Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.309%

Price spread now: OKX against GMX−0.033%7-day average — · you buy dearer than you sell

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

Long on GMX Short on OKX

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. OKX is 0.033% cheaper against GMX than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 2 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1255	L −0.1065% / S +0.0229%	get 0.0133% / 1h	5m 37s	$13K	—	100x
Short	OKX OP-USDT-SWAP	0.1254	0.0100	get 0.0100% / 8h	2h 05m	$6.2M	$29.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against GMX. 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 GMXbpFee OKXbpOrdersPrice spread, now −0.033%Rate

Funding earned: $244.68
Price spread: −0.033% → 0.000%: −$3.35
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $219.33
Costs to cover: 0.220%
Break-even: 0.7 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell OKX live order book, 3 min ago	0.40 bp	10.0 bp −$10	30.2 bp −$302	doesn't fit	doesn't fit

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	−0.1583%	1h	0.1246	−0.703%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1255	long leg	$13K	—	100x
Deribit OP_USDC-PERPETUAL	−0.0547%	1h	0.1254	−0.065%	$33K	$153K	25x	as long as short
Orderly PERP_OP_USDC	−0.0009%	8h	0.1253	−0.145%	$59K	$142K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1256	+0.077%	$39K	$532	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1254	−0.035%	—	—	150x	as long as short
Variational Omni OP	+0.0005%	8h	0.1253	−0.111%	$222K	$46K	—	as long as short
Bybit OPUSDT	+0.0064%	8h	0.1253	−0.145%	$18.4M	$25.7M	75x	as long as short
Kraken Futures PF_OPUSD	+0.0074%	1h	0.1255	+0.021%	$753K	$632K	20x	as long as short
Lighter OP	+0.0096%	1h	0.1255	−0.018%	$275K	$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	0.1254	−0.065%	$3.4M	$3.2M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1256	+0.070%	$205K	$213K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1255	−0.023%	$19.6M	$64.8M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1254	−0.033%	$6.2M	$29.1M	50x
Gate OP_USDT	+0.0100%	8h	0.1254	−0.049%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1254	−0.065%	$23.2M	$7.7M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1254	−0.065%	$2.9M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1253	−0.145%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1254	−0.057%	—	$6.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1254	−0.065%	$105K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	−0.372%	$379K	$767K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1252	−0.225%	$309K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1250	−0.384%	$43K	$705K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1254	−0.073%	$208	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1253	−0.153%	$174K	$244K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1253	−0.110%	$101K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1253	−0.105%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0160%	1h	0.1254	−0.065%	$26K	$60K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1253	−0.113%	$981K	$307K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1253	−0.164%	$697	—	20x	as long as short