Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h −0.008%

Price spread now: BloFin against Lighter−0.064%60s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.435% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 3 days (all we have)+0.306%+$31 · spread now −0.064%, 7d avg −0.026%

Together, before fees+0.464%+ Points / potential airdropLighter: Season 3 · farm board+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.038% cheaper against Lighter than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of −0.026%). If the spread goes back, that is −$4 on $10k: about 24 hours of funding at the current rate (+$4 a day). The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OP	0.1256	0.0096	pay 0.0012% / 1h	30m 19s	$271K	$905K	15x
Short	BloFin OP-USDT	0.1255	0.0220	get 0.0220% / 8h	2h 30m	$997K	$280K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter. 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 LighterbpFee BloFinbpOrdersPrice spread, now −0.064%Rate

Funding earned: $26.04
Price spread: −0.064% → −0.026%: −$3.79
Slippage, 4 orders: −$31.5
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$21.26
Costs to cover: 0.435%
Break-even: 12.7 days

Slippage from Lighter: live order book, 55 min ago; BloFin: live order book, 22 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 Lighter live order book, 55 min ago	5.20 bp	17.9 bp −$18	46.4 bp −$464	doesn't fit	doesn't fit
Sell BloFin live order book, 22 min ago	0.80 bp	6.8 bp −$7	13.5 bp −$135	45.7 bp −$4,568	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	−0.1658%	1h	0.1246	−0.820%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1256	−0.009%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.059%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1256	−0.008%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1256	−0.024%	$41K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1256	+0.002%	—	—	150x	as long as short
Variational Omni OP	+0.0029%	8h	0.1256	−0.052%	$228K	$44K	—	as long as short
Orderly PERP_OP_USDC	+0.0031%	8h	0.1255	−0.103%	$6K	$50K	10x	as long as short
Lighter OPlong	+0.0096%	1h	0.1256	long leg	$271K	$905K	15x
OKX OP-USDT-SWAP	+0.0099%	8h	0.1255	−0.103%	$5.8M	$29.5M	50x	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	0.1258	+0.096%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1256	+0.008%	$211K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1255	−0.069%	$20.4M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1255	−0.088%	$18.3M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1256	0.000%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1256	−0.048%	$20.1M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1256	−0.024%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1256	−0.024%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1256	−0.032%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1256	0.000%	$127K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1253	−0.229%	$9K	$379K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1254	−0.183%	$310K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1253	−0.263%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1255	−0.096%	$170	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1256	0.000%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1255	−0.124%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1256	−0.057%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1256	+0.007%	$777K	$731K	20x	as long as short
BloFin OP-USDTshort	+0.0220%	8h	0.1255	−0.064%	$997K	$280K	75x
Reya OPRUSDPERP	+0.0436%	1h	0.1256	−0.055%	$698	—	20x	as long as short