Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h −0.112%

Price spread now: Coinbase International against BingX−0.470%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.317%−$32 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Coinbase International is 0.470% cheaper against BingX than usual: you would sell low and buy high (spread −0.470% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$47 on $10k: about 26 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.317%, 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	BingX OP-USDC	0.1276	0.0100	pay 0.0100% / 8h	2h 53m	—	$1.6M	—
Short	Coinbase International OP-PERP-INTX	0.1270	0.0160	get 0.0020% / 1h	53m 52s	$25K	$57K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.470%Rate

Funding earned: $12.6
Price spread: −0.470% → 0.000%: −$47.02
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$54.42
Costs to cover: 0.200%
Break-even: 37.2 days

Slippage unknown: BingX: live order book, 8 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 BingX live order book, 8 min ago	7.91 bp	109.7 bp −$110	880.4 bp −$8,804	1150.0 bp −$115.0K	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	−0.1583%	1h	0.1265	−0.862%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1274	−0.147%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1273	−0.260%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1274	−0.157%	$42K	$138K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1275	−0.105%	—	—	150x	as long as short
Variational Omni OP	+0.0041%	8h	0.1269	−0.562%	$224K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1273	−0.235%	$6K	$47K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0073%	1h	0.1276	−0.005%	$780K	$551K	20x	as long as short
Lighter OP	+0.0096%	1h	0.1275	−0.055%	$277K	$950K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1276	+0.016%	$3.7M	$2.7M	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	0.1275	−0.065%	$213K	$214K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1275	−0.071%	$20.6M	$61.3M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1274	−0.172%	$18.7M	$25.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1274	−0.133%	$6.2M	$28.8M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1275	−0.078%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1275	−0.102%	$21.8M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1274	−0.157%	$2.8M	$6.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1274	−0.157%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDClong	+0.0100%	8h	0.1276	long leg	—	$1.6M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1274	−0.141%	$118K	$207K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1270	−0.486%	$4K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1273	−0.235%	$312K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1271	−0.392%	$44K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1275	−0.118%	$199	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1276	−0.031%	$173K	$229K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1274	−0.174%	$102K	$505K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1275	−0.094%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0160%	1h	0.1270	−0.470%	$25K	$57K	50x
BloFin OP-USDT	+0.0220%	8h	0.1273	−0.274%	$1.0M	$281K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1273	−0.238%	$708	—	20x	as long as short