Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h +0.058%

Price spread now: Orderly against Coinbase International−0.402%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Orderly is 0.402% cheaper against Coinbase International than usual: you would sell low and buy high (−$40 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.170%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1244	0.0112	pay 0.0014% / 1h	32m 53s	$25K	$69K	50x
Short	Orderly PERP_OP_USDC	0.1239	−0.0048	pay 0.0048% / 8h	7h 32m	$12K	$235K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.402%Rate

Funding earned: −$33.65
Price spread: −0.402% → 0.000%: −$40.19
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$89.84
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Orderly: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	−0.1328%	1h	0.1235	−0.723%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1240	−0.313%	$13K	—	100x	as long as short
Orderly PERP_OP_USDCshort	−0.0048%	8h	0.1239	−0.402%	$12K	$235K	10x
dYdX OP-USD	0.0000%	1h	0.1240	−0.337%	$38K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1241	−0.241%	$31K	$165K	25x	as long as short
KuCoin OPUSDTM	+0.0004%	8h	0.1240	−0.322%	$2.9M	$6.1M	75x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1242	−0.186%	—	—	150x	as long as short
Variational Omni OP	+0.0062%	8h	0.1241	−0.229%	$220K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1242	−0.137%	$286K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1242	−0.193%	$3.5M	$3.7M	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	0.1241	−0.223%	$200K	$214K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1241	−0.231%	$19.2M	$68.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1240	−0.289%	$18.1M	$26.5M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1242	−0.169%	$5.9M	$29.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1241	−0.201%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1242	−0.185%	$22.2M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1241	−0.241%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1241	−0.265%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1241	−0.265%	$111K	$224K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1242	−0.125%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1243	−0.055%	$310K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1243	−0.080%	$43K	$693K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1241	−0.273%	$189	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1241	−0.265%	$165K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1241	−0.221%	$99K	$612K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1238	−0.502%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0112%	1h	0.1244	long leg	$25K	$69K	50x
Kraken Futures PF_OPUSD	+0.0156%	1h	0.1243	−0.103%	$740K	$723K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1241	−0.217%	$994K	$322K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1242	−0.143%	$691	—	20x	as long as short