Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.078%

Price spread now: Kraken Futures against OKX+0.020%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$630.633% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now +0.020%, 7d avg +0.112%

Together, before fees+0.247%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.092% cheaper against OKX than usual: you would sell low and buy high (spread +0.020% now, against its 7-day average of +0.112%). If the spread goes back, that is −$9 on $10k: about 4.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OP-USDT-SWAP	0.1243	0.0100	pay 0.0100% / 8h	23m 11s	$5.9M	$29.4M	50x
Short	Kraken Futures PF_OPUSD	0.1244	0.0166	get 0.0021% / 1h	23m 11s	$737K	$677K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.020%Rate

Funding earned: $13.79
Price spread: +0.020% → +0.112%: −$9.18
Slippage, 4 orders: −$43.32
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$58.71
Costs to cover: 0.633%
Break-even: 36.8 days

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 15 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 OKX live order book, 5 min ago	0.40 bp	11.8 bp −$12	24.6 bp −$246	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 15 min ago	6.01 bp	20.3 bp −$20	59.2 bp −$592	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	−0.1660%	1h	0.1235	−0.668%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1244	+0.018%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1243	−0.024%	$12K	$236K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1241	−0.205%	$38K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1243	−0.024%	$32K	$164K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1243	−0.010%	—	—	150x	as long as short
Variational Omni OP	+0.0048%	8h	0.1240	−0.248%	$220K	$47K	—	as long as short
KuCoin OPUSDTM	+0.0068%	8h	0.1242	−0.105%	$2.8M	$6.1M	75x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1242	−0.105%	$24K	$65K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1244	+0.048%	$287K	$1.1M	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	0.1244	+0.040%	$3.5M	$3.6M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1243	+0.014%	$204K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1243	+0.003%	$19.6M	$67.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1243	−0.032%	$18.1M	$26.3M	75x	as long as short
OKX OP-USDT-SWAPlong	+0.0100%	8h	0.1243	long leg	$5.9M	$29.4M	50x
Gate OP_USDT	+0.0100%	8h	0.1244	+0.024%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1244	+0.016%	$22.1M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1243	−0.024%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1243	−0.048%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1240	−0.249%	$114K	$221K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1241	−0.193%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1240	−0.267%	$303K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1241	−0.185%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1243	−0.032%	$210	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1244	+0.016%	$165K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1242	−0.077%	$99K	$605K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1243	−0.026%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSDshort	+0.0166%	1h	0.1244	+0.020%	$737K	$677K	20x
BloFin OP-USDT	+0.0220%	8h	0.1243	+0.008%	$997K	$321K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1243	−0.056%	$691	—	20x	as long as short