Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0339%/8h= +37.1% APRpaid last 24h +0.119%

Price spread now: Reya against GRVT+0.149%64s7-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 Reya

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 airdropGRVT: Active · Reya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Reya is 0.149% dearer against GRVT than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 64 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	0.1260	0.0100	pay 0.0100% / 8h	6h 50m	$312K	$5.2M	10x
Short	Reya OPRUSDPERP	0.1262	0.0439	get 0.0055% / 1h	50m 21s	$702	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.149%Rate

Funding earned: $71.17
Price spread: +0.149% → 0.000%: $14.88
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: $71.05
Costs to cover: 0.150%
Break-even: 0.0 days

Slippage unknown: GRVT: live order book, 4 min ago; Reya: 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, 4 min ago	3.98 bp	18.1 bp −$18	137.7 bp −$1,377	10017.1 bp −$1.00M	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1535%	1h	0.1256	−0.351%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1262	+0.158%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.474%	$25K	$77K	50x	as long as short
ApeX Omni OPUSDT	−0.0035%	1h	0.1258	−0.192%	$43K	$724K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1264	+0.284%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1263	+0.204%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1263	+0.170%	—	—	150x	as long as short
Variational Omni OP	+0.0055%	8h	0.1260	−0.001%	$224K	$52K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1262	+0.125%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.331%	$281K	$946K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX OP-USDT-SWAP	+0.0097%	8h	0.1262	+0.109%	$6.1M	$30.1M	50x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1263	+0.244%	$3.9M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	+0.275%	$211K	$231K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	+0.170%	$20.4M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1262	+0.101%	$18.3M	$26.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1263	+0.212%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1263	+0.197%	$20.5M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1262	+0.125%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	+0.125%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1263	+0.204%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	+0.078%	$121K	$197K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1258	−0.209%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perplong	+0.0100%	8h	0.1260	long leg	$312K	$5.2M	10x
SoDEX OP-USD	+0.0100%	1h	0.1263	+0.197%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.173%	$174K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	+0.132%	$101K	$395K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	+0.165%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1262	+0.133%	$1.0M	$276K	75x	as long as short
Reya OPRUSDPERPshort	+0.0439%	1h	0.1262	+0.149%	$702	—	20x
Kraken Futures PF_OPUSD	+0.0462%	1h	0.1264	+0.281%	$798K	$618K	20x	as long as short