Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1163%/8h= +127.4% APRpaid last 24h +0.309%

Price spread now: Gate against GMX−0.104%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 Gate

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. Gate is 0.104% cheaper against GMX than usual: you would sell low and buy high (spread −0.104% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 7 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]	0.1246	L −0.1066% / S +0.0229%	get 0.0133% / 1h	58m 05s	$13K	—	100x
Short	Gate OP_USDT	0.1245	0.0097	get 0.0097% / 8h	2h 58m	$1.8M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.104%Rate

Funding earned: $244.33
Price spread: −0.104% → 0.000%: −$10.43
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $206.9
Costs to cover: 0.270%
Break-even: 1.1 days

Slippage unknown: GMX: no order-book sample; Gate: live order book, 5 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 Gate live order book, 5 min ago	6.41 bp	26.5 bp −$26	53.8 bp −$538	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 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	−0.1658%	1h	0.1242	−0.361%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1066% / S +0.0229%	1h	0.1246	long leg	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.281%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1246	−0.016%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1246	−0.040%	$43K	$194K	25x	as long as short
Variational Omni OP	+0.0001%	8h	0.1249	+0.206%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1247	+0.030%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0026%	8h	0.1245	−0.120%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0092%	8h	0.1244	−0.209%	$5.7M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1245	−0.096%	$266K	$899K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate OP_USDTshort	+0.0097%	8h	0.1245	−0.104%	$1.8M	$1.4M	50x
Hyperliquid OP	+0.0100%	1h	0.1246	−0.048%	$3.9M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1246	−0.046%	$210K	$242K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1244	−0.185%	$20.1M	$63.3M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1244	−0.233%	$18.3M	$25.7M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1244	−0.168%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1244	−0.201%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1245	−0.120%	$5.9M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1244	−0.185%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1244	−0.201%	$127K	$196K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	+0.316%	$9K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1249	+0.214%	$304K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	+0.361%	$45K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1244	−0.193%	$152	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1245	−0.088%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1245	−0.144%	$100K	$196K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1244	−0.201%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0138%	1h	0.1245	−0.090%	$769K	$752K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1246	−0.024%	$993K	$296K	75x	as long as short
Reya OPRUSDPERP	+0.0435%	1h	0.1247	+0.039%	$693	—	20x	as long as short