Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0302%/8h= −33.0% APRpaid last 24h −0.070%

Price spread now: GMX against Binance+0.245%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 GMX

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—needs both histories

The price spread pays, funding is against you. GMX is 0.245% dearer against Binance than usual: you sell high and buy low (spread +0.245% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1251	0.0100	pay 0.0100% / 8h	1h 04m	$19.8M	$67.0M	75x
Short	GMX OP/USD [OP-USDC]	0.1254	L −0.0898% / S +0.0202%	pay 0.0025% / 1h	4m 40s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.245%Rate

Funding earned: −$63.38
Price spread: +0.245% → 0.000%: $24.5
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$60.88
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Binance: live order book, 8 min ago; GMX: 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, 8 min ago	0.40 bp	9.7 bp −$10	24.4 bp −$244	109.7 bp −$11.0K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.331%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.0898% / S +0.0202%	1h	0.1254	+0.245%	$13K	—	100x
Orderly PERP_OP_USDC	−0.0055%	8h	0.1254	+0.228%	$12K	$236K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1254	+0.236%	$753K	$666K	20x	as long as short
dYdX OP-USD	0.0000%	1h	0.1255	+0.314%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1254	+0.228%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1254	+0.215%	—	—	150x	as long as short
Variational Omni OP	+0.0016%	8h	0.1255	+0.303%	$222K	$47K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1253	+0.148%	$24K	$65K	50x	as long as short
KuCoin OPUSDTM	+0.0072%	8h	0.1252	+0.068%	$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	0.1252	+0.060%	$274K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1253	+0.164%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1253	+0.120%	$206K	$210K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1251	long leg	$19.8M	$67.0M	75x
Bybit OPUSDT	+0.0100%	8h	0.1251	+0.004%	$18.3M	$26.1M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1251	−0.028%	$6.1M	$29.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1252	+0.092%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1251	+0.012%	$22.4M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1250	−0.092%	$5.7M	$6.9M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1251	+0.012%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1253	+0.132%	$115K	$220K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1254	+0.203%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1253	+0.154%	$310K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1255	+0.308%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1253	+0.156%	$209	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1254	+0.228%	$168K	$255K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1249	−0.144%	$102K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1253	+0.171%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1254	+0.196%	$990K	$324K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1254	+0.191%	$697	—	20x	as long as short