Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.125%

Price spread now: Coinbase International against Bitget+1.509%47s7-day average — · you sell dearer than you buy

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

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.329%−$33 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 1.509% dearer against Bitget than usual: you sell high and buy low: +$151 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.329%, so the current rate has only just turned in your favour. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget OPUSDT	0.1259	0.0100	pay 0.0100% / 8h	4h 45m	$5.8M	$6.5M	75x
Short	Coinbase International OP-PERP-INTX	0.1278	0.0168	get 0.0021% / 1h	45m 32s	$25K	$71K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +1.509%Rate

Funding earned: $14.28
Price spread: +1.509% → 0.000%: $150.91
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $143.19
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Bitget: live order book, 3 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 Bitget live order book, 3 min ago	3.97 bp	15.8 bp −$16	30.8 bp −$308	100.3 bp −$10.0K	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	−0.1607%	1h	0.1253	−0.477%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1258	−0.050%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1258	−0.043%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1263	+0.318%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1259	0.000%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0037%	8h	0.1258	−0.071%	$6.2M	$28.7M	50x	as long as short
Variational Omni OP	+0.0044%	8h	0.1262	+0.216%	$223K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1259	0.000%	$6K	$44K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1259	+0.008%	$278K	$938K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1260	+0.111%	$3.7M	$3.0M	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	0.1260	+0.059%	$210K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1259	−0.026%	$20.4M	$60.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1258	−0.079%	$18.4M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1260	+0.079%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1259	−0.024%	$21.1M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1258	−0.079%	$2.9M	$6.6M	75x	as long as short
Bitget OPUSDTlong	+0.0100%	8h	0.1259	long leg	$5.8M	$6.5M	75x
BingX OP-USDT	+0.0100%	8h	0.1258	−0.040%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	+0.294%	$121K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	+0.107%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1257	−0.152%	$317K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	+0.159%	$43K	$709K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1263	+0.342%	$193	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.357%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.032%	$101K	$391K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1261	+0.159%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXshort	+0.0168%	1h	0.1278	+1.509%	$25K	$71K	50x
BloFin OP-USDT	+0.0220%	8h	0.1260	+0.111%	$1.0M	$277K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0349%	1h	0.1263	+0.348%	$791K	$571K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1258	−0.042%	$700	—	20x	as long as short