Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0339%/8h= −37.1% APRpaid last 24h −0.099%

Price spread now: BingX against Reya+0.243%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 BingX

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. BingX is 0.243% dearer against Reya than usual: you sell high and buy low (spread +0.243% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1278	0.0439	pay 0.0055% / 1h	14m 29s	$711	—	20x
Short	BingX OP-USDT	0.1281	0.0100	get 0.0100% / 8h	7h 14m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.243%Rate

Funding earned: −$71.1
Price spread: +0.243% → 0.000%: $24.28
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$62.83
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; BingX: live order book, 8 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 BingX live order book, 8 min ago	0.79 bp	9.3 bp −$9	17.1 bp −$171	83.2 bp −$8,315	359.7 bp −$179.9K

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	−0.1656%	1h	0.1256	−1.744%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1281	+0.227%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1280	+0.133%	$25K	$77K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1279	+0.040%	$40K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1281	+0.244%	—	—	150x	as long as short
Variational Omni OP	+0.0051%	8h	0.1271	−0.578%	$232K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1281	+0.211%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1280	+0.118%	$285K	$951K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1280	+0.110%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1280	+0.101%	$214K	$236K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance OPUSDT	+0.0100%	8h	0.1280	+0.159%	$20.7M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1280	+0.165%	$18.6M	$26.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1281	+0.180%	$6.2M	$30.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1282	+0.258%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1279	+0.055%	$20.3M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	+0.055%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1279	+0.055%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDTshort	+0.0100%	8h	0.1281	+0.243%	—	$6.8M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1280	+0.110%	$123K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	−1.133%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1265	−1.040%	$313K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1265	−1.040%	$43K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1279	+0.055%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1279	+0.039%	$176K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1278	−0.028%	$107K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1281	+0.211%	$4K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	+0.078%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0379%	1h	0.1281	+0.190%	$809K	$755K	20x	as long as short
Reya OPRUSDPERPlong	+0.0439%	1h	0.1278	long leg	$711	—	20x
Deribit OP_USDC-PERPETUAL	+0.0531%	1h	0.1281	+0.211%	$42K	$167K	25x	as long as short