Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0034%/8h= −3.8% APRpaid last 24h −0.037%

Price spread now: Orderly against Lighter−0.071%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.071% cheaper against Lighter than usual: you would sell low and buy high (−$7 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	Lighter OP	0.1273	0.0096	pay 0.0012% / 1h	19m 01s	$288K	$954K	15x
Short	Orderly PERP_OP_USDC	0.1272	0.0062	get 0.0062% / 8h	19m 01s	$6K	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.071%Rate

Funding earned: −$7.23
Price spread: −0.071% → 0.000%: −$7.07
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.3
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 56 min ago; Orderly: 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 Lighter live order book, 56 min ago	3.90 bp	13.7 bp −$14	39.5 bp −$395	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1633%	1h	0.1267	−0.464%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1273	+0.024%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1270	−0.228%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1272	−0.070%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1273	+0.008%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1273	+0.016%	—	—	150x	as long as short
Orderly PERP_OP_USDCshort	+0.0062%	8h	0.1272	−0.071%	$6K	$49K	10x
Variational Omni OP	+0.0068%	8h	0.1273	−0.025%	$232K	$55K	—	as long as short
Lighter OPlong	+0.0096%	1h	0.1273	long leg	$288K	$954K	15x
Hyperliquid OP	+0.0100%	1h	0.1273	+0.008%	$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	0.1273	+0.001%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1272	−0.065%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1271	−0.126%	$18.3M	$25.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1272	−0.071%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1273	−0.024%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1272	−0.063%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1272	−0.071%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1273	+0.008%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1272	−0.071%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1272	−0.079%	$123K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1272	−0.087%	$10K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1274	+0.051%	$320K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1272	−0.071%	$46K	$724K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1273	−0.031%	$193	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	+0.008%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1272	−0.086%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1273	+0.003%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1272	−0.110%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0359%	1h	0.1273	+0.044%	$801K	$749K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1272	−0.033%	$708	—	20x	as long as short