Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.037%

Price spread now: MEXC against Lighter+0.016%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.175%−$17 · spread now +0.016%, 7d avg −0.034%

Together, before fees−0.229%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.050% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OP	0.1259	0.0096	pay 0.0012% / 1h	44m 49s	$274K	$904K	15x
Short	MEXC OP_USDT	0.1260	0.0100	get 0.0100% / 8h	1h 44m	$20.0M	$7.0M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now +0.016%Rate

Funding earned: $0.84
Price spread: +0.016% → −0.034%: $5.03
Slippage, 4 orders: −$37.9
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$32.02
Costs to cover: 0.379%
Break-even: 273.9 days

Slippage from Lighter: live order book, 35 min ago; MEXC: live order book, 4 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 Lighter live order book, 35 min ago	5.92 bp	10.4 bp −$10	50.2 bp −$502	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.40 bp	2.3 bp −$2	9.0 bp −$90	47.8 bp −$4,785	103.8 bp −$51.9K

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	0.1251	−0.659%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1258	−0.068%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1253	−0.500%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1259	−0.011%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1259	−0.024%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1259	−0.040%	—	—	150x	as long as short
Variational Omni OP	+0.0042%	8h	0.1254	−0.410%	$233K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1259	−0.024%	$6K	$50K	10x	as long as short
Lighter OPlong	+0.0096%	1h	0.1259	long leg	$274K	$904K	15x
OKX OP-USDT-SWAP	+0.0099%	8h	0.1259	−0.048%	$5.8M	$29.7M	50x	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	0.1261	+0.111%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1258	−0.083%	$210K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1259	−0.021%	$20.5M	$62.3M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1258	−0.119%	$18.4M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1258	−0.071%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDTshort	+0.0100%	8h	0.1260	+0.016%	$20.0M	$7.0M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1258	−0.103%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1259	−0.024%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1259	−0.024%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1258	−0.103%	$124K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1256	−0.224%	$9K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1255	−0.343%	$309K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	−0.183%	$45K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1259	−0.056%	$175	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	+0.127%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1258	−0.086%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1259	−0.054%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1258	−0.087%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0228%	1h	0.1260	+0.049%	$787K	$739K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1258	−0.090%	$700	—	20x	as long as short