Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0342%/8h= +37.5% APRpaid last 24h +0.100%

Price spread now: Reya against HTX−0.143%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 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 airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.143% cheaper against HTX than usual: you would sell low and buy high (spread −0.143% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 33 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX OP-USDT	0.1253	0.0100	pay 0.0100% / 8h	2h 37m	$172K	$236K	50x
Short	Reya OPRUSDPERP	0.1252	0.0442	get 0.0055% / 1h	37m 55s	$696	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.143%Rate

Funding earned: $71.91
Price spread: −0.143% → 0.000%: −$14.33
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $39.58
Costs to cover: 0.180%
Break-even: 3.1 days

Slippage unknown: HTX: live order book, 9 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 HTX live order book, 9 min ago	11.10 bp	22.5 bp −$22	2745.3 bp −$27.5K	doesn't fit	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	−0.1583%	1h	0.1241	−0.989%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1253	−0.045%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1249	−0.318%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1254	+0.048%	$40K	$139K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1253	−0.055%	—	—	150x	as long as short
Variational Omni OP	+0.0026%	8h	0.1251	−0.220%	$221K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0029%	8h	0.1251	−0.191%	$59K	$138K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0074%	1h	0.1256	+0.196%	$768K	$612K	20x	as long as short
Lighter OP	+0.0096%	1h	0.1255	+0.144%	$290K	$987K	15x	as long as short
OKX OP-USDT-SWAP	+0.0097%	8h	0.1255	+0.168%	$6.2M	$28.8M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1255	+0.120%	$3.5M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1254	+0.057%	$207K	$218K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1255	+0.109%	$19.9M	$63.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1254	+0.072%	$18.6M	$25.5M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1254	+0.048%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1254	+0.056%	$23.0M	$7.6M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1253	−0.032%	$2.9M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1254	+0.048%	$5.8M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1256	+0.207%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1254	+0.040%	$106K	$215K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1259	+0.424%	$381K	$768K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1247	−0.502%	$305K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1253	−0.032%	$43K	$705K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1253	+0.008%	$197	$6K	5x	as long as short
HTX OP-USDTlong	+0.0100%	8h	0.1253	long leg	$172K	$236K	50x
Extended OP-USD	+0.0104%	1h	0.1253	+0.008%	$100K	$505K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1253	−0.072%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0160%	1h	0.1245	−0.670%	$26K	$60K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1248	−0.455%	$1.0M	$275K	75x	as long as short
Reya OPRUSDPERPshort	+0.0442%	1h	0.1252	−0.143%	$696	—	20x