Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.079%

Price spread now: Coinbase International against Binance+0.064%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Coinbase International is 0.064% dearer against Binance than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.223%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1252	0.0100	pay 0.0100% / 8h	7h 44m	$19.7M	$67.7M	75x
Short	Coinbase International OP-PERP-INTX	0.1253	0.0112	get 0.0014% / 1h	44m 54s	$24K	$67K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.064%Rate

Funding earned: $2.52
Price spread: +0.064% → 0.000%: $6.39
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$11.09
Costs to cover: 0.200%
Break-even: 37.8 days

Slippage unknown: Binance: live order book, 12 min ago; Coinbase International: 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 Binance live order book, 12 min ago	0.40 bp	10.9 bp −$11	22.1 bp −$221	112.0 bp −$11.2K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−1.374%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1251	−0.071%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0549%	1h	0.1251	−0.096%	$31K	$165K	25x	as long as short
Orderly PERP_OP_USDC	−0.0052%	8h	0.1251	−0.096%	$12K	$235K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1253	+0.047%	$39K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1252	−0.049%	—	—	150x	as long as short
KuCoin OPUSDTM	+0.0036%	8h	0.1251	−0.096%	$2.8M	$6.0M	75x	as long as short
Variational Omni OP	+0.0071%	8h	0.1251	−0.060%	$221K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1253	+0.064%	$289K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1253	+0.024%	$3.5M	$3.6M	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	0.1253	+0.091%	$206K	$211K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1252	long leg	$19.7M	$67.7M	75x
Bybit OPUSDT	+0.0100%	8h	0.1251	−0.072%	$18.2M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1252	+0.008%	$6.0M	$29.6M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1252	+0.016%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1252	−0.008%	$22.3M	$7.7M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1252	−0.016%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1252	−0.016%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1252	−0.056%	$117K	$222K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	−0.142%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	−0.151%	$310K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1255	+0.224%	$43K	$694K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1252	−0.056%	$193	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1252	−0.056%	$166K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1251	−0.068%	$100K	$613K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1252	−0.056%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0112%	1h	0.1253	+0.064%	$24K	$67K	50x
Kraken Futures PF_OPUSD	+0.0155%	1h	0.1253	+0.038%	$745K	$675K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1251	−0.128%	$994K	$325K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1251	−0.057%	$696	—	20x	as long as short