Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.008%

Price spread now: Bybit against KuCoin+0.024%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$820.824% of the position

Long on KuCoin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.024%, 7d avg −0.010%

Together, before fees−0.067%−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.034% dearer against KuCoin than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin OPUSDTM	0.1264	0.0100	pay 0.0100% / 8h	6h 27m	$2.9M	$6.9M	75x
Short	Bybit OPUSDT	0.1264	0.0100	get 0.0100% / 8h	6h 27m	$18.4M	$26.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against KuCoin. 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 KuCoinbpFee BybitbpOrdersPrice spread, now +0.024%Rate

Funding earned: $0
Price spread: +0.024% → −0.010%: $3.36
Slippage, 4 orders: −$59.4
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$79.03
Costs to cover: 0.824%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Bybit: 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 KuCoin live order book, 6 min ago	3.97 bp	29.0 bp −$29	78.7 bp −$787	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.40 bp	11.1 bp −$11	25.9 bp −$259	124.8 bp −$12.5K	doesn't fit

OP on 29 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	0.1255	−0.712%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1263	−0.097%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.187%	$25K	$75K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.062%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1264	0.000%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	+0.079%	—	—	150x	as long as short
Variational Omni OP	+0.0050%	8h	0.1259	−0.367%	$224K	$51K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1265	+0.079%	$6K	$47K	10x	as long as short
OKX OP-USDT-SWAP	+0.0085%	8h	0.1265	+0.111%	$6.1M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1266	+0.134%	$281K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1266	+0.158%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1265	+0.068%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	+0.087%	$20.4M	$62.2M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1264	+0.024%	$18.4M	$26.0M	75x
Gate OP_USDT	+0.0100%	8h	0.1265	+0.095%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1265	+0.087%	$20.7M	$7.5M	300x	as long as short
KuCoin OPUSDTMlong	+0.0100%	8h	0.1264	long leg	$2.9M	$6.9M	75x
Bitget OPUSDT	+0.0100%	8h	0.1265	+0.079%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1265	+0.079%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	−0.032%	$124K	$203K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.321%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1258	−0.476%	$310K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1260	−0.316%	$43K	$712K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	−0.032%	$174	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	−0.095%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1264	+0.021%	$104K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	−0.040%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1265	+0.106%	$704	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0461%	1h	0.1265	+0.090%	$799K	$593K	20x	as long as short