Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.1264%/8h= +138.4% APRpaid last 24h +0.346%

Price spread now: MEXC against GMX−0.051%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 4 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. MEXC is 0.051% cheaper against GMX than usual: you would sell low and buy high (spread −0.051% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$38 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1261	L −0.1164% / S +0.0246%	get 0.0145% / 1h	15m 02s	$13K	—	100x
Short	MEXC OP_USDT	0.1261	0.0100	get 0.0100% / 8h	7h 15m	$22.4M	$7.8M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.051%Rate

Funding earned: $265.42
Price spread: −0.051% → 0.000%: −$5.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: $248.35
Costs to cover: 0.120%
Break-even: 0.5 days

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.40 bp	3.6 bp −$4	11.0 bp −$110	60.8 bp −$6,076	116.6 bp −$58.3K

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	−0.1328%	1h	0.1249	−0.978%	$34K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1164% / S +0.0246%	1h	0.1261	long leg	$13K	—	100x
Deribit OP_USDC-PERPETUAL	−0.0542%	1h	0.1261	−0.027%	$31K	$163K	25x	as long as short
Orderly PERP_OP_USDC	−0.0049%	8h	0.1261	−0.027%	$12K	$234K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1264	+0.211%	$39K	$522	10x	as long as short
KuCoin OPUSDTM	+0.0001%	8h	0.1260	−0.106%	$2.9M	$6.1M	75x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	+0.009%	—	—	150x	as long as short
Variational Omni OP	+0.0073%	8h	0.1263	+0.161%	$224K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1262	+0.021%	$292K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1261	−0.027%	$3.5M	$3.7M	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	0.1261	−0.022%	$203K	$211K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	−0.051%	$19.4M	$68.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1261	−0.051%	$18.3M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1261	+0.005%	$6.0M	$29.7M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1261	+0.005%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDTshort	+0.0100%	8h	0.1261	−0.051%	$22.4M	$7.8M	300x
Bitget OPUSDT	+0.0100%	8h	0.1261	−0.027%	$5.8M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1261	−0.027%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1260	−0.075%	$112K	$216K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	+0.048%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1259	−0.186%	$306K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	+0.052%	$44K	$690K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	−0.043%	$197	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	+0.044%	$172K	$265K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	−0.077%	$101K	$585K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1261	−0.055%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0112%	1h	0.1260	−0.106%	$25K	$70K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0153%	1h	0.1263	+0.099%	$747K	$736K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.005%	$980K	$327K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1260	−0.132%	$700	—	20x	as long as short