Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0343%/8h= −37.5% APRpaid last 24h −0.125%

Price spread now: Binance against Reya+0.054%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Binance

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Binance is 0.054% dearer against Reya than usual: you sell high and buy low (spread +0.054% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1249	0.0443	pay 0.0055% / 1h	21m 22s	$695	—	20x
Short	Binance OPUSDT	0.1250	0.0100	get 0.0100% / 8h	2h 21m	$19.6M	$64.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Reya. 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 ReyabpFee BinancebpOrdersPrice spread, now +0.054%Rate

Funding earned: −$71.96
Price spread: +0.054% → 0.000%: $5.41
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$82.55
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Binance: live order book, 6 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Binance live order book, 6 min ago	0.40 bp	13.4 bp −$13	31.0 bp −$310	103.4 bp −$10.3K	doesn't fit

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 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	−0.1583%	1h	0.1238	−0.907%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1249	−0.016%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0551%	1h	0.1248	−0.107%	$40K	$139K	25x	as long as short
dYdX OP-USD	0.0000%	1h	0.1250	+0.035%	$39K	$532	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1249	−0.022%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0011%	8h	0.1248	−0.107%	$59K	$142K	10x	as long as short
Variational Omni OP	+0.0023%	8h	0.1243	−0.536%	$220K	$45K	—	as long as short
Kraken Futures PF_OPUSD	+0.0075%	1h	0.1249	+0.013%	$752K	$629K	20x	as long as short
Bybit OPUSDT	+0.0084%	8h	0.1248	−0.107%	$18.3M	$25.6M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1250	+0.021%	$278K	$1.0M	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	0.1250	+0.053%	$3.3M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1250	+0.068%	$204K	$210K	10x	as long as short
Binance OPUSDTshort	+0.0100%	8h	0.1250	+0.054%	$19.6M	$64.1M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1248	−0.115%	$6.1M	$28.8M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1250	+0.029%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1250	+0.045%	$22.8M	$7.7M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1249	−0.027%	$2.8M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1249	−0.027%	$5.8M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1249	−0.027%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1249	−0.051%	$105K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1242	−0.565%	$376K	$767K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1244	−0.449%	$307K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1240	−0.747%	$43K	$706K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1247	−0.147%	$194	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1249	−0.043%	$173K	$240K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1247	−0.163%	$100K	$502K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1248	−0.108%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0160%	1h	0.1243	−0.507%	$26K	$59K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1243	−0.499%	$990K	$274K	75x	as long as short
Reya OPRUSDPERPlong	+0.0443%	1h	0.1249	long leg	$695	—	20x