Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0065%/8h= +7.2% APRpaid last 24h +0.076%

Price spread now: Kraken Futures against Binance−0.098%7-day average +0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$650.651% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)+0.207%+$21 · spread now −0.098%, 7d avg +0.071%

Together, before fees+0.294%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.169% cheaper against Binance than usual: you would sell low and buy high (spread −0.098% now, against its 7-day average of +0.071%). If the spread goes back, that is −$17 on $10k: about 8.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1247	0.0100	pay 0.0100% / 8h	37m 00s	$19.8M	$67.3M	75x
Short	Kraken Futures PF_OPUSD	0.1246	0.0165	get 0.0021% / 1h	37m 00s	$742K	$671K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.098%Rate

Funding earned: $13.72
Price spread: −0.098% → +0.071%: −$16.85
Slippage, 4 orders: −$45.08
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$68.21
Costs to cover: 0.651%
Break-even: 41.8 days

Slippage from Binance: live order book, 5 min ago; Kraken Futures: live order book, 1 min ago.

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, 5 min ago	1.20 bp	12.8 bp −$13	23.7 bp −$237	105.9 bp −$10.6K	doesn't fit
Sell Kraken Futures live order book, 1 min ago	6.01 bp	20.3 bp −$20	59.2 bp −$592	doesn't fit	doesn't fit

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	−0.1660%	1h	0.1243	−0.337%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1246	−0.074%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0054%	8h	0.1246	−0.096%	$12K	$236K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1247	−0.035%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1246	−0.096%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1247	−0.042%	—	—	150x	as long as short
Variational Omni OP	+0.0039%	8h	0.1252	+0.345%	$221K	$47K	—	as long as short
KuCoin OPUSDTM	+0.0059%	8h	0.1246	−0.096%	$2.8M	$6.2M	75x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1250	+0.225%	$24K	$65K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1247	+0.016%	$287K	$1.1M	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	0.1247	−0.016%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1248	+0.040%	$205K	$210K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1247	long leg	$19.8M	$67.3M	75x
Bybit OPUSDT	+0.0100%	8h	0.1246	−0.064%	$18.3M	$26.2M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1246	−0.056%	$6.0M	$29.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1247	+0.016%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1248	+0.048%	$22.2M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1247	−0.016%	$5.6M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1247	−0.016%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.016%	$115K	$219K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1249	+0.171%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	+0.225%	$306K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1253	+0.465%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1246	−0.112%	$210	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1247	+0.008%	$166K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1246	−0.057%	$100K	$600K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1246	−0.096%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSDshort	+0.0165%	1h	0.1246	−0.098%	$742K	$671K	20x
BloFin OP-USDT	+0.0220%	8h	0.1245	−0.152%	$991K	$322K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1246	−0.110%	$693	—	20x	as long as short