Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.100%

Price spread now: OKX against Kraken Futures−0.140%7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$840.839% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 3 days (all we have)−0.005%−$1 · spread now −0.140%, 7d avg −0.124%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.124%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.079% in total (about -4.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1265	0.0384	pay 0.0048% / 1h	37m 40s	$798K	$754K	20x
Short	OKX OP-USDT-SWAP	0.1263	0.0100	get 0.0100% / 8h	7h 37m	$6.1M	$29.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$59.56
Price spread: −0.140% → −0.124%: −$1.58
Slippage, 4 orders: −$63.86
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$145.01
Costs to cover: 0.839%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; OKX: 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, 36 min ago	14.13 bp	31.8 bp −$32	172.3 bp −$1,723	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.40 bp	8.0 bp −$8	25.7 bp −$257	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	−0.1656%	1h	0.1258	−0.558%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1264	−0.090%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.242%	$21K	$64K	50x	as long as short
Bybit OPUSDT	−0.0059%	8h	0.1263	−0.171%	$18.3M	$26.0M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	−0.029%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1265	−0.005%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	−0.103%	—	—	150x	as long as short
Variational Omni OP	+0.0049%	8h	0.1263	−0.202%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1264	−0.084%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1265	−0.029%	$283K	$948K	15x	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	0.1265	+0.011%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	−0.045%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1264	−0.060%	$20.5M	$61.9M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1263	−0.140%	$6.1M	$29.9M	50x
Gate OP_USDT	+0.0100%	8h	0.1264	−0.076%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1264	−0.076%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1264	−0.084%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1264	−0.084%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1265	−0.005%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	−0.092%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	−0.108%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1266	+0.059%	$311K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	−0.084%	$43K	$724K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	−0.084%	$183	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	−0.163%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.129%	$104K	$356K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	−0.113%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1262	−0.234%	$1.0M	$270K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0384%	1h	0.1265	long leg	$798K	$754K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1263	−0.193%	$702	—	20x	as long as short