Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.120%

Price spread now: Coinbase International against GRVT+1.789%7-day average — · you sell dearer than you buy

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

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.321%−$32 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

The price spread pays, funding is against you. Coinbase International is 1.789% dearer against GRVT than usual: you sell high and buy low (spread +1.789% now, against zero (this spread has no 7-day history yet)): +$179 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT OP_USDT_Perp	0.1257	0.0100	pay 0.0100% / 8h	6h 07m	$309K	$5.2M	10x
Short	Coinbase International OP-PERP-INTX	0.1279	−0.0184	pay 0.0023% / 1h	7m 14s	$25K	$74K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GRVT. 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 GRVTbpFee Coinbase InternationalbpOrdersPrice spread, now +1.789%Rate

Funding earned: −$59.64
Price spread: +1.789% → 0.000%: $178.94
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $100.3
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: GRVT: live order book, 2 min ago; Coinbase International: no order-book sample. 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 GRVT live order book, 2 min ago	3.98 bp	33.0 bp −$33	142.3 bp −$1,423	10842.7 bp −$1.08M	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.121%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	+0.308%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0184%	1h	0.1279	+1.789%	$25K	$74K	50x
dYdX OP-USD	0.0000%	1h	0.1261	+0.337%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1261	+0.357%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	+0.334%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1260	+0.277%	$6K	$47K	10x	as long as short
Variational Omni OP	+0.0056%	8h	0.1261	+0.359%	$224K	$49K	—	as long as short
OKX OP-USDT-SWAP	+0.0065%	8h	0.1260	+0.285%	$6.1M	$29.5M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1262	+0.428%	$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	0.1261	+0.349%	$3.7M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	+0.318%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	+0.375%	$20.3M	$61.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1260	+0.237%	$18.3M	$25.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1261	+0.325%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1260	+0.253%	$20.6M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	+0.277%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1261	+0.357%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1261	+0.357%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	+0.381%	$121K	$202K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	+0.052%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perplong	+0.0100%	8h	0.1257	long leg	$309K	$5.2M	10x
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	+0.038%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	+0.341%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	+0.397%	$174K	$223K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	+0.280%	$101K	$392K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	+0.287%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1260	+0.264%	$701	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0462%	1h	0.1262	+0.472%	$797K	$587K	20x	as long as short