Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.026%

Price spread now: Variational Omni against edgeX−0.105%74s7-day average −0.002% · you buy dearer than you sell

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

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.056%−$6 on $10k

Price spread, last 4 days (all we have)+0.165%+$16 · spread now −0.105%, 7d avg −0.002%

Together, before fees+0.109%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.103% cheaper against edgeX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.002%). Swap the legs. The two prices were read 74 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	0.1249	0.0100	pay 0.0050% / 4h	3h 38m	$4K	$1.1M	10x
Short	Variational Omni OP	0.1247	0.0058	get 0.0058% / 8h	7h 38m	$221K	$47K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.105%Rate

Funding earned: −$8.86
Price spread: −0.105% → −0.002%: −$10.33
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.18
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 1 min ago; Variational Omni: RFQ quote, 61 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 edgeX live order book, 1 min ago	40.16 bp	51.2 bp −$51	147.8 bp −$1,478	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 61 min ago	8.01 bp	doesn't fit	24.0 bp −$240	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	−0.1328%	1h	0.1235	−1.086%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1243	−0.428%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0555%	1h	0.1242	−0.525%	$31K	$165K	25x	as long as short
Orderly PERP_OP_USDC	−0.0050%	8h	0.1243	−0.445%	$12K	$235K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1242	−0.493%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1243	−0.421%	—	—	150x	as long as short
KuCoin OPUSDTM	+0.0005%	8h	0.1241	−0.605%	$2.8M	$6.0M	75x	as long as short
Variational Omni OPshort	+0.0058%	8h	0.1247	−0.105%	$221K	$47K	—
Gate OP_USDT	+0.0089%	8h	0.1242	−0.517%	$2.0M	$1.5M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1243	−0.437%	$286K	$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	0.1243	−0.477%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1244	−0.331%	$204K	$214K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1242	−0.485%	$19.5M	$68.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1242	−0.485%	$18.1M	$26.5M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1243	−0.461%	$6.0M	$29.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1242	−0.509%	$22.2M	$7.7M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1242	−0.525%	$5.7M	$7.0M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1243	−0.445%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.093%	$116K	$222K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1249	long leg	$4K	$1.1M	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1252	+0.302%	$311K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1249	+0.035%	$43K	$693K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1247	−0.093%	$192	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1252	+0.244%	$166K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1242	−0.512%	$99K	$612K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1243	−0.445%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0112%	1h	0.1255	+0.516%	$24K	$68K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0155%	1h	0.1249	+0.074%	$744K	$676K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1247	−0.101%	$994K	$324K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1241	−0.568%	$690	—	20x	as long as short