Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.023%

Price spread now: dYdX against OKX+0.080%7-day average — · you sell dearer than you buy

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

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. dYdX is 0.080% dearer against OKX than usual: you sell high and buy low (spread +0.080% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OP-USDT-SWAP	0.1260	0.0100	pay 0.0100% / 8h	7h 18m	$6.0M	$29.7M	50x
Short	dYdX OP-USD	0.1261	0	get 0.0000% / 1h	18m 41s	$39K	$522	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$21
Price spread: +0.080% → 0.000%: $8.02
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$32.98
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 min ago; dYdX: 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, 5 min ago	0.40 bp	11.2 bp −$11	27.6 bp −$276	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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	−0.1328%	1h	0.1249	−0.857%	$34K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1258	−0.121%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0049%	8h	0.1259	−0.064%	$12K	$234K	10x	as long as short
KuCoin OPUSDTM	−0.0007%	8h	0.1259	−0.064%	$2.9M	$6.1M	75x	as long as short
dYdX OP-USDshort	0.0000%	1h	0.1261	+0.080%	$39K	$522	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	+0.016%	$31K	$163K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1260	+0.018%	—	—	150x	as long as short
Variational Omni OP	+0.0064%	8h	0.1259	−0.090%	$223K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1262	+0.159%	$292K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1261	+0.087%	$3.5M	$3.7M	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	0.1260	+0.016%	$203K	$211K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	+0.028%	$19.4M	$68.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1260	0.000%	$18.3M	$26.4M	75x	as long as short
OKX OP-USDT-SWAPlong	+0.0100%	8h	0.1260	long leg	$6.0M	$29.7M	50x
Gate OP_USDT	+0.0100%	8h	0.1261	+0.071%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	+0.064%	$22.4M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1260	+0.016%	$5.8M	$6.9M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1260	+0.032%	—	$6.7M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1260	−0.008%	$113K	$216K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1258	−0.174%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1258	−0.105%	$306K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1258	−0.143%	$44K	$690K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	−0.008%	$206	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1259	−0.056%	$171K	$263K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.058%	$100K	$585K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1259	−0.079%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0112%	1h	0.1244	−1.254%	$25K	$69K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0154%	1h	0.1261	+0.103%	$745K	$734K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.071%	$984K	$327K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1258	−0.116%	$700	—	20x	as long as short