Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.031%

Price spread now: Bybit against MEXC−0.080%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 7 days+0.042%+$4 · spread now −0.080%, 7d avg −0.054%

Together, before fees+0.066%+$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 0.026% cheaper against MEXC than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC OP_USDT	0.1250	0.0100	pay 0.0100% / 8h	2h 47m	$20.1M	$7.2M	300x
Short	Bybit OPUSDT	0.1249	0.0100	get 0.0100% / 8h	2h 47m	$18.4M	$25.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against MEXC. 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 MEXCbpFee BybitbpOrdersPrice spread, now −0.080%Rate

Funding earned: $0
Price spread: −0.080% → −0.054%: −$2.58
Slippage, 4 orders: −$22.62
Fee MEXC: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36.19
Costs to cover: 0.336%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 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 MEXC live order book, 1 min ago	0.40 bp	2.5 bp −$3	5.3 bp −$53	51.8 bp −$5,176	110.0 bp −$55.0K
Sell Bybit live order book, 1 min ago	0.40 bp	12.7 bp −$13	29.0 bp −$290	83.3 bp −$8,332	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	0.1244	−0.512%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1250	+0.007%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.592%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1250	−0.031%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1250	−0.032%	$41K	$172K	25x	as long as short
Variational Omni OP	+0.0002%	8h	0.1243	−0.619%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	+0.020%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0027%	8h	0.1250	−0.032%	$6K	$51K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1250	+0.008%	$267K	$899K	15x	as long as short
OKX OP-USDT-SWAP	+0.0097%	8h	0.1250	−0.056%	$5.8M	$29.4M	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	0.1251	+0.064%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1251	+0.017%	$210K	$243K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1251	+0.020%	$20.2M	$62.6M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1249	−0.080%	$18.4M	$25.3M	75x
Gate OP_USDT	+0.0100%	8h	0.1250	+0.008%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDTlong	+0.0100%	8h	0.1250	long leg	$20.1M	$7.2M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1249	−0.112%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	−0.032%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1250	−0.024%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1250	−0.032%	$128K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1248	−0.186%	$9K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1248	−0.191%	$309K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.512%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	−0.040%	$161	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	−0.024%	$173K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1250	−0.056%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	+0.006%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1251	+0.017%	$772K	$733K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	−0.008%	$995K	$287K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1250	−0.034%	$695	—	20x	as long as short