Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0125%/8h= +13.7% APRpaid last 24h +0.082%

Price spread now: Kraken Futures against GRVT+0.131%75s7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1081.081% of the position

Long on GRVT Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now +0.131%, 7d avg +0.132%

Together, before fees+0.019%+ Points / potential airdropGRVT: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.132%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 75 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	GRVT OP_USDT_Perp	0.1279	0.0100	pay 0.0100% / 8h	1h 09m	$320K	$5.1M	10x
Short	Kraken Futures PF_OPUSD	0.1281	0.0225	get 0.0028% / 1h	9m 48s	$801K	$745K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.131%Rate

Funding earned: $26.18
Price spread: +0.131% → +0.132%: −$0.11
Slippage, 4 orders: −$89.1
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$82.02
Costs to cover: 1.081%
Break-even: 28.9 days

Slippage from GRVT: live order book, 4 min ago; Kraken Futures: live order book, 8 min ago.

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, 4 min ago	3.91 bp	25.8 bp −$26	86.9 bp −$869	17637.0 bp −$1.76M	doesn't fit
Sell Kraken Futures live order book, 8 min ago	8.20 bp	22.3 bp −$22	73.7 bp −$737	doesn't fit	doesn't fit

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	−0.1710%	1h	0.1274	−0.423%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	+0.003%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	+0.046%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1283	+0.267%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	+0.046%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	+0.046%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1279	−0.032%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1280	+0.029%	$233K	$53K	—	as long as short
Lighter OP	+0.0096%	1h	0.1283	+0.297%	$290K	$923K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1283	+0.265%	$4.2M	$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	0.1280	+0.077%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1282	+0.211%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1282	+0.195%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1282	+0.226%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	+0.039%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1282	+0.226%	$20.4M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1281	+0.125%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1283	+0.281%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1280	+0.046%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.008%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.003%	$9K	$382K	10x	as long as short
GRVT OP_USDT_Perplong	+0.0100%	8h	0.1279	long leg	$320K	$5.1M	10x
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	+0.046%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	+0.015%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	+0.007%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	−0.033%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.045%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1280	+0.085%	$1.0M	$299K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0225%	1h	0.1281	+0.131%	$801K	$745K	20x
Reya OPRUSDPERP	+0.0437%	1h	0.1278	−0.071%	$711	—	20x	as long as short