Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.099%

Price spread now: Kraken Futures against MEXC+0.083%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$700.695% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now +0.083%, 7d avg +0.084%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.084%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.067% in total (about 3.5% 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	0.1264	0.0100	pay 0.0100% / 8h	7h 37m	$20.1M	$7.3M	300x
Short	Kraken Futures PF_OPUSD	0.1265	0.0384	get 0.0048% / 1h	37m 22s	$798K	$754K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.083%Rate

Funding earned: $59.56
Price spread: +0.083% → +0.084%: −$0.12
Slippage, 4 orders: −$59.53
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$10.09
Costs to cover: 0.695%
Break-even: 8.2 days

Slippage from MEXC: live order book, 1 min ago; Kraken Futures: live order book, 36 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	4.6 bp −$5	12.1 bp −$121	60.4 bp −$6,036	104.6 bp −$52.3K
Sell Kraken Futures live order book, 36 min ago	14.13 bp	29.7 bp −$30	69.8 bp −$698	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	−0.1656%	1h	0.1257	−0.562%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1264	0.000%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.166%	$21K	$64K	50x	as long as short
Bybit OPUSDT	−0.0059%	8h	0.1263	−0.071%	$18.3M	$26.0M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.047%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1264	−0.008%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	+0.044%	—	—	150x	as long as short
Variational Omni OP	+0.0049%	8h	0.1263	−0.126%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0055%	8h	0.1264	−0.008%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.047%	$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	0.1265	+0.103%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1265	+0.052%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1264	+0.019%	$20.5M	$61.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1263	−0.111%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1264	+0.024%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDTlong	+0.0100%	8h	0.1264	long leg	$20.1M	$7.3M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1264	−0.008%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1264	−0.008%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1263	−0.047%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	−0.016%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1263	−0.074%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	−0.172%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	−0.008%	$43K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	−0.040%	$179	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1264	+0.016%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.096%	$101K	$361K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	−0.021%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1264	+0.008%	$1.0M	$276K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0384%	1h	0.1265	+0.083%	$798K	$754K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1264	−0.046%	$703	—	20x	as long as short