Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.059%

Price spread now: Deribit against Bybit+0.024%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.234%−$23 on $10k

Price spread, last 3 days (all we have)+0.113%+$11 · spread now +0.024%, 7d avg +0.061%

Together, before fees−0.121%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.038% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPUSDT	0.1265	0.0100	pay 0.0100% / 8h	6h 00m	$18.4M	$25.4M	75x
Short	Deribit OP_USDC-PERPETUAL	0.1265	0	get 0.0000% / 1h	1h 00m	$42K	$151K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$21
Price spread: +0.024% → +0.061%: −$3.75
Slippage, 4 orders: −$27.48
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$70.23
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Deribit: live order book, 3 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 Bybit live order book, 4 min ago	0.40 bp	11.0 bp −$11	27.0 bp −$270	89.6 bp −$8,959	doesn't fit
Sell Deribit live order book, 3 min ago	7.91 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit

OP on 29 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	−0.1535%	1h	0.1258	−0.530%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1265	+0.022%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.131%	$25K	$72K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.012%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALshort	0.0000%	1h	0.1265	+0.024%	$42K	$151K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	−0.001%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1264	−0.055%	$6K	$46K	10x	as long as short
Variational Omni OP	+0.0055%	8h	0.1264	−0.085%	$223K	$50K	—	as long as short
OKX OP-USDT-SWAP	+0.0059%	8h	0.1265	+0.040%	$6.1M	$29.2M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.040%	$281K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1265	+0.024%	$3.7M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1265	+0.026%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	+0.041%	$20.4M	$60.9M	75x	as long as short
Bybit OPUSDTlong	+0.0100%	8h	0.1265	long leg	$18.4M	$25.4M	75x
Gate OP_USDT	+0.0100%	8h	0.1265	+0.016%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1265	0.000%	$20.7M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1264	−0.055%	$2.9M	$6.8M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	+0.024%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1264	−0.040%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1264	−0.055%	$121K	$195K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	−0.062%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1263	−0.096%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1265	+0.024%	$43K	$705K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	−0.040%	$180	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1266	+0.095%	$175K	$218K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1265	0.000%	$101K	$392K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1264	−0.075%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1263	−0.097%	$703	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0461%	1h	0.1266	+0.088%	$799K	$583K	20x	as long as short