Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0258%/8h= +28.3% APRpaid last 24h +0.066%

Price spread now: Kraken Futures against KuCoin+0.149%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1171.168% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.149%, 7d avg +0.099%

Together, before fees+0.005%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.049% dearer against KuCoin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.099%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.018% in total (about 0.9% 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	KuCoin OPUSDTM	0.1274	0.0100	pay 0.0100% / 8h	24m 44s	$2.9M	$7.3M	75x
Short	Kraken Futures PF_OPUSD	0.1276	0.0358	get 0.0045% / 1h	24m 44s	$801K	$747K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.149%Rate

Funding earned: $54.24
Price spread: +0.149% → +0.099%: $4.92
Slippage, 4 orders: −$94.78
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$57.62
Costs to cover: 1.168%
Break-even: 14.4 days

Slippage from KuCoin: live order book, 3 min ago; Kraken Futures: live order book, 53 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, 3 min ago	3.91 bp	30.4 bp −$30	79.8 bp −$798	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 53 min ago	8.20 bp	22.3 bp −$22	73.7 bp −$737	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	−0.1633%	1h	0.1269	−0.392%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1274	+0.001%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1270	−0.314%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1275	+0.065%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1274	0.000%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1274	−0.017%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1273	−0.078%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1275	+0.091%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1275	+0.118%	$296K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1275	+0.094%	$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	0.1275	+0.074%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1274	−0.031%	$20.6M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1273	−0.047%	$18.4M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1273	−0.055%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1274	+0.016%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1275	+0.039%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTMlong	+0.0100%	8h	0.1274	long leg	$2.9M	$7.3M	75x
Bitget OPUSDT	+0.0100%	8h	0.1274	0.000%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1274	0.000%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1274	+0.016%	$124K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	+0.420%	$10K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	+0.311%	$319K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1279	+0.392%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1274	0.000%	$197	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1275	+0.047%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1273	−0.072%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1274	−0.003%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1274	+0.031%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0358%	1h	0.1276	+0.149%	$801K	$747K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1273	−0.070%	$708	—	20x	as long as short