Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.017%

Price spread now: edgeX against Binance−0.224%60s7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1271.274% of the position

Long on Binance Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)+0.367%+$37 · spread now −0.224%, 7d avg −0.050%

Together, before fees+0.438%+ Points / potential airdropedgeX: Active · farm board+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.174% cheaper against Binance than usual: you would sell low and buy high (spread −0.224% now, against its 7-day average of −0.050%). If the spread goes back, that is −$17 on $10k: about 2.4 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.071% in total) that is about 17 days. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1228	−0.0142	get 0.0142% / 8h	4h 48m	$19.0M	$65.6M	75x
Short	edgeX OPUSDC	0.1225	0.0100	get 0.0050% / 4h	48m 27s	$4K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.224%Rate

Funding earned: $50.84
Price spread: −0.224% → −0.050%: −$17.38
Slippage, 4 orders: −$108.41
Fee Binance: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$93.96
Costs to cover: 1.274%
Break-even: 19.9 days

Slippage from Binance: live order book, 2 min ago; edgeX: live order book, 3 min ago.

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, 2 min ago	0.41 bp	10.7 bp −$11	22.1 bp −$221	109.7 bp −$11.0K	doesn't fit
Sell edgeX live order book, 3 min ago	40.75 bp	53.0 bp −$53	170.5 bp −$1,705	doesn't fit	doesn't fit

OP on 30 exchanges

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
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1224	−0.325%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0567%	1h	0.1223	−0.423%	$30K	$112K	25x	as long as short
Hyperliquid OP	−0.0519%	1h	0.1228	+0.017%	$3.9M	$3.9M	5x	as long as short
Extended OP-USD	−0.0144%	1h	0.1228	−0.023%	$98K	$662K	25x	as long as short
Binance OPUSDTlong	−0.0142%	8h	0.1228	long leg	$19.0M	$65.6M	75x
MEXC OP_USDT	−0.0141%	8h	0.1230	+0.155%	$21.5M	$7.1M	300x	as long as short
Orderly PERP_OP_USDC	−0.0082%	8h	0.1223	−0.423%	$12K	$231K	10x	as long as short
Gate OP_USDT	−0.0074%	8h	0.1229	+0.066%	$1.9M	$1.3M	50x	as long as short
Coinbase International OP-PERP-INTX	−0.0056%	1h	0.1233	+0.391%	$24K	$68K	50x	as long as short
Kraken Futures PF_OPUSD	−0.0054%	1h	0.1225	−0.233%	$727K	$735K	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT OP_USDT_Perp	−0.0030%	8h	0.1226	−0.179%	$302K	$5.9M	10x	as long as short
BloFin OP-USDT	−0.0022%	8h	0.1224	−0.341%	$979K	$258K	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1230	+0.122%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1223	−0.423%	—	—	150x	as long as short
SoDEX OP-USD	+0.0021%	1h	0.1226	−0.219%	$185	$5K	5x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1231	+0.229%	$34K	$67K	12x	as long as short
Variational Omni OP	+0.0042%	8h	0.1226	−0.193%	$217K	$45K	—	as long as short
Aevo OP-PERP	+0.0048%	1h	0.1224	−0.367%	$3K	$1K	3x	as long as short
KuCoin OPUSDTM	+0.0055%	8h	0.1228	−0.016%	$2.8M	$5.4M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1230	+0.139%	$251K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1229	+0.066%	$203K	$207K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1228	−0.024%	$17.8M	$24.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1227	−0.097%	$5.9M	$26.7M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1228	−0.016%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1229	+0.058%	—	$6.4M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1225	−0.260%	$110K	$217K	10x	as long as short
edgeX OPUSDCshort	+0.0100%	4h	0.1225	−0.224%	$4K	$1.1M	10x
ApeX Omni OPUSDT	+0.0100%	1h	0.1225	−0.260%	$42K	$687K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1224	−0.317%	$167K	$263K	50x	as long as short
Reya OPRUSDPERP	+0.0447%	1h	0.1226	−0.146%	$682	—	20x	as long as short