Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.089%

Price spread now: Coinbase International against OKX−0.040%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.211%−$21 on $10k

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. Coinbase International is 0.040% cheaper against OKX than usual: you would sell low and buy high (spread −0.040% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 11 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.211%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OP-USDT-SWAP	0.1245	0.0100	pay 0.0100% / 8h	7h 28m	$6.0M	$29.6M	50x
Short	Coinbase International OP-PERP-INTX	0.1244	0.0112	get 0.0014% / 1h	28m 03s	$25K	$69K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.040%Rate

Funding earned: $2.52
Price spread: −0.040% → 0.000%: −$4.02
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$21.5
Costs to cover: 0.200%
Break-even: 66.7 days

Slippage unknown: OKX: live order book, 6 min ago; Coinbase International: 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 OKX live order book, 6 min ago	0.40 bp	10.5 bp −$11	27.7 bp −$277	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	0.1235	−0.763%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1241	−0.258%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0047%	8h	0.1242	−0.201%	$12K	$235K	10x	as long as short
KuCoin OPUSDTM	−0.0004%	8h	0.1243	−0.121%	$2.9M	$6.1M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1241	−0.298%	$38K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1243	−0.121%	$31K	$165K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1241	−0.281%	—	—	150x	as long as short
Variational Omni OP	+0.0058%	8h	0.1240	−0.390%	$219K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1244	−0.080%	$287K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1245	+0.008%	$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	0.1244	−0.043%	$201K	$214K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1244	−0.024%	$19.2M	$68.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1244	−0.072%	$18.1M	$26.5M	75x	as long as short
OKX OP-USDT-SWAPlong	+0.0100%	8h	0.1245	long leg	$6.0M	$29.6M	50x
Gate OP_USDT	+0.0100%	8h	0.1244	−0.056%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1243	−0.121%	$22.2M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1244	−0.040%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1245	+0.040%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1244	−0.024%	$112K	$224K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1240	−0.386%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1239	−0.417%	$310K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1240	−0.362%	$43K	$694K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1242	−0.193%	$196	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1244	−0.032%	$165K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1243	−0.092%	$99K	$608K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1240	−0.362%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0112%	1h	0.1244	−0.040%	$25K	$69K	50x
Kraken Futures PF_OPUSD	+0.0156%	1h	0.1244	−0.018%	$741K	$725K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1239	−0.426%	$999K	$322K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1240	−0.338%	$690	—	20x	as long as short