Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.009%

Price spread now: MEXC against dYdX−0.087%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 5 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. MEXC is 0.087% cheaper against dYdX than usual: you would sell low and buy high (spread −0.087% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.9 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	0.1287	0	get 0.0000% / 1h	3m 36s	$40K	$519	10x
Short	MEXC OP_USDT	0.1286	0.0100	get 0.0100% / 8h	1h 03m	$20.4M	$7.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.087%Rate

Funding earned: $21
Price spread: −0.087% → 0.000%: −$8.7
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: $2.3
Costs to cover: 0.100%
Break-even: 6.2 days

Slippage unknown: dYdX: no order-book sample; MEXC: live order book, 10 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 MEXC live order book, 10 min ago	0.39 bp	2.9 bp −$3	6.8 bp −$68	55.6 bp −$5,556	105.6 bp −$52.8K

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	−0.1710%	1h	0.1274	−1.035%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1287	−0.062%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	−0.569%	$21K	$65K	50x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1287	long leg	$40K	$519	10x
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1287	−0.025%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1287	−0.051%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1287	−0.025%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0068%	8h	0.1283	−0.368%	$234K	$53K	—	as long as short
Lighter OP	+0.0096%	1h	0.1287	−0.009%	$291K	$927K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1288	+0.084%	$4.2M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1288	+0.032%	$215K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1286	−0.071%	$20.9M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1286	−0.110%	$18.9M	$25.5M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1286	−0.110%	$6.1M	$30.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1287	−0.025%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDTshort	+0.0100%	8h	0.1286	−0.087%	$20.4M	$7.2M	300x
KuCoin OPUSDTM	+0.0100%	8h	0.1286	−0.103%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1287	−0.025%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1286	−0.103%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1288	+0.076%	$125K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1281	−0.497%	$10K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1283	−0.337%	$321K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1282	−0.413%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1286	−0.064%	$174	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1288	+0.084%	$178K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1286	−0.126%	$103K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1287	−0.018%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1286	−0.087%	$1.0M	$290K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0223%	1h	0.1288	+0.056%	$805K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1286	−0.084%	$715	—	20x	as long as short