Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.019%

Price spread now: Extended against edgeX+0.228%53s7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1421.423% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)−0.949%−$95 · spread now +0.228%, 7d avg −0.024%

Together, before fees−1.011%+ Points / potential airdropedgeX: Active · Extended: Active · farm board−$101 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: Extended is 0.252% dearer against edgeX than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of −0.024%. The two prices were read 53 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	edgeX OPUSDC	0.1241	0.0100	pay 0.0050% / 4h	18m 29s	$4K	$1.1M	10x
Short	Extended OP-USD	0.1244	0.0104	get 0.0013% / 1h	18m 29s	$99K	$610K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. 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 edgeXbpFee ExtendedbpOrdersPrice spread, now +0.228%Rate

Funding earned: $0.84
Price spread: +0.228% → −0.024%: $25.22
Slippage, 4 orders: −$128.32
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$116.26
Costs to cover: 1.423%
Break-even: 975.8 days

Slippage from edgeX: live order book, just now; Extended: live order book, 19 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 edgeX live order book, just now	40.13 bp	49.1 bp −$49	160.8 bp −$1,608	doesn't fit	doesn't fit
Sell Extended live order book, 19 min ago	12.04 bp	21.6 bp −$22	145.7 bp −$1,457	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	−0.1660%	1h	0.1235	−0.522%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1245	+0.308%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1245	+0.284%	$12K	$236K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1246	+0.331%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1246	+0.364%	$32K	$164K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1245	+0.300%	—	—	150x	as long as short
Variational Omni OP	+0.0053%	8h	0.1240	−0.092%	$220K	$47K	—	as long as short
KuCoin OPUSDTM	+0.0069%	8h	0.1244	+0.203%	$2.8M	$6.1M	75x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1242	+0.042%	$24K	$65K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1246	+0.372%	$288K	$1.1M	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	0.1246	+0.364%	$3.5M	$3.6M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1246	+0.329%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1245	+0.276%	$19.6M	$67.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1245	+0.244%	$18.1M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1245	+0.268%	$6.0M	$29.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1246	+0.340%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1245	+0.292%	$22.1M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1245	+0.284%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1246	+0.364%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1246	+0.332%	$115K	$221K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1241	long leg	$4K	$1.1M	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1241	−0.059%	$304K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1241	−0.038%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1245	+0.316%	$207	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1246	+0.332%	$165K	$259K	50x	as long as short
Extended OP-USDshort	+0.0104%	1h	0.1244	+0.228%	$99K	$610K	25x
Aevo OP-PERP	+0.0104%	1h	0.1246	+0.348%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSD	+0.0165%	1h	0.1246	+0.364%	$739K	$678K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1246	+0.332%	$997K	$323K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1245	+0.273%	$692	—	20x	as long as short