Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h +0.112%

Price spread now: KuCoin against Coinbase International−0.159%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 KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.316%+$32 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and KuCoin is 0.159% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.316%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1254	0.0160	pay 0.0020% / 1h	2m 47s	$26K	$60K	50x
Short	KuCoin OPUSDTM	0.1252	0.0100	get 0.0100% / 8h	2h 02m	$2.8M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$12.6
Price spread: −0.159% → 0.000%: −$15.95
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$50.55
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	3.99 bp	28.6 bp −$29	76.3 bp −$763	doesn't fit	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	−0.1583%	1h	0.1247	−0.558%	$34K	$59K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1251	−0.223%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0548%	1h	0.1252	−0.159%	$33K	$153K	25x	as long as short
Orderly PERP_OP_USDC	−0.0013%	8h	0.1252	−0.159%	$59K	$142K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1252	−0.156%	$39K	$532	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1252	−0.184%	—	—	150x	as long as short
Variational Omni OP	+0.0005%	8h	0.1253	−0.045%	$222K	$46K	—	as long as short
Bybit OPUSDT	+0.0060%	8h	0.1252	−0.191%	$18.4M	$25.7M	75x	as long as short
Kraken Futures PF_OPUSD	+0.0074%	1h	0.1254	+0.005%	$752K	$633K	20x	as long as short
OKX OP-USDT-SWAP	+0.0095%	8h	0.1252	−0.167%	$6.1M	$29.1M	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	0.1253	−0.104%	$275K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1252	−0.175%	$3.5M	$3.3M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1253	−0.041%	$204K	$213K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1252	−0.135%	$19.6M	$64.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1253	−0.104%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1253	−0.120%	$23.1M	$7.7M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1252	−0.159%	$2.8M	$6.3M	75x
Bitget OPUSDT	+0.0100%	8h	0.1252	−0.159%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1252	−0.152%	—	$6.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1252	−0.152%	$105K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1253	−0.076%	$380K	$768K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1254	−0.027%	$309K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1253	−0.080%	$43K	$704K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1253	−0.120%	$207	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1252	−0.167%	$174K	$244K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1251	−0.227%	$101K	$506K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1252	−0.148%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0160%	1h	0.1254	long leg	$26K	$60K	50x
BloFin OP-USDT	+0.0220%	8h	0.1252	−0.136%	$985K	$306K	75x	as long as short
Reya OPRUSDPERP	+0.0443%	1h	0.1250	−0.298%	$695	—	20x	as long as short