Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0344%/8h= +37.6% APRpaid last 24h +0.100%

Price spread now: Reya against Aster+0.053%56s7-day average — · you sell dearer than you buy

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

Long on Aster Short on Reya

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 airdropAster: Stage 5 · Reya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Reya is 0.053% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster OPUSDT	0.1255	0.0100	pay 0.0100% / 8h	1h 05m	$206K	$210K	10x
Short	Reya OPRUSDPERP	0.1256	0.0444	get 0.0055% / 1h	5m 38s	$698	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Aster. 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 AsterbpFee ReyabpOrdersPrice spread, now +0.053%Rate

Funding earned: $72.18
Price spread: +0.053% → 0.000%: $5.28
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Reya: 3 bp × 2 orders: −$6
Net: $63.46
Costs to cover: 0.140%
Break-even: 0.8 days

Slippage unknown: Aster: live order book, 36 min ago; Reya: 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 Aster live order book, 36 min ago	11.45 bp	34.7 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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	−0.1760%	1h	0.1247	−0.631%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1255	+0.022%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1256	+0.086%	$12K	$236K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1255	+0.022%	$754K	$665K	20x	as long as short
dYdX OP-USD	0.0000%	1h	0.1255	+0.012%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1256	+0.086%	$32K	$154K	25x	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
Variational Omni OP	+0.0016%	8h	0.1255	+0.001%	$222K	$47K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1253	−0.153%	$24K	$65K	50x	as long as short
KuCoin OPUSDTM	+0.0072%	8h	0.1254	−0.074%	$2.8M	$6.2M	75x	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	0.1255	+0.014%	$275K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1256	+0.070%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDTlong	+0.0100%	8h	0.1255	long leg	$206K	$210K	10x
Binance OPUSDT	+0.0100%	8h	0.1254	−0.073%	$19.8M	$67.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1254	−0.089%	$18.4M	$26.1M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1254	−0.081%	$6.1M	$29.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1255	+0.006%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1254	−0.042%	$22.5M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1254	−0.074%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1255	+0.006%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1255	+0.022%	$116K	$220K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1254	−0.098%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1253	−0.147%	$310K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1255	+0.006%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1255	−0.010%	$205	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1255	+0.006%	$168K	$255K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1253	−0.114%	$102K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1255	−0.034%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1255	−0.010%	$991K	$324K	75x	as long as short
Reya OPRUSDPERPshort	+0.0444%	1h	0.1256	+0.053%	$698	—	20x