Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0428%/8h= +46.9% APRpaid last 24h +0.143%

Price spread now: edgeX against Coinbase International+1.221%77s7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.338%+$34 on $10k

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

Together, before fees—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and edgeX is 1.221% dearer against Coinbase International than usual: you sell high and buy low: +$122 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1243	−0.0328	get 0.0041% / 1h	59m 50s	$21K	$64K	50x
Short	edgeX OPUSDC	0.1258	0.0100	get 0.0050% / 4h	1h 59m	$11K	$383K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Coinbase International. 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 Coinbase InternationalbpFee edgeXbpOrdersPrice spread, now +1.221%Rate

Funding earned: $89.88
Price spread: +1.221% → 0.000%: $122.08
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $192.96
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; edgeX: live order book, 24 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell edgeX live order book, 24 min ago	7.90 bp	15.9 bp −$16	78.1 bp −$781	doesn't fit	doesn't fit

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	−0.1658%	1h	0.1254	+0.885%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1258	+1.218%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0328%	1h	0.1243	long leg	$21K	$64K	50x
dYdX OP-USD	0.0000%	1h	0.1258	+1.218%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1258	+1.207%	$41K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1258	+1.236%	—	—	150x	as long as short
Variational Omni OP	+0.0042%	8h	0.1257	+1.135%	$231K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0044%	8h	0.1257	+1.126%	$6K	$50K	10x	as long as short
OKX OP-USDT-SWAP	+0.0091%	8h	0.1255	+1.006%	$5.9M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1257	+1.134%	$270K	$899K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate OP_USDT	+0.0099%	8h	0.1256	+1.078%	$1.8M	$1.5M	50x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1257	+1.158%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1257	+1.139%	$211K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1256	+1.062%	$20.4M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1255	+0.990%	$18.3M	$25.4M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1256	+1.062%	$19.9M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1256	+1.046%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1257	+1.126%	$6.0M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1256	+1.070%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1257	+1.118%	$124K	$194K	10x	as long as short
edgeX OPUSDCshort	+0.0100%	4h	0.1258	+1.221%	$11K	$383K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1256	+1.046%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	+1.126%	$45K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1257	+1.142%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1258	+1.239%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1256	+1.030%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	+1.182%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0136%	1h	0.1259	+1.273%	$778K	$732K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1258	+1.239%	$1.0M	$281K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1257	+1.159%	$699	—	20x	as long as short