Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.044%

Price spread now: MEXC against Deribit−0.127%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$300.300% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now −0.127%, 7d avg −0.002%

Together, before fees+0.265%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.124% cheaper against Deribit than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of −0.002%). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OP_USDC-PERPETUAL	0.1262	0	get 0.0000% / 1h	28m 17s	$42K	$171K	25x
Short	MEXC OP_USDT	0.1260	0.0100	get 0.0100% / 8h	7h 28m	$20.0M	$7.3M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.127%Rate

Funding earned: $21
Price spread: −0.127% → −0.002%: −$12.44
Slippage, 4 orders: −$22.97
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$21.42
Costs to cover: 0.300%
Break-even: 14.1 days

Slippage from Deribit: live order book, 45 min ago; MEXC: live order book, just now.

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 Deribit live order book, 45 min ago	3.93 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, just now	0.79 bp	3.2 bp −$3	12.9 bp −$129	64.8 bp −$6,481	97.4 bp −$48.7K

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	−0.1656%	1h	0.1253	−0.713%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	−0.090%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1257	−0.396%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	−0.032%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALlong	0.0000%	1h	0.1262	long leg	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.098%	—	—	150x	as long as short
Bybit OPUSDT	+0.0042%	8h	0.1261	−0.055%	$18.3M	$25.9M	75x	as long as short
Variational Omni OP	+0.0048%	8h	0.1260	−0.162%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1261	−0.079%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1262	0.000%	$283K	$949K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1261	−0.055%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1262	−0.003%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	−0.071%	$20.3M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1261	−0.087%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1261	−0.111%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDTshort	+0.0100%	8h	0.1260	−0.127%	$20.0M	$7.3M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−0.158%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	0.000%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1260	−0.166%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1258	−0.293%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.126%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1260	−0.132%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	0.000%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	−0.024%	$177	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.158%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.081%	$106K	$430K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1262	−0.014%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.222%	$1.0M	$274K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0384%	1h	0.1263	+0.060%	$797K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1260	−0.173%	$701	—	20x	as long as short