Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0419%/8h= −45.9% APRpaid last 24h −0.135%

Price spread now: Orderly against Reya+0.109%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 Orderly

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. Orderly is 0.109% dearer against Reya than usual: you sell high and buy low (spread +0.109% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1255	0.0435	pay 0.0054% / 1h	32m 20s	$698	—	20x
Short	Orderly PERP_OP_USDC	0.1256	0.0016	get 0.0016% / 8h	3h 32m	$6K	$51K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.109%Rate

Funding earned: −$88.05
Price spread: +0.109% → 0.000%: $10.95
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$89.11
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and Orderly: 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	−0.1622%	1h	0.1245	−0.767%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1255	+0.052%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0304%	1h	0.1237	−1.405%	$21K	$64K	50x	as long as short
Variational Omni OP	−0.0026%	8h	0.1250	−0.371%	$228K	$43K	—	as long as short
dYdX OP-USD	0.0000%	1h	0.1256	+0.103%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1256	+0.109%	$44K	$184K	25x	as long as short
Kraken Futures PF_OPUSD	+0.0001%	1h	0.1256	+0.141%	$777K	$744K	20x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1256	+0.081%	—	—	150x	as long as short
Orderly PERP_OP_USDCshort	+0.0016%	8h	0.1256	+0.109%	$6K	$51K	10x
Gate OP_USDT	+0.0085%	8h	0.1256	+0.094%	$1.8M	$1.4M	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	0.1256	+0.141%	$268K	$897K	15x	as long as short
OKX OP-USDT-SWAP	+0.0098%	8h	0.1255	+0.054%	$5.8M	$29.8M	50x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1255	+0.070%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1256	+0.074%	$213K	$255K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1256	+0.125%	$20.2M	$63.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1256	+0.078%	$18.5M	$25.7M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1255	+0.054%	$20.3M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1255	+0.030%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1256	+0.109%	$6.0M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1256	+0.109%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1254	−0.050%	$128K	$196K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	−0.395%	$9K	$380K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	−0.365%	$313K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	−0.289%	$45K	$718K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1256	+0.078%	$150	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1257	+0.149%	$178K	$244K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1255	+0.060%	$100K	$206K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1255	+0.058%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1253	−0.170%	$982K	$294K	75x	as long as short
Reya OPRUSDPERPlong	+0.0435%	1h	0.1255	long leg	$698	—	20x