Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against edgeX−0.256%49s7-day average +0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1301.295% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.256%, 7d avg +0.080%

Together, before fees+0.083%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.336% cheaper against edgeX than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +0.080%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX OPUSDC	0.1245	0.0100	pay 0.0050% / 4h	1h 54m	$4K	$1.1M	10x
Short	Lighter OP	0.1242	0.0096	get 0.0012% / 1h	54m 26s	$263K	$1.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.256%Rate

Funding earned: −$0.84
Price spread: −0.256% → +0.080%: −$33.6
Slippage, 4 orders: −$120.51
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$163.95
Costs to cover: 1.295%
Break-even: never at this rate

Slippage from edgeX: live order book, 2 min ago; Lighter: live order book, 4 min ago.

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 edgeX live order book, 2 min ago	40.13 bp	51.0 bp −$51	163.9 bp −$1,639	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	8.02 bp	9.0 bp −$9	46.0 bp −$460	doesn't fit	doesn't fit

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
GMX OP/USD [OP-USDC]	L −0.0886% / S +0.0200%	1h	0.1243	−0.198%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0555%	1h	0.1242	−0.280%	$30K	$113K	25x	as long as short
Hyperliquid OP	−0.0488%	1h	0.1241	−0.368%	$3.8M	$3.9M	5x	as long as short
SoDEX OP-USD	−0.0060%	1h	0.1242	−0.280%	$199	$5K	5x	as long as short
Orderly PERP_OP_USDC	−0.0059%	8h	0.1242	−0.280%	$12K	$232K	10x	as long as short
Coinbase International OP-PERP-INTX	−0.0048%	1h	0.1244	−0.119%	$25K	$67K	50x	as long as short
Binance OPUSDT	−0.0034%	8h	0.1241	−0.339%	$19.2M	$65.9M	75x	as long as short
MEXC OP_USDT	−0.0033%	8h	0.1241	−0.336%	$21.9M	$7.3M	300x	as long as short
Extended OP-USD	−0.0032%	1h	0.1241	−0.351%	$100K	$581K	25x	as long as short
Gate OP_USDT	−0.0012%	8h	0.1242	−0.280%	$2.0M	$1.3M	50x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX OP-USD	0.0000%	1h	0.1243	−0.230%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1247	+0.120%	—	—	150x	as long as short
GRVT OP_USDT_Perp	+0.0022%	8h	0.1245	−0.023%	$305K	$5.3M	10x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1257	+0.924%	$35K	$67K	12x	as long as short
Variational Omni OP	+0.0069%	8h	0.1243	−0.173%	$220K	$46K	—	as long as short
Aevo OP-PERP	+0.0072%	1h	0.1242	−0.287%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0092%	8h	0.1243	−0.224%	$979K	$281K	75x	as long as short
Lighter OPshort	+0.0096%	1h	0.1242	−0.256%	$263K	$1.1M	15x
Aster OPUSDT	+0.0100%	8h	0.1243	−0.200%	$206K	$210K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1241	−0.328%	$18.0M	$24.6M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1242	−0.304%	$6.0M	$27.6M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1242	−0.280%	$2.9M	$5.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1242	−0.280%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1242	−0.280%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1242	−0.272%	$109K	$220K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1245	long leg	$4K	$1.1M	10x
ApeX Omni OPUSDT	+0.0100%	1h	0.1247	+0.122%	$43K	$689K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1244	−0.087%	$168K	$252K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0155%	1h	0.1244	−0.130%	$739K	$748K	20x	as long as short
Reya OPRUSDPERP	+0.0446%	1h	0.1241	−0.341%	$690	—	20x	as long as short