Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0329%/8h= −36.1% APRpaid last 24h −0.095%

Price spread now: GMX against Bitget+0.029%7-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 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 0.029% dearer against Bitget than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget OPUSDT	0.1271	0.0100	pay 0.0100% / 8h	3h 54m	$5.9M	$6.4M	75x
Short	GMX OP/USD [OP-USDC]	0.1271	L −0.1065% / S +0.0229%	pay 0.0029% / 1h	54m 03s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$69.15
Price spread: +0.029% → 0.000%: $2.91
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$90.24
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 4 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 Bitget live order book, 4 min ago	3.94 bp	16.5 bp −$17	30.9 bp −$309	110.0 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	−0.1568%	1h	0.1262	−0.708%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.1065% / S +0.0229%	1h	0.1271	+0.029%	$13K	—	100x
dYdX OP-USD	0.0000%	1h	0.1275	+0.297%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1271	0.000%	$42K	$139K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1272	+0.069%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1262	−0.708%	$24K	$62K	50x	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1272	+0.079%	$6K	$45K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1271	−0.026%	$785K	$548K	20x	as long as short
Variational Omni OP	+0.0060%	8h	0.1267	−0.305%	$224K	$48K	—	as long as short
OKX OP-USDT-SWAP	+0.0073%	8h	0.1270	−0.047%	$6.2M	$28.6M	50x	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	0.1271	0.000%	$279K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1272	+0.039%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1273	+0.126%	$213K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1272	+0.102%	$20.6M	$60.4M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1269	−0.126%	$18.7M	$24.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	−0.047%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1270	−0.055%	$21.5M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1270	−0.079%	$2.9M	$6.4M	75x	as long as short
Bitget OPUSDTlong	+0.0100%	8h	0.1271	long leg	$5.9M	$6.4M	75x
BingX OP-USDC	+0.0100%	8h	0.1271	0.000%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1270	−0.087%	$122K	$202K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1269	−0.133%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1269	−0.163%	$317K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1271	0.000%	$44K	$711K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1270	−0.071%	$206	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1271	−0.008%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1270	−0.065%	$104K	$390K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1271	−0.009%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1274	+0.220%	$1.0M	$281K	75x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1271	−0.021%	$707	—	20x	as long as short