0.090%	$783K	$548K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1264	−0.005%	$703	—	20x	as long as short