Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.344%

Price spread now: edgeX against GMX−0.257%70s7-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 edgeX

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.257% cheaper against GMX than usual: you would sell low and buy high (spread −0.257% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 18 hours of funding at the current rate (+$35 a day). The two prices were read 70 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	GMX OP/USD [OP-USDC]	0.1263	L −0.1065% / S +0.0229%	get 0.0133% / 1h	28m 24s	$13K	—	100x
Short	edgeX OPUSDC	0.1260	0.0100	get 0.0050% / 4h	2h 28m	$4K	$391K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.257%Rate

Funding earned: $244.68
Price spread: −0.257% → 0.000%: −$25.74
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $197.94
Costs to cover: 0.210%
Break-even: 1.3 days

Slippage unknown: GMX: no order-book sample; edgeX: live order book, 40 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 edgeX live order book, 40 min ago	3.92 bp	11.5 bp −$11	74.6 bp −$746	doesn't fit	doesn't fit

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 29 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	−0.1535%	1h	0.1255	−0.616%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1263	long leg	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.284%	$25K	$75K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1260	−0.236%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1264	+0.097%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	+0.073%	—	—	150x	as long as short
Variational Omni OP	+0.0050%	8h	0.1259	−0.271%	$224K	$51K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1263	+0.017%	$6K	$47K	10x	as long as short
OKX OP-USDT-SWAP	+0.0086%	8h	0.1264	+0.120%	$6.0M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1260	−0.260%	$280K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	−0.062%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1260	−0.211%	$210K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.063%	$20.3M	$62.2M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1263	+0.057%	$18.4M	$26.1M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1261	−0.133%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	−0.157%	$20.6M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.141%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	+0.176%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1263	+0.017%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1258	−0.402%	$124K	$203K	10x	as long as short
edgeX OPUSDCshort	+0.0100%	4h	0.1260	−0.257%	$4K	$391K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1255	−0.617%	$309K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1260	−0.220%	$43K	$712K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	+0.065%	$174	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.196%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	+0.041%	$103K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	+0.057%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1261	−0.110%	$701	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0461%	1h	0.1265	+0.187%	$799K	$593K	20x	as long as short