Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.026%

Price spread now: Aevo against Orderly−0.037%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Aevo is 0.037% cheaper against Orderly than usual: you would sell low and buy high (spread −0.037% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 2.7 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_OP_USDC	0.1254	0.0058	pay 0.0058% / 8h	6h 45m	$6K	$48K	10x
Short	Aevo OP-PERP	0.1254	0.0104	get 0.0013% / 1h	45m 16s	$3K	$1K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.037%Rate

Funding earned: $9.6
Price spread: −0.037% → 0.000%: −$3.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$16.15
Costs to cover: 0.220%
Break-even: 18.8 days

Slippage unknown: Orderly: no order-book sample; Aevo: 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo no order-book sample	—	—	—	—	—

Orderly and Aevo: 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	−0.1535%	1h	0.1249	−0.399%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1254	+0.019%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.994%	$25K	$77K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1254	+0.012%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1254	0.000%	$41K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1255	+0.053%	—	—	150x	as long as short
Variational Omni OP	+0.0050%	8h	0.1254	−0.031%	$223K	$52K	—	as long as short
Orderly PERP_OP_USDClong	+0.0058%	8h	0.1254	long leg	$6K	$48K	10x
OKX OP-USDT-SWAP	+0.0091%	8h	0.1254	−0.008%	$6.1M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1255	+0.096%	$280K	$947K	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	0.1255	+0.056%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1255	+0.088%	$210K	$231K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1253	−0.040%	$20.2M	$62.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1253	−0.064%	$18.2M	$26.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1255	+0.088%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1255	+0.040%	$20.4M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1254	0.000%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1254	0.000%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1254	0.000%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1254	+0.016%	$121K	$201K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1258	+0.317%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	+0.601%	$312K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	+0.239%	$43K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1253	−0.048%	$171	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1255	+0.040%	$173K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1253	−0.114%	$101K	$389K	25x	as long as short
Aevo OP-PERPshort	+0.0104%	1h	0.1254	−0.037%	$3K	$1K	3x
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.566%	$1.0M	$276K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1254	−0.012%	$697	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0465%	1h	0.1255	+0.085%	$792K	$615K	20x	as long as short