Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h −0.098%

Price spread now: Coinbase International against OKX−0.606%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.246%−$25 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 0.606% cheaper against OKX than usual: you would sell low and buy high (spread −0.606% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$61 on $10k: about 16 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.246%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OP-USDT-SWAP	0.1270	0.0044	pay 0.0044% / 8h	4h 27m	$6.2M	$28.7M	50x
Short	Coinbase International OP-PERP-INTX	0.1262	0.0168	get 0.0021% / 1h	27m 38s	$24K	$63K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.606%Rate

Funding earned: $26.01
Price spread: −0.606% → 0.000%: −$60.64
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$54.64
Costs to cover: 0.200%
Break-even: 21.7 days

Slippage unknown: OKX: live order book, 1 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 OKX live order book, 1 min ago	0.39 bp	9.9 bp −$10	28.0 bp −$280	doesn't fit	doesn't fit
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	−0.1607%	1h	0.1268	−0.134%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1271	+0.081%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1270	+0.014%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1270	+0.024%	$42K	$140K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1271	+0.078%	—	—	150x	as long as short
OKX OP-USDT-SWAPlong	+0.0044%	8h	0.1270	long leg	$6.2M	$28.7M	50x
Variational Omni OP	+0.0053%	8h	0.1271	+0.065%	$225K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1270	+0.024%	$6K	$45K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1271	+0.071%	$279K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1271	+0.079%	$3.7M	$2.8M	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	0.1270	−0.007%	$212K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1270	+0.039%	$20.5M	$60.2M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1269	−0.039%	$18.6M	$24.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1271	+0.102%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1270	+0.024%	$21.5M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1269	−0.055%	$2.9M	$6.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1270	+0.024%	$5.9M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1270	+0.024%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1268	−0.110%	$125K	$200K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1270	+0.052%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1271	+0.106%	$318K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	−0.685%	$43K	$710K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1269	−0.047%	$206	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	+0.221%	$175K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1269	−0.043%	$104K	$394K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1269	−0.039%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0168%	1h	0.1262	−0.606%	$24K	$63K	50x
BloFin OP-USDT	+0.0220%	8h	0.1273	+0.268%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0347%	1h	0.1270	+0.023%	$791K	$547K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1272	+0.202%	$707	—	20x	as long as short