Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0345%/8h= −37.8% APRpaid last 24h −0.107%

Price spread now: OKX against Reya+0.023%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 OKX

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

The price spread pays, funding is against you. OKX is 0.023% dearer against Reya than usual: you sell high and buy low (spread +0.023% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1264	0.0445	pay 0.0056% / 1h	3m 24s	$703	—	20x
Short	OKX OP-USDT-SWAP	0.1264	0.0100	get 0.0100% / 8h	7h 03m	$6.0M	$29.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$72.53
Price spread: +0.023% → 0.000%: $2.32
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$86.21
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	0.40 bp	8.8 bp −$9	27.1 bp −$271	doesn't fit	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	−0.1328%	1h	0.1257	−0.546%	$35K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1265	+0.094%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0051%	8h	0.1264	+0.007%	$12K	$233K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.077%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1265	+0.087%	$31K	$153K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	+0.062%	—	—	150x	as long as short
KuCoin OPUSDTM	+0.0014%	8h	0.1263	−0.072%	$2.9M	$6.0M	75x	as long as short
Variational Omni OP	+0.0073%	8h	0.1263	−0.053%	$224K	$46K	—	as long as short
MEXC OP_USDT	+0.0095%	8h	0.1264	+0.015%	$22.5M	$7.9M	300x	as long as short
Binance OPUSDT	+0.0095%	8h	0.1264	+0.007%	$19.5M	$68.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1265	+0.110%	$290K	$1.1M	15x	as long as short
Extended OP-USD	+0.0096%	1h	0.1264	−0.023%	$104K	$590K	25x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1264	+0.039%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1265	+0.087%	$204K	$211K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1264	−0.008%	$18.5M	$26.2M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1264	+0.023%	$6.0M	$29.6M	50x
Gate OP_USDT	+0.0100%	8h	0.1264	+0.015%	$2.0M	$1.5M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	+0.087%	$5.8M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1264	−0.001%	—	$6.7M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	+0.023%	$113K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1263	−0.050%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1263	−0.072%	$307K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.007%	$44K	$692K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	+0.039%	$194	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1265	+0.126%	$172K	$266K	50x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	+0.007%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0112%	1h	0.1265	+0.087%	$25K	$69K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0153%	1h	0.1266	+0.193%	$749K	$735K	20x	as long as short
BloFin OP-USDT	+0.0215%	8h	0.1265	+0.047%	$989K	$279K	75x	as long as short
Reya OPRUSDPERPlong	+0.0445%	1h	0.1264	long leg	$703	—	20x