Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.340%

Price spread now: BingX against GMX−0.056%7-day average — · you buy dearer than you sell

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

Long on GMX Short on BingX

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. BingX is 0.056% cheaper against GMX than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 4 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1276	L −0.1065% / S +0.0229%	get 0.0133% / 1h	16m 26s	$13K	—	100x
Short	BingX OP-USDT	0.1275	0.0100	get 0.0100% / 8h	5h 16m	—	$6.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now −0.056%Rate

Funding earned: $244.68
Price spread: −0.056% → 0.000%: −$5.64
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $217.04
Costs to cover: 0.220%
Break-even: 0.8 days

Slippage unknown: GMX: no order-book sample; BingX: live order book, 9 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 GMX no order-book sample	—	—	—	—	—
Sell BingX live order book, 9 min ago	0.39 bp	9.3 bp −$9	17.4 bp −$174	74.0 bp −$7,402	345.9 bp −$172.9K

GMX: 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	−0.1488%	1h	0.1273	−0.244%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1276	long leg	$13K	—	100x
dYdX OP-USD	0.0000%	1h	0.1277	+0.049%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1277	+0.069%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1277	+0.042%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0029%	8h	0.1274	−0.182%	$6.2M	$29.1M	50x	as long as short
Variational Omni OP	+0.0049%	8h	0.1278	+0.180%	$226K	$50K	—	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1274	−0.166%	$6K	$45K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1277	+0.045%	$282K	$936K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1277	+0.030%	$3.7M	$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	0.1276	+0.010%	$213K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1275	−0.049%	$20.6M	$60.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1275	−0.111%	$18.6M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1277	+0.038%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1276	−0.041%	$21.0M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1276	−0.009%	$2.9M	$6.7M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1276	−0.009%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDTshort	+0.0100%	8h	0.1275	−0.056%	—	$6.3M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1278	+0.116%	$122K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1278	+0.138%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	+0.112%	$315K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1281	+0.382%	$44K	$706K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1277	+0.053%	$177	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1278	+0.171%	$176K	$216K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1275	−0.110%	$107K	$394K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1273	−0.205%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0152%	1h	0.1278	+0.147%	$25K	$71K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1278	+0.132%	$1.0M	$273K	75x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1275	−0.067%	$709	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0485%	1h	0.1278	+0.160%	$807K	$572K	20x	as long as short