Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0329%/8h= −36.1% APRpaid last 24h −0.065%

Price spread now: GMX against Gate−0.034%7-day average — · you buy dearer than you sell

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

Long on Gate Short on GMX

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

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and GMX is 0.034% cheaper against Gate than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OP_USDT	0.1280	0.0100	pay 0.0100% / 8h	1h 18m	$2.0M	$1.5M	50x
Short	GMX OP/USD [OP-USDC]	0.1279	L −0.1065% / S +0.0229%	pay 0.0029% / 1h	18m 35s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$69.15
Price spread: −0.034% → 0.000%: −$3.36
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: −$99.51
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 4 min ago; GMX: no order-book sample. 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 Gate live order book, 4 min ago	4.70 bp	18.5 bp −$19	53.4 bp −$534	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1710%	1h	0.1270	−0.773%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.1065% / S +0.0229%	1h	0.1279	−0.034%	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1269	−0.852%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1280	−0.008%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1279	−0.070%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.012%	—	—	150x	as long as short
Variational Omni OP	+0.0053%	8h	0.1278	−0.180%	$233K	$53K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1279	−0.070%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1280	+0.039%	$281K	$910K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1281	+0.070%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1280	+0.013%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	−0.055%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	−0.078%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1280	−0.016%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDTlong	+0.0100%	8h	0.1280	long leg	$2.0M	$1.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1279	−0.047%	$20.1M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	−0.070%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	+0.008%	$6.1M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1280	+0.008%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.086%	$127K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1278	−0.125%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.070%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1278	−0.148%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1278	−0.117%	$181	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1281	+0.063%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1280	−0.031%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.035%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	−0.070%	$1.0M	$289K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0225%	1h	0.1280	+0.010%	$800K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1279	−0.045%	$711	—	20x	as long as short