Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.114%

Price spread now: Coinbase International against Binance+1.716%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Coinbase International is 1.716% dearer against Binance than usual: you sell high and buy low (spread +1.716% now, against zero (this spread has no 7-day history yet)): +$172 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 20 days. At the pace of the last 7 days (−0.270% in total) that is about 44 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1257	0.0100	pay 0.0100% / 8h	6h 43m	$20.3M	$62.6M	75x
Short	Coinbase International OP-PERP-INTX	0.1279	−0.0184	pay 0.0023% / 1h	43m 29s	$25K	$77K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +1.716%Rate

Funding earned: −$59.64
Price spread: +1.716% → 0.000%: $171.58
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $91.94
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Binance: live order book, 14 min ago; 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 Binance live order book, 14 min ago	0.40 bp	13.2 bp −$13	27.9 bp −$279	121.3 bp −$12.1K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

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	−0.1535%	1h	0.1249	−0.670%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1255	−0.178%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0184%	1h	0.1279	+1.716%	$25K	$77K	50x
dYdX OP-USD	0.0000%	1h	0.1258	+0.014%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1257	−0.034%	$41K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1257	−0.027%	—	—	150x	as long as short
Variational Omni OP	+0.0050%	8h	0.1254	−0.304%	$223K	$52K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1256	−0.113%	$6K	$48K	10x	as long as short
OKX OP-USDT-SWAP	+0.0092%	8h	0.1257	−0.026%	$6.1M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1258	+0.030%	$280K	$947K	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	0.1258	+0.046%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1257	−0.017%	$210K	$231K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1257	long leg	$20.3M	$62.6M	75x
Bybit OPUSDT	+0.0100%	8h	0.1257	−0.058%	$18.2M	$26.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1257	−0.026%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1258	+0.006%	$20.5M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1257	−0.034%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1257	−0.034%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1256	−0.081%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1257	−0.058%	$121K	$201K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1258	+0.044%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1254	−0.281%	$311K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	−0.034%	$43K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1257	−0.018%	$172	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1258	+0.038%	$174K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1256	−0.093%	$101K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1257	−0.017%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.292%	$1.0M	$276K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1257	−0.062%	$699	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0464%	1h	0.1258	+0.056%	$794K	$608K	20x	as long as short