Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0338%/8h= +37.1% APRpaid last 24h +0.124%

Price spread now: Reya against Binance−0.120%7-day average — · you buy dearer than you sell

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

Long on Binance 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 airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.120% cheaper against Binance than usual: you would sell low and buy high (spread −0.120% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 28 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance OPUSDT	0.1261	0.0100	pay 0.0100% / 8h	7h 28m	$20.4M	$62.0M	75x
Short	Reya OPRUSDPERP	0.1260	0.0438	get 0.0055% / 1h	28m 14s	$701	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.120%Rate

Funding earned: $71.06
Price spread: −0.120% → 0.000%: −$12.02
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: $43.04
Costs to cover: 0.160%
Break-even: 2.8 days

Slippage unknown: Binance: live order book, 14 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 Binance live order book, 14 min ago	0.40 bp	10.2 bp −$10	24.7 bp −$247	102.2 bp −$10.2K	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	−0.1656%	1h	0.1253	−0.661%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	−0.037%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1257	−0.344%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	+0.021%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	+0.052%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.046%	—	—	150x	as long as short
Bybit OPUSDT	+0.0042%	8h	0.1261	−0.059%	$18.3M	$25.9M	75x	as long as short
Variational Omni OP	+0.0048%	8h	0.1260	−0.110%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1261	−0.027%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1262	+0.044%	$283K	$949K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	+0.068%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	−0.015%	$211K	$236K	10x	as long as short
Binance OPUSDTlong	+0.0100%	8h	0.1261	long leg	$20.4M	$62.0M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1260	−0.106%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	+0.060%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	−0.011%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.027%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	+0.052%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	+0.052%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−0.051%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.073%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1260	−0.080%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	+0.052%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	+0.029%	$177	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	+0.044%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.029%	$106K	$430K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1262	+0.038%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.170%	$1.0M	$274K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0384%	1h	0.1263	+0.113%	$797K	$754K	20x	as long as short
Reya OPRUSDPERPshort	+0.0438%	1h	0.1260	−0.120%	$701	—	20x