Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0283%/8h= +31.0% APRpaid last 24h +0.073%

Price spread now: Kraken Futures against edgeX−0.215%7-day average +0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1011.005% of the position

Long on edgeX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 3 days (all we have)+0.352%+$35 · spread now −0.215%, 7d avg +0.137%

Together, before fees+0.348%+ Points / potential airdropedgeX: Active · farm board+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.352% cheaper against edgeX than usual: you would sell low and buy high (spread −0.215% now, against its 7-day average of +0.137%). If the spread goes back, that is −$35 on $10k: about 4.1 days of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.004% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX OPUSDC	0.1269	0.0100	pay 0.0050% / 4h	3h 49m	$10K	$383K	10x
Short	Kraken Futures PF_OPUSD	0.1266	0.0383	get 0.0048% / 1h	49m 21s	$799K	$754K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.215%Rate

Funding earned: $59.47
Price spread: −0.215% → +0.137%: −$35.23
Slippage, 4 orders: −$81.51
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$76.27
Costs to cover: 1.005%
Break-even: 16.0 days

Slippage from edgeX: live order book, 24 min ago; Kraken Futures: live order book, 24 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, 24 min ago	7.86 bp	20.3 bp −$20	142.0 bp −$1,420	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 24 min ago	14.13 bp	29.7 bp −$30	69.8 bp −$698	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	−0.1656%	1h	0.1262	−0.565%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1268	−0.074%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0539%	1h	0.1266	−0.249%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1264	−0.407%	$21K	$64K	50x	as long as short
Bybit OPUSDT	−0.0154%	8h	0.1267	−0.186%	$18.4M	$26.2M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1268	−0.108%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1269	−0.041%	—	—	150x	as long as short
Variational Omni OP	+0.0058%	8h	0.1266	−0.229%	$231K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1266	−0.249%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1267	−0.194%	$285K	$945K	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	0.1269	+0.003%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1268	−0.065%	$212K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1268	−0.091%	$20.5M	$62.1M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1268	−0.123%	$6.0M	$30.0M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1268	−0.123%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1268	−0.084%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1268	−0.092%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1269	−0.013%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1268	−0.131%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1265	−0.289%	$122K	$188K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1269	long leg	$10K	$383K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1269	−0.013%	$310K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1267	−0.171%	$43K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1266	−0.265%	$185	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1267	−0.147%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1267	−0.138%	$102K	$226K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	−0.186%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1266	−0.265%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0383%	1h	0.1266	−0.215%	$799K	$754K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1268	−0.122%	$705	—	20x	as long as short