Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.125%

Price spread now: Coinbase International against KuCoin−0.630%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.327%−$33 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 0.630% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.630% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$63 on $10k: about 31 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.327%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin OPUSDTM	0.1270	0.0100	pay 0.0100% / 8h	4h 25m	$2.9M	$6.5M	75x
Short	Coinbase International OP-PERP-INTX	0.1262	0.0168	get 0.0021% / 1h	25m 02s	$24K	$63K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.630%Rate

Funding earned: $14.28
Price spread: −0.630% → 0.000%: −$62.99
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$70.71
Costs to cover: 0.220%
Break-even: 41.7 days

Slippage unknown: KuCoin: live order book, 3 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 KuCoin live order book, 3 min ago	3.94 bp	21.2 bp −$21	77.2 bp −$772	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	−0.1607%	1h	0.1263	−0.551%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1273	+0.254%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1272	+0.146%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1273	+0.236%	$42K	$140K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1273	+0.245%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0045%	8h	0.1272	+0.118%	$6.2M	$28.7M	50x	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1274	+0.315%	$6K	$45K	10x	as long as short
Variational Omni OP	+0.0060%	8h	0.1270	−0.038%	$224K	$48K	—	as long as short
Lighter OP	+0.0096%	1h	0.1273	+0.220%	$280K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1272	+0.157%	$3.7M	$2.8M	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	0.1271	+0.063%	$212K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1272	+0.122%	$20.5M	$60.2M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1271	+0.047%	$18.6M	$24.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1272	+0.134%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1272	+0.126%	$21.5M	$7.2M	300x	as long as short
KuCoin OPUSDTMlong	+0.0100%	8h	0.1270	long leg	$2.9M	$6.5M	75x
Bitget OPUSDT	+0.0100%	8h	0.1271	+0.079%	$5.9M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1271	+0.110%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1271	+0.071%	$125K	$199K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1269	−0.089%	$4K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1271	+0.040%	$318K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1269	−0.079%	$44K	$711K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1273	+0.228%	$204	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	+0.236%	$175K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1271	+0.093%	$104K	$394K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1273	+0.228%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0168%	1h	0.1262	−0.630%	$24K	$63K	50x
BloFin OP-USDT	+0.0220%	8h	0.1271	+0.102%	$999K	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0346%	1h	0.1273	+0.273%	$792K	$547K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1273	+0.273%	$708	—	20x	as long as short