Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.022%

Price spread now: Bybit against dYdX−0.147%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 Bybit

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. Bybit is 0.147% cheaper against dYdX than usual: you would sell low and buy high (spread −0.147% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 4.9 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	dYdX OP-USD	0.1249	0	get 0.0000% / 1h	19m 03s	$39K	$522	10x
Short	Bybit OPUSDT	0.1247	0.0100	get 0.0100% / 8h	6h 19m	$18.1M	$25.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.147%Rate

Funding earned: $21
Price spread: −0.147% → 0.000%: −$14.72
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$14.72
Costs to cover: 0.210%
Break-even: 11.9 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.40 bp	11.2 bp −$11	27.0 bp −$270	82.2 bp −$8,222	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 exchanges

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	−0.1934%	1h	0.1257	+0.654%	$35K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0886% / S +0.0200%	1h	0.1248	−0.046%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0551%	1h	0.1247	−0.147%	$31K	$128K	25x	as long as short
Orderly PERP_OP_USDC	−0.0058%	8h	0.1248	−0.067%	$12K	$233K	10x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1249	long leg	$39K	$522	10x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1248	−0.067%	—	—	150x	as long as short
Binance OPUSDT	+0.0021%	8h	0.1247	−0.131%	$19.2M	$68.1M	75x	as long as short
Extended OP-USD	+0.0024%	1h	0.1247	−0.148%	$102K	$579K	25x	as long as short
MEXC OP_USDT	+0.0025%	8h	0.1247	−0.131%	$22.1M	$7.6M	300x	as long as short
GRVT OP_USDT_Perp	+0.0028%	8h	0.1251	+0.144%	$305K	$5.5M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate OP_USDT	+0.0064%	8h	0.1248	−0.091%	$2.0M	$1.4M	50x	as long as short
Variational Omni OP	+0.0072%	8h	0.1250	+0.069%	$221K	$46K	—	as long as short
KuCoin OPUSDTM	+0.0074%	8h	0.1247	−0.147%	$2.9M	$5.8M	75x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1248	−0.067%	$26K	$71K	50x	as long as short
BloFin OP-USDT	+0.0085%	8h	0.1248	−0.067%	$979K	$278K	75x	as long as short
Aevo OP-PERP	+0.0088%	1h	0.1247	−0.147%	$3K	$1K	3x	as long as short
Lighter OP	+0.0096%	1h	0.1248	−0.043%	$265K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1247	−0.123%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1248	−0.067%	$207K	$224K	10x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1247	−0.147%	$18.1M	$25.8M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1248	−0.099%	$6.0M	$28.6M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1247	−0.147%	$5.8M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1248	−0.075%	—	$6.5M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.131%	$109K	$222K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	+0.132%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	+0.173%	$43K	$690K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1247	−0.139%	$196	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	+0.085%	$169K	$257K	50x	as long as short
Reya OPRUSDPERP	+0.0446%	1h	0.1249	−0.015%	$694	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0513%	1h	0.1249	−0.006%	$742K	$803K	20x	as long as short