Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1685%/8h= −184.5% APRpaid last 24h −0.075%

Price spread now: Injective against Orderly−0.402%58s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.162%−$116 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 −$51 a day on $10k at the current rate, and Injective is 0.402% cheaper against Orderly than usual: you would sell low and buy high (−$40 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.162% in total (about -60.6% 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	0.1245	0.0027	pay 0.0027% / 8h	2h 49m	$6K	$51K	10x
Short	Injective OP/USDC PERP	0.1240	−0.1658	pay 0.0207% / 1h	49m 48s	$34K	$58K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.402%Rate

Funding earned: −$353.76
Price spread: −0.402% → 0.000%: −$40.16
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$399.94
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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 PERPshort	−0.1658%	1h	0.1240	−0.402%	$34K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1245	+0.040%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−0.161%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1245	0.000%	$38K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1246	+0.080%	$41K	$174K	25x	as long as short
Variational Omni OP	+0.0002%	8h	0.1243	−0.188%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1246	+0.078%	—	—	150x	as long as short
Orderly PERP_OP_USDClong	+0.0027%	8h	0.1245	long leg	$6K	$51K	10x
OKX OP-USDT-SWAP	+0.0095%	8h	0.1249	+0.353%	$5.8M	$29.4M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1246	+0.096%	$266K	$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	+0.466%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1246	+0.095%	$210K	$243K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1249	+0.337%	$20.2M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	+0.321%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1248	+0.241%	$1.8M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1249	+0.297%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1248	+0.241%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	+0.402%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1249	+0.321%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	+0.169%	$127K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1247	+0.162%	$9K	$380K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	+0.416%	$304K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1248	+0.241%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1245	+0.016%	$157	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1245	+0.032%	$172K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1248	+0.245%	$100K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1246	+0.076%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0138%	1h	0.1247	+0.143%	$770K	$742K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1244	−0.080%	$988K	$294K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1245	+0.008%	$692	—	20x	as long as short