Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0452%/8h= −49.5% APRpaid last 24h −0.118%

Price spread now: Coinbase International against MEXC−0.095%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.271%−$27 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Coinbase International is 0.095% cheaper against MEXC than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.271% in total (about -14.1% 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	MEXC OP_USDT	0.1263	0.0100	pay 0.0100% / 8h	7h 39m	$20.1M	$7.3M	300x
Short	Coinbase International OP-PERP-INTX	0.1262	−0.0352	pay 0.0044% / 1h	39m 19s	$21K	$64K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$94.92
Price spread: −0.095% → 0.000%: −$9.5
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$114.42
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.79 bp	3.8 bp −$4	21.9 bp −$219	69.9 bp −$6,995	113.5 bp −$56.7K
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	−0.1656%	1h	0.1258	−0.412%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1263	+0.007%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0542%	1h	0.1262	−0.095%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0352%	1h	0.1262	−0.095%	$21K	$64K	50x
Bybit OPUSDT	−0.0095%	8h	0.1261	−0.142%	$18.3M	$26.0M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.142%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	+0.045%	—	—	150x	as long as short
Variational Omni OP	+0.0049%	8h	0.1263	−0.055%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1263	−0.016%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1263	0.000%	$283K	$948K	15x	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	0.1264	+0.087%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	+0.075%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.103%	$20.4M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1262	−0.095%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1263	+0.008%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDTlong	+0.0100%	8h	0.1263	long leg	$20.1M	$7.3M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1263	−0.016%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1263	−0.016%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1263	−0.040%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	+0.095%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	+0.039%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1266	+0.206%	$311K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.063%	$43K	$724K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	−0.103%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.016%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.143%	$101K	$340K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	−0.036%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1262	−0.087%	$1.0M	$270K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0384%	1h	0.1264	+0.027%	$797K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1262	−0.062%	$702	—	20x	as long as short