Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.033%

Price spread now: BloFin against dYdX−0.052%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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. BloFin is 0.052% cheaper against dYdX than usual: you would sell low and buy high (spread −0.052% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 19 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX OP-USD	0.1246	0	get 0.0000% / 1h	15m 02s	$39K	$522	10x
Short	BloFin OP-USDT	0.1245	0.0220	get 0.0220% / 8h	15m 02s	$989K	$323K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against dYdX. 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 dYdXbpFee BloFinbpOrdersPrice spread, now −0.052%Rate

Funding earned: $46.2
Price spread: −0.052% → 0.000%: −$5.22
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $18.98
Costs to cover: 0.220%
Break-even: 4.1 days

Slippage unknown: dYdX: no order-book sample; BloFin: live order book, 12 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 dYdX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 12 min ago	1.21 bp	8.5 bp −$9	15.6 bp −$156	59.8 bp −$5,982	doesn't fit

dYdX: 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	−0.1660%	1h	0.1235	−0.887%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1245	−0.049%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0055%	8h	0.1245	−0.084%	$12K	$236K	10x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1246	long leg	$39K	$522	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1245	−0.084%	$32K	$164K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1246	−0.019%	—	—	150x	as long as short
Variational Omni OP	+0.0061%	8h	0.1245	−0.096%	$220K	$47K	—	as long as short
KuCoin OPUSDTM	+0.0070%	8h	0.1244	−0.165%	$2.8M	$6.1M	75x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1242	−0.325%	$24K	$65K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1246	+0.004%	$288K	$1.1M	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	0.1247	+0.052%	$3.5M	$3.6M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1246	+0.016%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1246	+0.011%	$19.6M	$67.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1245	−0.052%	$18.1M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1246	+0.020%	$5.9M	$29.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1246	−0.012%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1246	−0.004%	$22.2M	$7.8M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1245	−0.084%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1246	−0.028%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1245	−0.060%	$115K	$221K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1246	+0.028%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1245	−0.084%	$305K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1244	−0.165%	$43K	$697K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1245	−0.076%	$213	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1245	−0.044%	$165K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1245	−0.104%	$99K	$610K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1245	−0.062%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSD	+0.0165%	1h	0.1246	+0.026%	$740K	$679K	20x	as long as short
BloFin OP-USDTshort	+0.0220%	8h	0.1245	−0.052%	$989K	$323K	75x
Reya OPRUSDPERP	+0.0444%	1h	0.1245	−0.119%	$692	—	20x	as long as short