Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0428%/8h= +46.9% APRpaid last 24h +0.135%

Price spread now: Bybit against Coinbase International+1.923%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.287%+$29 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 +$13 a day on $10k at the current rate, and Bybit is 1.923% dearer against Coinbase International than usual: you sell high and buy low: +$192 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.287% in total (about 15.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1243	−0.0328	get 0.0041% / 1h	22m 40s	$21K	$64K	50x
Short	Bybit OPUSDT	0.1267	0.0100	get 0.0100% / 8h	2h 22m	$18.5M	$25.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +1.923%Rate

Funding earned: $89.88
Price spread: +1.923% → 0.000%: $192.28
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $261.16
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.40 bp	16.7 bp −$17	38.7 bp −$387	76.0 bp −$7,604	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 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	−0.1658%	1h	0.1261	+1.448%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1267	+1.902%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0328%	1h	0.1243	long leg	$21K	$64K	50x
dYdX OP-USD	0.0000%	1h	0.1268	+2.007%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1267	+1.931%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1267	+1.950%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0035%	8h	0.1266	+1.850%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0039%	8h	0.1263	+1.642%	$230K	$44K	—	as long as short
Lighter OP	+0.0096%	1h	0.1268	+1.979%	$272K	$907K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1268	+2.043%	$4.1M	$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	0.1267	+1.948%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1267	+1.899%	$20.5M	$62.6M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1267	+1.923%	$18.5M	$25.3M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1268	+1.979%	$5.9M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1266	+1.858%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1267	+1.963%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1266	+1.850%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1268	+2.011%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1266	+1.850%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1266	+1.842%	$128K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1259	+1.248%	$10K	$377K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	+1.530%	$312K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1258	+1.207%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1266	+1.866%	$169	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1266	+1.874%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1266	+1.866%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	+1.899%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0136%	1h	0.1267	+1.952%	$783K	$731K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1266	+1.842%	$1.0M	$282K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1266	+1.815%	$704	—	20x	as long as short