Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0345%/8h= −37.8% APRpaid last 24h −0.101%

Price spread now: Bitget against Reya+0.038%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 Bitget

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Bitget is 0.038% dearer against Reya than usual: you sell high and buy low (spread +0.038% 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	0.1240	0.0445	pay 0.0056% / 1h	31m 59s	$689	—	20x
Short	Bitget OPUSDT	0.1240	0.0100	get 0.0100% / 8h	7h 31m	$5.7M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$72.45
Price spread: +0.038% → 0.000%: $3.76
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$86.69
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 1 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 Bitget live order book, 1 min ago	4.03 bp	15.6 bp −$16	27.0 bp −$270	106.6 bp −$10.7K	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	−0.1328%	1h	0.1235	−0.366%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1241	+0.106%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0556%	1h	0.1239	−0.043%	$31K	$165K	25x	as long as short
Orderly PERP_OP_USDC	−0.0048%	8h	0.1240	+0.038%	$12K	$235K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1241	+0.159%	$38K	$522	10x	as long as short
KuCoin OPUSDTM	+0.0002%	8h	0.1239	−0.043%	$2.8M	$6.1M	75x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1241	+0.101%	—	—	150x	as long as short
Variational Omni OP	+0.0062%	8h	0.1241	+0.130%	$220K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1241	+0.110%	$286K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1241	+0.102%	$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	0.1240	+0.038%	$200K	$214K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1240	+0.022%	$19.2M	$68.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1239	−0.019%	$18.1M	$26.5M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1240	+0.062%	$6.0M	$29.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1241	+0.102%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1240	+0.038%	$22.1M	$7.8M	300x	as long as short
Bitget OPUSDTshort	+0.0100%	8h	0.1240	+0.038%	$5.7M	$6.9M	75x
BingX OP-USDC	+0.0100%	8h	0.1241	+0.118%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1240	+0.030%	$111K	$224K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1242	+0.235%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1243	+0.306%	$310K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1243	+0.280%	$43K	$693K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1240	+0.022%	$190	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1241	+0.151%	$165K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1240	+0.002%	$99K	$612K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1236	−0.311%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0112%	1h	0.1244	+0.360%	$25K	$69K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0156%	1h	0.1242	+0.212%	$740K	$723K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1241	+0.143%	$994K	$322K	75x	as long as short
Reya OPRUSDPERPlong	+0.0445%	1h	0.1240	long leg	$689	—	20x