Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: BingX against Bybit+0.056%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 7 days−0.044%−$4 · spread now +0.056%, 7d avg +0.022%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.034% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPUSDT	0.1260	0.0100	pay 0.0100% / 8h	2h 07m	$18.4M	$25.4M	75x
Short	BingX OP-USDT	0.1261	0.0100	get 0.0100% / 8h	2h 07m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bybit. 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 BybitbpFee BingXbpOrdersPrice spread, now +0.056%Rate

Funding earned: $0
Price spread: +0.056% → +0.022%: $3.35
Slippage, 4 orders: −$28.44
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$46.08
Costs to cover: 0.494%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; BingX: live order book, 15 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 Bybit live order book, 1 min ago	0.40 bp	15.8 bp −$16	35.6 bp −$356	91.2 bp −$9,117	doesn't fit
Sell BingX live order book, 15 min ago	0.39 bp	10.7 bp −$11	20.8 bp −$208	100.0 bp −$10.0K	371.3 bp −$185.6K

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	−0.1658%	1h	0.1254	−0.516%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1262	+0.088%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.388%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1261	+0.075%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	+0.119%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1262	+0.155%	—	—	150x	as long as short
Variational Omni OP	+0.0035%	8h	0.1260	−0.070%	$230K	$44K	—	as long as short
Orderly PERP_OP_USDC	+0.0041%	8h	0.1261	+0.040%	$6K	$50K	10x	as long as short
OKX OP-USDT-SWAP	+0.0093%	8h	0.1260	0.000%	$5.9M	$29.8M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1262	+0.095%	$271K	$908K	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	0.1263	+0.190%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	+0.062%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	+0.078%	$20.5M	$62.6M	75x	as long as short
Bybit OPUSDTlong	+0.0100%	8h	0.1260	long leg	$18.4M	$25.4M	75x
Gate OP_USDT	+0.0100%	8h	0.1262	+0.087%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1262	+0.079%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−0.040%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	+0.119%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDTshort	+0.0100%	8h	0.1261	+0.056%	—	$6.8M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	+0.056%	$125K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.047%	$11K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	+0.131%	$312K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	+0.040%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	+0.063%	$163	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	+0.119%	$175K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	−0.023%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1261	+0.036%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0136%	1h	0.1263	+0.164%	$781K	$732K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1260	−0.056%	$1.0M	$281K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1261	+0.061%	$701	—	20x	as long as short