Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h +0.083%

Price spread now: Kraken Futures against Binance+0.162%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$700.696% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.094%+$9 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.162%, 7d avg +0.071%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.091% dearer against Binance than usual: you sell high and buy low (spread +0.162% now, against its 7-day average of +0.071%): +$9 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.094%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1248	0.0100	pay 0.0100% / 8h	1h 01m	$19.7M	$67.1M	75x
Short	Kraken Futures PF_OPUSD	0.1250	−0.0034	pay 0.0004% / 1h	1m 32s	$750K	$666K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.162%Rate

Funding earned: −$28.15
Price spread: +0.162% → +0.071%: $9.05
Slippage, 4 orders: −$49.58
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$88.67
Costs to cover: 0.696%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; Kraken Futures: live order book, 42 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, 11 min ago	0.40 bp	9.7 bp −$10	24.4 bp −$244	109.7 bp −$11.0K	doesn't fit
Sell Kraken Futures live order book, 42 min ago	9.88 bp	27.2 bp −$27	95.2 bp −$952	doesn't fit	doesn't fit

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	0.1244	−0.341%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1249	+0.098%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1250	+0.139%	$12K	$236K	10x	as long as short
Kraken Futures PF_OPUSDshort	−0.0034%	1h	0.1250	+0.162%	$750K	$666K	20x
dYdX OP-USD	0.0000%	1h	0.1250	+0.120%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1250	+0.139%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1250	+0.145%	—	—	150x	as long as short
Variational Omni OP	+0.0016%	8h	0.1255	+0.534%	$222K	$47K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1251	+0.219%	$24K	$65K	50x	as long as short
KuCoin OPUSDTM	+0.0064%	8h	0.1248	−0.021%	$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	0.1249	+0.067%	$274K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1250	+0.099%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1249	+0.075%	$205K	$210K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1248	long leg	$19.7M	$67.1M	75x
Bybit OPUSDT	+0.0100%	8h	0.1248	−0.037%	$18.3M	$26.1M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1248	−0.021%	$6.0M	$29.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1249	+0.091%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1249	+0.027%	$22.3M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1248	−0.021%	$5.6M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1249	+0.059%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1249	+0.059%	$115K	$220K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	+0.176%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	+0.112%	$318K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1255	+0.540%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1249	+0.083%	$210	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1251	+0.203%	$167K	$255K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1248	−0.003%	$100K	$528K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	+0.099%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	+0.131%	$990K	$323K	75x	as long as short
Reya OPRUSDPERP	+0.0444%	1h	0.1249	+0.086%	$695	—	20x	as long as short