Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0055%/8h= +6.0% APRpaid last 24h −0.048%

Price spread now: BloFin against Kraken Futures−0.045%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.124%+$12 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now −0.045%, 7d avg −0.071%

Together, before fees+0.159%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BloFin is 0.026% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1249	0.0165	pay 0.0021% / 1h	4m 27s	$743K	$678K	20x
Short	BloFin OP-USDT	0.1248	0.0220	get 0.0220% / 8h	4m 27s	$990K	$324K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. 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 Kraken FuturesbpFee BloFinbpOrdersPrice spread, now −0.045%Rate

Funding earned: $11.56
Price spread: −0.045% → −0.071%: $2.63
Slippage, 4 orders: −$41.98
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$49.79
Costs to cover: 0.640%
Break-even: 37.2 days

Slippage from Kraken Futures: live order book, 34 min ago; BloFin: live order book, 23 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 Kraken Futures live order book, 34 min ago	6.01 bp	21.4 bp −$21	156.9 bp −$1,569	doesn't fit	doesn't fit
Sell BloFin live order book, 23 min ago	1.21 bp	8.5 bp −$9	15.6 bp −$156	59.8 bp −$5,982	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	−0.1660%	1h	0.1235	−1.102%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1246	−0.181%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0054%	8h	0.1246	−0.221%	$12K	$235K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1248	−0.093%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1248	−0.061%	$31K	$165K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1247	−0.155%	—	—	150x	as long as short
KuCoin OPUSDTM	+0.0061%	8h	0.1246	−0.221%	$2.8M	$6.0M	75x	as long as short
Variational Omni OP	+0.0062%	8h	0.1246	−0.246%	$220K	$47K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1247	−0.141%	$24K	$66K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1247	−0.109%	$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	0.1247	−0.141%	$3.5M	$3.6M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1247	−0.118%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1246	−0.207%	$19.6M	$67.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1246	−0.253%	$18.2M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1246	−0.197%	$6.0M	$29.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1247	−0.117%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1246	−0.197%	$22.3M	$7.9M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1246	−0.221%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1247	−0.141%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.101%	$116K	$222K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1247	−0.164%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1247	−0.147%	$305K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1248	−0.061%	$43K	$695K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1247	−0.109%	$199	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1249	+0.003%	$166K	$260K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1246	−0.203%	$100K	$610K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1246	−0.203%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSDlong	+0.0165%	1h	0.1249	long leg	$743K	$678K	20x
BloFin OP-USDTshort	+0.0220%	8h	0.1248	−0.045%	$990K	$324K	75x
Reya OPRUSDPERP	+0.0445%	1h	0.1246	−0.227%	$693	—	20x	as long as short