Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.003%

Price spread now: ApeX Omni against BloFin+0.135%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$690.695% of the position

Long on BloFin Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 4 days (all we have)−0.390%−$39 · spread now +0.135%, 7d avg +0.034%

Together, before fees−0.534%−$53 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.101% dearer against BloFin than usual: you sell high and buy low (spread +0.135% now, against its 7-day average of +0.034%): +$10 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin OP-USDT	0.1256	0.0220	pay 0.0220% / 8h	4h 39m	$1.0M	$277K	75x
Short	ApeX Omni OPUSDT	0.1258	0.0100	get 0.0013% / 1h	39m 00s	$43K	$710K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against BloFin. 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 BloFinbpFee ApeX OmnibpOrdersPrice spread, now +0.135%Rate

Funding earned: −$25.2
Price spread: +0.135% → +0.034%: $10.1
Slippage, 4 orders: −$47.49
Fee BloFin: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$84.59
Costs to cover: 0.695%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; ApeX Omni: live order book, 20 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 BloFin live order book, 3 min ago	0.40 bp	13.8 bp −$14	21.3 bp −$213	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 20 min ago	11.88 bp	20.9 bp −$21	128.1 bp −$1,281	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	−0.1607%	1h	0.1253	−0.263%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1257	+0.054%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1258	+0.141%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1257	+0.056%	$41K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1258	+0.110%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0033%	8h	0.1257	+0.064%	$6.1M	$28.7M	50x	as long as short
Variational Omni OP	+0.0048%	8h	0.1258	+0.121%	$222K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1256	−0.024%	$6K	$45K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1257	+0.040%	$278K	$939K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1257	+0.088%	$3.7M	$2.8M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1257	+0.085%	$210K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1257	+0.040%	$20.3M	$60.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1257	+0.016%	$18.4M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1257	+0.040%	$1.9M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1256	−0.056%	$21.1M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1256	−0.024%	$2.9M	$6.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1256	−0.024%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1257	+0.032%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1256	−0.056%	$120K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	+0.478%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1260	+0.267%	$317K	$5.1M	10x	as long as short
ApeX Omni OPUSDTshort	+0.0100%	1h	0.1258	+0.135%	$43K	$710K	50x
SoDEX OP-USD	+0.0100%	1h	0.1256	−0.048%	$198	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1257	+0.064%	$173K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1255	−0.083%	$101K	$391K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1256	−0.027%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0168%	1h	0.1262	+0.454%	$24K	$70K	50x	as long as short
BloFin OP-USDTlong	+0.0220%	8h	0.1256	long leg	$1.0M	$277K	75x
Kraken Futures PF_OPUSD	+0.0351%	1h	0.1256	+0.005%	$784K	$572K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1256	+0.005%	$699	—	20x	as long as short