Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0355%/8h= −38.8% APRpaid last 24h −0.105%

Price spread now: Coinbase International against Orderly−0.560%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.185%−$18 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Coinbase International is 0.560% cheaper against Orderly than usual: you would sell low and buy high (−$56 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.185% in total (about -9.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_OP_USDC	0.1250	0.0027	pay 0.0027% / 8h	2h 47m	$6K	$51K	10x
Short	Coinbase International OP-PERP-INTX	0.1243	−0.0328	pay 0.0041% / 1h	47m 40s	$21K	$64K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.560%Rate

Funding earned: −$74.5
Price spread: −0.560% → 0.000%: −$56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$146.5
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Orderly and 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	−0.1658%	1h	0.1238	−0.960%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1250	+0.026%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0328%	1h	0.1243	−0.560%	$21K	$64K	50x
dYdX OP-USD	0.0000%	1h	0.1250	+0.001%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1250	0.000%	$41K	$172K	25x	as long as short
Variational Omni OP	+0.0002%	8h	0.1243	−0.588%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1250	+0.005%	—	—	150x	as long as short
Orderly PERP_OP_USDClong	+0.0027%	8h	0.1250	long leg	$6K	$51K	10x
OKX OP-USDT-SWAP	+0.0095%	8h	0.1250	−0.032%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1250	0.000%	$267K	$899K	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	0.1251	+0.104%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1250	+0.014%	$210K	$243K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1250	−0.016%	$20.2M	$62.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	−0.048%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1250	−0.040%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1250	−0.008%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1249	−0.080%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1251	+0.080%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1250	0.000%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1250	0.000%	$128K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1247	−0.239%	$9K	$380K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1243	−0.545%	$308K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.480%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	−0.008%	$163	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	−0.008%	$173K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1250	−0.012%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	+0.014%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0137%	1h	0.1251	+0.089%	$773K	$736K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1248	−0.152%	$992K	$294K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1249	−0.048%	$695	—	20x	as long as short