Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.108%

Price spread now: Reya against OKX−0.059%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 Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.059% cheaper against OKX than usual: you would sell low and buy high (spread −0.059% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 14 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OP-USDT-SWAP	0.1238	0.0100	pay 0.0100% / 8h	4h 11m	$6.0M	$26.7M	50x
Short	Reya OPRUSDPERP	0.1238	0.0448	get 0.0056% / 1h	11m 23s	$688	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.059%Rate

Funding earned: $73.03
Price spread: −0.059% → 0.000%: −$5.93
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $51.11
Costs to cover: 0.160%
Break-even: 2.1 days

Slippage unknown: OKX: live order book, 5 min ago; Reya: 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	12.9 bp −$13	28.4 bp −$284	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 exchanges

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
GMX OP/USD [OP-USDC]	L −0.1360% / S +0.0278%	1h	0.1239	+0.053%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0557%	1h	0.1238	−0.024%	$30K	$112K	25x	as long as short
Hyperliquid OP	−0.0452%	1h	0.1238	−0.040%	$3.8M	$4.1M	5x	as long as short
Extended OP-USD	−0.0168%	1h	0.1238	−0.022%	$102K	$669K	25x	as long as short
Binance OPUSDT	−0.0164%	8h	0.1238	−0.032%	$19.1M	$65.3M	75x	as long as short
MEXC OP_USDT	−0.0164%	8h	0.1238	0.000%	$21.7M	$7.2M	300x	as long as short
Orderly PERP_OP_USDC	−0.0096%	8h	0.1238	−0.024%	$12K	$229K	10x	as long as short
Gate OP_USDT	−0.0072%	8h	0.1239	+0.032%	$1.9M	$1.3M	50x	as long as short
Coinbase International OP-PERP-INTX	−0.0056%	1h	0.1242	+0.299%	$24K	$70K	50x	as long as short
Kraken Futures PF_OPUSD	−0.0053%	1h	0.1240	+0.124%	$735K	$720K	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin OP-USDT	−0.0038%	8h	0.1240	+0.129%	$981K	$261K	75x	as long as short
GRVT OP_USDT_Perp	−0.0012%	8h	0.1240	+0.137%	$302K	$5.8M	10x	as long as short
KuCoin OPUSDTM	−0.0008%	8h	0.1237	−0.105%	$2.9M	$5.1M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1240	+0.116%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1239	+0.057%	—	—	150x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1233	−0.428%	$34K	$67K	12x	as long as short
Aevo OP-PERP	+0.0040%	1h	0.1238	+0.002%	$3K	$1K	3x	as long as short
Variational Omni OP	+0.0044%	8h	0.1239	+0.064%	$220K	$44K	—	as long as short
Lighter OP	+0.0096%	1h	0.1239	+0.024%	$249K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1239	+0.057%	$205K	$202K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1238	−0.048%	$18.0M	$24.2M	75x	as long as short
OKX OP-USDT-SWAPlong	+0.0100%	8h	0.1238	long leg	$6.0M	$26.7M	50x
Bitget OPUSDT	+0.0100%	8h	0.1238	−0.024%	$5.8M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1238	−0.008%	—	$6.4M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1239	+0.024%	$109K	$221K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1240	+0.118%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1241	+0.218%	$43K	$684K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1239	+0.016%	$192	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1240	+0.129%	$168K	$264K	50x	as long as short
Reya OPRUSDPERPshort	+0.0448%	1h	0.1238	−0.059%	$688	—	20x