Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.070%

Price spread now: Deribit against Gate−0.047%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$700.696% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 3 days (all we have)+0.148%+$15 · spread now −0.047%, 7d avg +0.010%

Together, before fees+0.011%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.058% cheaper against Gate than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.010%). Swap the legs.

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	7h 20m	$1.9M	$1.6M	50x
Short	Deribit OP_USDC-PERPETUAL	0.1263	0	get 0.0000% / 1h	20m 16s	$42K	$171K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$21
Price spread: −0.047% → +0.010%: −$5.76
Slippage, 4 orders: −$47.57
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$96.32
Costs to cover: 0.696%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Deribit: live order book, 53 min ago.

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, 2 min ago	3.56 bp	21.5 bp −$22	59.5 bp −$595	doesn't fit	doesn't fit
Sell Deribit live order book, 53 min ago	3.93 bp	15.3 bp −$15	doesn't fit	doesn't fit	doesn't fit

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	0.1259	−0.364%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1263	−0.029%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1261	−0.206%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1263	−0.071%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALshort	0.0000%	1h	0.1263	−0.047%	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1263	−0.021%	—	—	150x	as long as short
Variational Omni OP	+0.0045%	8h	0.1261	−0.195%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1263	−0.047%	$6K	$48K	10x	as long as short
Bybit OPUSDT	+0.0058%	8h	0.1262	−0.127%	$18.3M	$25.9M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1264	+0.040%	$282K	$950K	15x	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	0.1265	+0.071%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	+0.043%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	−0.038%	$20.4M	$61.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1262	−0.103%	$6.1M	$30.0M	50x	as long as short
Gate OP_USDTlong	+0.0100%	8h	0.1264	long leg	$1.9M	$1.6M	50x
MEXC OP_USDT	+0.0100%	8h	0.1263	−0.040%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1263	−0.047%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1263	−0.047%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1263	−0.063%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1262	−0.158%	$121K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	+0.030%	$4K	$391K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1269	+0.427%	$307K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1263	−0.047%	$43K	$724K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1263	−0.055%	$176	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	−0.024%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	−0.100%	$106K	$422K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	+0.268%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1263	−0.047%	$1.0M	$275K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0384%	1h	0.1264	+0.052%	$799K	$756K	20x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1262	−0.093%	$702	—	20x	as long as short