Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.012%

Price spread now: gTrade (Gains Network) against MEXC+0.044%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. gTrade (Gains Network) is 0.044% dearer against MEXC than usual: you sell high and buy low (spread +0.044% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC OP_USDT	0.1264	0.0100	pay 0.0100% / 8h	7h 17m	$22.5M	$7.8M	300x
Short	gTrade (Gains Network) OP/USD	0.1264	L +0.0004% / S −0.0004%	get 0.0000% / 1h	17m 15s	—	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against MEXC. 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 MEXCbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.044%Rate

Funding earned: −$20.17
Price spread: +0.044% → 0.000%: $4.35
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$25.82
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 min ago; gTrade (Gains Network): 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 MEXC live order book, 1 min ago	0.40 bp	2.5 bp −$3	8.7 bp −$87	59.7 bp −$5,967	120.3 bp −$60.2K
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.1328%	1h	0.1249	−1.179%	$34K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1264	+0.036%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0049%	8h	0.1264	+0.008%	$12K	$234K	10x	as long as short
KuCoin OPUSDTM	−0.0003%	8h	0.1263	−0.071%	$2.9M	$6.1M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1263	−0.086%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1264	+0.008%	$31K	$163K	25x	as long as short
gTrade (Gains Network) OP/USDshort	L +0.0004% / S −0.0004%	1h	0.1264	+0.044%	—	—	150x
Variational Omni OP	+0.0064%	8h	0.1259	−0.414%	$223K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.103%	$293K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1262	−0.158%	$3.5M	$3.7M	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	0.1264	+0.010%	$204K	$211K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1264	+0.002%	$19.5M	$68.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1264	0.000%	$18.4M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1264	+0.016%	$6.1M	$29.8M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1264	−0.024%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDTlong	+0.0100%	8h	0.1264	long leg	$22.5M	$7.8M	300x
Bitget OPUSDT	+0.0100%	8h	0.1264	+0.008%	$5.8M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1264	+0.008%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	−0.063%	$113K	$216K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1258	−0.437%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1259	−0.388%	$306K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1258	−0.467%	$44K	$690K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	−0.008%	$195	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1264	−0.008%	$172K	$263K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.037%	$101K	$585K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	−0.022%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0112%	1h	0.1244	−1.574%	$25K	$69K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0153%	1h	0.1266	+0.144%	$748K	$733K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1263	−0.055%	$987K	$328K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1262	−0.160%	$702	—	20x	as long as short