Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.112%

Price spread now: Coinbase International against BingX+0.238%7-day average — · you sell dearer than you buy

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

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.317%−$32 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 0.238% dearer against BingX than usual: you sell high and buy low (spread +0.238% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 12 days. At the pace of the last 7 days (−0.317% in total) that is about 5.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX OP-USDC	0.1260	0.0100	pay 0.0100% / 8h	1h 57m	—	$1.6M	—
Short	Coinbase International OP-PERP-INTX	0.1263	0.0032	get 0.0004% / 1h	57m 47s	$25K	$62K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.238%Rate

Funding earned: −$14.28
Price spread: +0.238% → 0.000%: $23.81
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$10.47
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: BingX: live order book, 4 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 BingX live order book, 4 min ago	11.99 bp	113.5 bp −$113	878.2 bp −$8,782	1148.4 bp −$114.8K	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	−0.1760%	1h	0.1244	−1.270%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	+0.003%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0544%	1h	0.1258	−0.159%	$33K	$153K	25x	as long as short
Hyperliquid OP	−0.0183%	1h	0.1259	−0.063%	$3.5M	$3.4M	5x	as long as short
SoDEX OP-USD	−0.0051%	1h	0.1258	−0.190%	$210	$6K	5x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1259	−0.094%	$754K	$649K	20x	as long as short
Orderly PERP_OP_USDC	−0.0020%	8h	0.1258	−0.159%	$59K	$142K	10x	as long as short
Variational Omni OP	−0.0003%	8h	0.1251	−0.713%	$222K	$46K	—	as long as short
dYdX OP-USD	0.0000%	1h	0.1266	+0.464%	$39K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1260	−0.032%	—	—	150x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International OP-PERP-INTXshort	+0.0032%	1h	0.1263	+0.238%	$25K	$62K	50x
Bybit OPUSDT	+0.0055%	8h	0.1259	−0.071%	$18.5M	$25.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0093%	8h	0.1260	−0.032%	$6.1M	$29.4M	50x	as long as short
KuCoin OPUSDTM	+0.0094%	8h	0.1259	−0.079%	$2.9M	$6.3M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1257	−0.254%	$274K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1260	+0.011%	$205K	$218K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1257	−0.261%	$19.6M	$65.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1259	−0.063%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1259	−0.103%	$23.2M	$7.6M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1259	−0.079%	$5.8M	$6.8M	75x	as long as short
BingX OP-USDClong	+0.0100%	8h	0.1260	long leg	—	$1.6M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1257	−0.254%	$105K	$213K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1251	−0.724%	$379K	$769K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1251	−0.681%	$309K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1252	−0.635%	$43K	$704K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.024%	$172K	$253K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1258	−0.142%	$102K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	−0.153%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	−0.810%	$985K	$303K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1259	−0.053%	$700	—	20x	as long as short