OP

Alert

Spread before costs (cost unknown: a leg has no order-book sample)+0.125%

7d average—if it closes, per $10,000$13funding while held, a day+$3.00

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX OP-USD	0.1268	0	get 0.0000% / 1h	29m 20s	$39K	$10	10x
Short	Hyperliquid OP	0.1270	0.0100	get 0.0013% / 1h	29m 20s	$3.9M	$3.3M	5x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee dYdXbpFee HyperliquidbpOrdersClose when spread is

Spread captured: $12.52
Funding while held: $3
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$3.48
Spread needed to break even: 0.190%

Slippage unknown: dYdX: no order-book sample; Hyperliquid: live order book, 4 min ago. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0100%
Per $10,000 a day: +$3.00
Average in range /8h: —

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 Hyperliquid live order book, 4 min ago	1.97 bp	10.2 bp −$10	22.0 bp −$220	doesn't fit	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 29 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Coinbase International OP-PERP-INTX	−0.395%	−0.0304%	1h	$22K	$91K	50x	as long as short
Bybit OPUSDT	−0.111%	−0.0303%	8h	$17.9M	$27.9M	75x	as long as short
Variational Omni OP	−0.070%	−0.0103%	8h	$234K	$43K	—	as long as short
OKX OP-USDT-SWAP	−0.040%	+0.0032%	8h	$6.0M	$33.7M	50x	as long as short
Lighter OP	−0.033%	+0.0096%	1h	$284K	$863K	15x	as long as short
Extended OP-USD	−0.024%	−0.0024%	1h	$101K	$212K	25x	as long as short
Reya OPRUSDPERP	−0.017%	+0.0432%	1h	$705	—	20x	as long as short
BingX OP-USDT	−0.009%	+0.0100%	8h	—	$6.9M	—	as long as short
MEXC OP_USDT	−0.001%	−0.0024%	8h	$20.3M	$8.8M	300x	as long as short
KuCoin OPUSDTM	−0.001%	+0.0100%	8h	$2.9M	$7.4M	75x	as long as short

Show all 29 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Bitget OPUSDT	−0.001%	+0.0100%	8h	$6.0M	$6.5M	75x	as long as short
Orderly PERP_OP_USDC	−0.001%	−0.0075%	8h	$6K	$53K	10x	as long as short
Aevo OP-PERP	−0.001%	+0.0072%	1h	$4K	—	3x	as long as short
dYdX OP-USDlong	0.000%	0.0000%	1h	$39K	$10	10x
Binance OPUSDT	+0.005%	−0.0022%	8h	$20.8M	$69.2M	75x	as long as short
Aster OPUSDT	+0.007%	+0.0100%	8h	$213K	$465K	10x	as long as short
Gate OP_USDT	+0.023%	+0.0100%	8h	$1.8M	$1.6M	50x	as long as short
SoDEX OP-USD	+0.031%	+0.0100%	1h	$181	$6K	5x	as long as short
GMX OP/USD [OP-USDC]	+0.062%	L −0.1162% / S +0.0245%	1h	$13K	—	100x	as long as short
gTrade (Gains Network) OP/USD	+0.078%	L +0.0004% / S −0.0004%	1h	—	—	150x	as long as short
Deribit OP_USDC-PERPETUAL	+0.078%	0.0000%	1h	$48K	$200K	25x	as long as short
Backpack OP_USDC_PERP	+0.102%	+0.0108%	1h	$137K	$189K	10x	as long as short
Hyperliquid OPshort	+0.125%	+0.0100%	1h	$3.9M	$3.3M	5x
Kraken Futures PF_OPUSD	+0.166%	+0.0469%	1h	$788K	$681K	20x	as long as short
HTX OP-USDT	+0.172%	+0.0100%	8h	$182K	$270K	50x	as long as short
edgeX OPUSDC	+0.193%	+0.0100%	4h	$8K	$381K	10x	as long as short
ApeX Omni OPUSDT	+0.236%	+0.0100%	1h	$46K	$712K	50x	as long as short
BloFin OP-USDT	+0.322%	+0.0096%	8h	$1.0M	$587K	75x	as long as short
Injective OP/USDC PERP	+0.630%	+0.0033%	1h	$25K	$184K	12x	as long as short

OP