Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.062%

Price spread now: Bitget against Kraken Futures−0.112%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$830.832% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now −0.112%, 7d avg −0.080%

Together, before fees−0.121%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bitget is 0.032% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1282	0.0224	pay 0.0028% / 1h	12m 05s	$802K	$745K	20x
Short	Bitget OPUSDT	0.1281	0.0100	get 0.0100% / 8h	1h 12m	$6.1M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$26.13
Price spread: −0.112% → −0.080%: −$3.17
Slippage, 4 orders: −$61.22
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$112.53
Costs to cover: 0.832%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 6 min ago; Bitget: live order book, 1 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 Kraken Futures live order book, 6 min ago	8.20 bp	33.6 bp −$34	121.0 bp −$1,210	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.90 bp	11.1 bp −$11	24.8 bp −$248	83.5 bp −$8,350	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	−0.658%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1281	−0.076%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	−0.190%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1281	−0.131%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1282	−0.034%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1281	−0.096%	—	—	150x	as long as short
Variational Omni OP	+0.0060%	8h	0.1280	−0.222%	$233K	$53K	—	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1280	−0.190%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1282	−0.003%	$290K	$922K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1282	−0.026%	$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	0.1281	−0.119%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1281	−0.107%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1280	−0.151%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1281	−0.104%	$6.1M	$30.2M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1281	−0.112%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1281	−0.112%	$20.2M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1280	−0.190%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDTshort	+0.0100%	8h	0.1281	−0.112%	$6.1M	$6.3M	75x
BingX OP-USDC	+0.0100%	8h	0.1281	−0.112%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1281	−0.104%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.259%	$9K	$384K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.261%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1279	−0.268%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1281	−0.096%	$179	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1281	−0.073%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1281	−0.105%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1281	−0.127%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	−0.260%	$1.0M	$298K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0224%	1h	0.1282	long leg	$802K	$745K	20x
Reya OPRUSDPERP	+0.0437%	1h	0.1281	−0.093%	$712	—	20x	as long as short