Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.140%

Price spread now: Bitget against Coinbase International−1.016%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 Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.341%+$34 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. Bitget is 1.016% cheaper against Coinbase International than usual: you would sell low and buy high (spread −1.016% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$102 on $10k: about 12 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1279	−0.0184	get 0.0023% / 1h	25m 39s	$25K	$75K	50x
Short	Bitget OPUSDT	0.1266	0.0100	get 0.0100% / 8h	6h 25m	$5.9M	$6.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −1.016%Rate

Funding earned: $59.64
Price spread: −1.016% → 0.000%: −$101.64
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$64
Costs to cover: 0.220%
Break-even: 14.5 days

Slippage unknown: Coinbase International: no order-book sample; Bitget: live order book, 3 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 Bitget live order book, 3 min ago	3.96 bp	17.5 bp −$18	29.5 bp −$295	124.0 bp −$12.4K	doesn't fit

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 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	−1.642%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1265	−1.068%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0184%	1h	0.1279	long leg	$25K	$75K	50x
dYdX OP-USD	0.0000%	1h	0.1266	−1.033%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1266	−1.016%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	−1.081%	—	—	150x	as long as short
Variational Omni OP	+0.0053%	8h	0.1264	−1.138%	$225K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1265	−1.095%	$6K	$47K	10x	as long as short
OKX OP-USDT-SWAP	+0.0087%	8h	0.1267	−0.970%	$6.1M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1267	−0.962%	$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	0.1266	−1.009%	$3.7M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1267	−0.924%	$212K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	−1.063%	$20.4M	$62.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1265	−1.102%	$18.4M	$26.0M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1266	−1.009%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1265	−1.063%	$20.7M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1265	−1.095%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDTshort	+0.0100%	8h	0.1266	−1.016%	$5.9M	$6.6M	75x
BingX OP-USDC	+0.0100%	8h	0.1266	−1.016%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1266	−0.985%	$125K	$203K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−1.490%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1258	−1.644%	$310K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1260	−1.486%	$43K	$712K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1265	−1.071%	$180	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1266	−0.993%	$175K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1266	−1.008%	$104K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	−1.056%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1265	−1.086%	$703	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0461%	1h	0.1266	−0.980%	$800K	$593K	20x	as long as short