Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0342%/8h= −37.4% APRpaid last 24h −0.100%

Price spread now: BingX against Reya+0.037%7-day average — · you sell dearer than you buy

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

Long on Reya Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. BingX is 0.037% dearer against Reya than usual: you sell high and buy low (spread +0.037% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1264	0.0442	pay 0.0055% / 1h	19m 30s	$703	—	20x
Short	BingX OP-USDC	0.1264	0.0100	get 0.0100% / 8h	3h 19m	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Reya. 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 ReyabpFee BingXbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$71.79
Price spread: +0.037% → 0.000%: $3.68
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$84.11
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; BingX: live order book, 13 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell BingX live order book, 13 min ago	11.82 bp	109.6 bp −$110	868.4 bp −$8,684	1123.4 bp −$112.3K	doesn't fit

Reya: 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	−0.1568%	1h	0.1256	−0.596%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1265	+0.134%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1264	+0.017%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1265	+0.116%	$42K	$138K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1266	+0.170%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1270	+0.512%	$25K	$57K	50x	as long as short
Variational Omni OP	+0.0045%	8h	0.1263	−0.056%	$223K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1265	+0.116%	$6K	$46K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1266	+0.196%	$776K	$551K	20x	as long as short
OKX OP-USDT-SWAP	+0.0091%	8h	0.1264	+0.005%	$6.2M	$28.5M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1264	+0.053%	$275K	$946K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1265	+0.100%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1265	+0.138%	$211K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1264	+0.022%	$20.4M	$61.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1263	−0.034%	$18.6M	$24.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1264	+0.013%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1262	−0.098%	$21.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1263	−0.042%	$2.8M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1264	+0.037%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDCshort	+0.0100%	8h	0.1264	+0.037%	—	$1.6M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	−0.019%	$117K	$205K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1263	−0.072%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	−0.122%	$316K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1265	+0.116%	$43K	$709K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1265	+0.076%	$201	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1265	+0.124%	$171K	$231K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1262	−0.088%	$102K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	+0.105%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1263	−0.011%	$1.0M	$280K	75x	as long as short
Reya OPRUSDPERPlong	+0.0442%	1h	0.1264	long leg	$703	—	20x