Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.037%

Price spread now: Lighter against MEXC+0.101%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 4 days (all we have)+0.058%+$6 · spread now +0.101%, 7d avg +0.034%

Together, before fees+0.111%+ Points / potential airdropLighter: Season 3 · farm board+$11 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: Lighter is 0.067% dearer against MEXC than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC OP_USDT	0.1283	0.0100	pay 0.0100% / 8h	1h 08m	$20.4M	$7.2M	300x
Short	Lighter OP	0.1284	0.0096	get 0.0012% / 1h	8m 48s	$291K	$923K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$0.84
Price spread: +0.101% → +0.034%: $6.69
Slippage, 4 orders: −$37.77
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$31.93
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from MEXC: live order book, 5 min ago; Lighter: live order book, 6 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, 5 min ago	0.39 bp	2.9 bp −$3	6.3 bp −$63	48.6 bp −$4,859	103.7 bp −$51.8K
Sell Lighter live order book, 6 min ago	3.90 bp	18.3 bp −$18	54.7 bp −$547	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	−0.1710%	1h	0.1274	−0.709%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1283	+0.018%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	−0.242%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1283	−0.022%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1283	−0.008%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1283	−0.008%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1282	−0.086%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1280	−0.259%	$233K	$53K	—	as long as short
Lighter OPshort	+0.0096%	1h	0.1284	+0.101%	$291K	$923K	15x
Hyperliquid OP	+0.0100%	1h	0.1284	+0.101%	$4.2M	$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	0.1284	+0.073%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1283	−0.009%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1283	−0.039%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1283	+0.031%	$6.1M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1283	−0.008%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDTlong	+0.0100%	8h	0.1283	long leg	$20.4M	$7.2M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1283	−0.008%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1284	+0.070%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1283	+0.008%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1283	+0.008%	$125K	$191K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1281	−0.189%	$10K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.288%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	−0.242%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1283	−0.016%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1282	−0.062%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1283	−0.009%	$103K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1283	−0.021%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1282	−0.078%	$1.0M	$289K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0224%	1h	0.1284	+0.073%	$803K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1283	−0.012%	$713	—	20x	as long as short