Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.107%

Price spread now: BingX against Coinbase International−0.182%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.311%+$31 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. BingX is 0.182% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.182% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 8.9 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.311% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1262	0.0032	pay 0.0004% / 1h	31m 22s	$24K	$64K	50x
Short	BingX OP-USDT	0.1260	0.0100	get 0.0100% / 8h	1h 31m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.182%Rate

Funding earned: $14.28
Price spread: −0.182% → 0.000%: −$18.23
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$23.95
Costs to cover: 0.200%
Break-even: 18.7 days

Slippage unknown: Coinbase International: no order-book sample; BingX: live order book, 11 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell BingX live order book, 11 min ago	1.18 bp	10.3 bp −$10	20.0 bp −$200	81.0 bp −$8,105	328.0 bp −$164.0K

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	−0.1760%	1h	0.1255	−0.555%	$35K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0898% / S +0.0202%	1h	0.1260	−0.132%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0048%	8h	0.1258	−0.317%	$59K	$177K	10x	as long as short
Kraken Futures PF_OPUSD	−0.0034%	1h	0.1261	−0.088%	$754K	$652K	20x	as long as short
Variational Omni OP	−0.0015%	8h	0.1262	+0.034%	$223K	$46K	—	as long as short
dYdX OP-USD	0.0000%	1h	0.1261	−0.096%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	−0.158%	$32K	$154K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1259	−0.226%	—	—	150x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0032%	1h	0.1262	long leg	$24K	$64K	50x
Bybit OPUSDT	+0.0054%	8h	0.1259	−0.230%	$18.5M	$26.0M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin OPUSDTM	+0.0057%	8h	0.1260	−0.158%	$2.8M	$6.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0079%	8h	0.1260	−0.174%	$6.1M	$29.6M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1260	−0.190%	$276K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1260	−0.143%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	−0.111%	$209K	$218K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	−0.174%	$19.9M	$66.5M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1261	−0.103%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1260	−0.182%	$22.5M	$8.0M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1259	−0.238%	$5.7M	$6.8M	75x	as long as short
BingX OP-USDTshort	+0.0100%	8h	0.1260	−0.182%	—	$6.6M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1260	−0.174%	$108K	$216K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.159%	$382K	$768K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1261	−0.079%	$311K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	−0.079%	$43K	$700K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1259	−0.206%	$206	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.182%	$171K	$253K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.242%	$101K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.198%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1260	−0.198%	$999K	$326K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1260	−0.195%	$700	—	20x	as long as short