Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.029%

Price spread now: BingX against gTrade (Gains Network)−0.132%46s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.132% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.132% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 4.6 days of funding at the current rate (+$3 a day). The two prices were read 46 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	gTrade (Gains Network) OP/USD	0.1248	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	12m 45s	—	—	150x
Short	BingX OP-USDC	0.1246	0.0100	get 0.0100% / 8h	12m 45s	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BingXbpOrdersPrice spread, now −0.132%Rate

Funding earned: $20.06
Price spread: −0.132% → 0.000%: −$13.22
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$13.17
Costs to cover: 0.200%
Break-even: 11.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BingX: live order book, 9 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell BingX live order book, 9 min ago	8.05 bp	122.0 bp −$122	903.6 bp −$9,036	1120.7 bp −$112.1K	doesn't fit

gTrade (Gains Network): 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	−0.1660%	1h	0.1235	−1.014%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1245	−0.177%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1247	−0.052%	$12K	$236K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1247	−0.056%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1247	−0.052%	$31K	$164K	25x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1248	long leg	—	—	150x
Variational Omni OP	+0.0061%	8h	0.1245	−0.224%	$220K	$47K	—	as long as short
KuCoin OPUSDTM	+0.0072%	8h	0.1247	−0.052%	$2.8M	$6.1M	75x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1242	−0.453%	$24K	$65K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1248	+0.012%	$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	0.1248	+0.036%	$3.5M	$3.6M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1247	−0.046%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1247	−0.085%	$19.6M	$67.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1246	−0.108%	$18.2M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1247	−0.052%	$6.0M	$29.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1247	−0.052%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1246	−0.124%	$22.2M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1246	−0.132%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDCshort	+0.0100%	8h	0.1246	−0.132%	—	$1.6M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.076%	$115K	$221K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1245	−0.197%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1246	−0.163%	$305K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1246	−0.132%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1247	−0.028%	$204	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1247	−0.020%	$166K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1246	−0.103%	$100K	$610K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1247	−0.052%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSD	+0.0165%	1h	0.1248	+0.012%	$742K	$679K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1247	−0.028%	$991K	$324K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1247	−0.060%	$693	—	20x	as long as short