Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0460%/8h= −50.4% APRpaid last 24h −0.143%

Price spread now: Coinbase International against HTX−0.875%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Coinbase International is 0.875% cheaper against HTX than usual: you would sell low and buy high (−$87 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX OP-USDT	0.1280	0.0100	pay 0.0100% / 8h	1h 17m	$177K	$232K	50x
Short	Coinbase International OP-PERP-INTX	0.1269	−0.0360	pay 0.0045% / 1h	17m 21s	$21K	$64K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.875%Rate

Funding earned: −$96.6
Price spread: −0.875% → 0.000%: −$87.49
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$206.09
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 64 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 HTX live order book, 64 min ago	12.61 bp	25.2 bp −$25	2743.8 bp −$27.4K	doesn't fit	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 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	0.1270	−0.797%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.059%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0360%	1h	0.1269	−0.875%	$21K	$64K	50x
dYdX OP-USD	0.0000%	1h	0.1280	−0.003%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1281	+0.062%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.026%	—	—	150x	as long as short
Variational Omni OP	+0.0053%	8h	0.1278	−0.204%	$233K	$53K	—	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1279	−0.094%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1281	+0.062%	$280K	$911K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1281	+0.039%	$4.1M	$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	−0.006%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	−0.073%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	−0.109%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1280	−0.047%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	−0.016%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1279	−0.062%	$20.2M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	−0.094%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	−0.016%	$6.1M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1279	−0.070%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1280	−0.023%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1278	−0.148%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.096%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1278	−0.172%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	+0.016%	$184	$6K	5x	as long as short
HTX OP-USDTlong	+0.0100%	8h	0.1280	long leg	$177K	$232K	50x
Extended OP-USD	+0.0104%	1h	0.1280	−0.047%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1280	−0.052%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	−0.094%	$1.0M	$289K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0225%	1h	0.1282	+0.113%	$801K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1279	−0.070%	$711	—	20x	as long as short