Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0070%/8hpaid last 24h −0.048%

Price spread now: Deribit against Gate+0.081%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$670.667% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now +0.081%, 7d avg +0.012%

Together, before fees−0.065%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.069% dearer against Gate than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of +0.012%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OP_USDT	0.1237	0.0070	pay 0.0070% / 8h	4h 05m	$1.8M	$1.4M	50x
Short	Deribit OP_USDC-PERPETUAL	0.1238	0	get 0.0000% / 1h	5m 59s	$43K	$184K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$14.7
Price spread: +0.081% → +0.012%: $6.89
Slippage, 4 orders: −$44.74
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$74.55
Costs to cover: 0.667%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Deribit: live order book, 26 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 Gate live order book, 1 min ago	4.45 bp	26.5 bp −$27	67.4 bp −$674	doesn't fit	doesn't fit
Sell Deribit live order book, 26 min ago	8.07 bp	11.6 bp −$12	doesn't fit	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	−0.1650%	1h	0.1234	−0.243%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1238	+0.048%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0312%	1h	0.1237	0.000%	$21K	$66K	50x	as long as short
Variational Omni OP	−0.0046%	8h	0.1238	+0.101%	$226K	$42K	—	as long as short
Orderly PERP_OP_USDC	−0.0004%	8h	0.1237	0.000%	$6K	$52K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1239	+0.161%	$38K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALshort	0.0000%	1h	0.1238	+0.081%	$43K	$184K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1238	+0.074%	—	—	150x	as long as short
Gate OP_USDTlong	+0.0070%	8h	0.1237	long leg	$1.8M	$1.4M	50x
OKX OP-USDT-SWAP	+0.0092%	8h	0.1237	+0.008%	$5.8M	$29.5M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1238	+0.089%	$267K	$900K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1239	+0.186%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1238	+0.105%	$210K	$266K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1238	+0.051%	$19.5M	$63.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1237	−0.016%	$18.1M	$26.1M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1238	+0.065%	$19.8M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1237	0.000%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1238	+0.081%	$5.9M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1237	+0.016%	—	$6.7M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1237	+0.032%	$128K	$197K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1239	+0.200%	$8K	$379K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1239	+0.155%	$312K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1239	+0.162%	$44K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1237	+0.024%	$164	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1239	+0.186%	$176K	$245K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1237	+0.007%	$99K	$206K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1238	+0.042%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1238	+0.065%	$977K	$294K	75x	as long as short
Reya OPRUSDPERP	+0.0435%	1h	0.1237	+0.028%	$688	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0527%	1h	0.1238	+0.091%	$767K	$764K	20x	as long as short