Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.093%

Price spread now: OKX against Coinbase International−0.850%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 OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 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. OKX is 0.850% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.850% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$85 on $10k: about 47 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1270	0.0032	pay 0.0004% / 1h	22m 16s	$25K	$58K	50x
Short	OKX OP-USDT-SWAP	0.1259	0.0092	get 0.0092% / 8h	3h 22m	$6.2M	$28.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.850%Rate

Funding earned: $12.68
Price spread: −0.850% → 0.000%: −$85.04
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$92.36
Costs to cover: 0.200%
Break-even: 58.0 days

Slippage unknown: Coinbase International: no order-book sample; OKX: 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 OKX live order book, 1 min ago	0.40 bp	15.8 bp −$16	36.7 bp −$367	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	−0.1568%	1h	0.1258	−0.945%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	−0.767%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1261	−0.727%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	−0.787%	$42K	$138K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.735%	—	—	150x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0032%	1h	0.1270	long leg	$25K	$58K	50x
Variational Omni OP	+0.0045%	8h	0.1264	−0.487%	$223K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1260	−0.787%	$6K	$46K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1261	−0.696%	$773K	$553K	20x	as long as short
OKX OP-USDT-SWAPshort	+0.0092%	8h	0.1259	−0.850%	$6.2M	$28.4M	50x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1260	−0.772%	$274K	$946K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1261	−0.709%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	−0.699%	$211K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	−0.815%	$20.4M	$61.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1258	−0.921%	$18.5M	$24.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1260	−0.748%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1259	−0.890%	$21.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1259	−0.866%	$2.8M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1260	−0.787%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1259	−0.843%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1259	−0.898%	$117K	$207K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1265	−0.398%	$4K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1264	−0.491%	$306K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	−0.315%	$43K	$709K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	−0.827%	$197	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.795%	$170K	$231K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1259	−0.860%	$102K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.798%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	−0.693%	$1.0M	$279K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1260	−0.824%	$700	—	20x	as long as short