Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h −0.068%

Price spread now: GMX against OKX+0.006%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 GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OP-USDT-SWAP	0.1260	0.0095	pay 0.0095% / 8h	3h 08m	$6.2M	$28.4M	50x
Short	GMX OP/USD [OP-USDC]	0.1260	L −0.1065% / S +0.0229%	pay 0.0029% / 1h	8m 06s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$68.14
Price spread: +0.006% → 0.000%: $0.56
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$89.58
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 1 min ago; GMX: 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	0.79 bp	8.0 bp −$8	24.9 bp −$249	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1568%	1h	0.1255	−0.405%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.1065% / S +0.0229%	1h	0.1260	+0.006%	$13K	—	100x
dYdX OP-USD	0.0000%	1h	0.1258	−0.128%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	−0.008%	$42K	$138K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1260	−0.009%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1270	+0.786%	$25K	$56K	50x	as long as short
Variational Omni OP	+0.0038%	8h	0.1258	−0.165%	$223K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1259	−0.087%	$6K	$46K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1260	+0.021%	$773K	$548K	20x	as long as short
OKX OP-USDT-SWAPlong	+0.0095%	8h	0.1260	long leg	$6.2M	$28.4M	50x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1260	+0.032%	$275K	$949K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1260	+0.024%	$3.7M	$2.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1260	−0.008%	$210K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	−0.012%	$20.3M	$61.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1259	−0.063%	$18.5M	$24.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1260	−0.016%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1260	−0.008%	$21.2M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1259	−0.087%	$2.8M	$6.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1260	−0.008%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1259	−0.087%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1260	−0.040%	$117K	$206K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	+0.169%	$4K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	+0.152%	$316K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1263	+0.230%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	0.000%	$196	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	+0.024%	$170K	$229K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.052%	$102K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.013%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1257	−0.254%	$834K	$278K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1259	−0.054%	$700	—	20x	as long as short