Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.065%

Price spread now: KuCoin against Deribit−0.080%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$910.907% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.290%+$29 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now −0.080%, 7d avg −0.015%

Together, before fees+0.284%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.065% cheaper against Deribit than usual: you would sell low and buy high (spread −0.080% now, against its 7-day average of −0.015%). If the spread goes back, that is −$7 on $10k: about 2.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OP_USDC-PERPETUAL	0.1256	0	get 0.0000% / 1h	14m 40s	$32K	$154K	25x
Short	KuCoin OPUSDTM	0.1255	0.0082	get 0.0082% / 8h	1h 14m	$2.8M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now −0.080%Rate

Funding earned: $17.22
Price spread: −0.080% → −0.015%: −$6.51
Slippage, 4 orders: −$71.66
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$79.95
Costs to cover: 0.907%
Break-even: 39.5 days

Slippage from Deribit: live order book, 29 min ago; KuCoin: live order book, 3 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 Deribit live order book, 29 min ago	7.92 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	4.01 bp	25.6 bp −$26	72.0 bp −$720	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	−0.1760%	1h	0.1246	−0.796%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1255	−0.042%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0056%	8h	0.1255	−0.080%	$12K	$236K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1257	+0.064%	$757K	$664K	20x	as long as short
dYdX OP-USD	0.0000%	1h	0.1255	−0.096%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUALlong	0.0000%	1h	0.1256	long leg	$32K	$154K	25x
Variational Omni OP	+0.0004%	8h	0.1252	−0.324%	$221K	$46K	—	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1256	0.000%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1253	−0.239%	$24K	$65K	50x	as long as short
KuCoin OPUSDTMshort	+0.0082%	8h	0.1255	−0.080%	$2.8M	$6.3M	75x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit OPUSDT	+0.0089%	8h	0.1255	−0.111%	$18.4M	$26.2M	75x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1255	−0.080%	$6.1M	$29.5M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1256	−0.024%	$275K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1257	+0.040%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1256	−0.029%	$206K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1255	−0.059%	$19.9M	$67.1M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1256	−0.024%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1255	−0.072%	$22.5M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1255	−0.080%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1255	−0.080%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1255	−0.048%	$116K	$220K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1249	−0.593%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1249	−0.541%	$313K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1249	−0.557%	$43K	$698K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1256	0.000%	$208	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1257	+0.040%	$168K	$256K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1254	−0.134%	$102K	$505K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1256	−0.006%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1255	−0.040%	$999K	$324K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1256	−0.034%	$698	—	20x	as long as short