Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h −0.037%

Price spread now: Orderly against edgeX−0.305%7-day average +0.034% · you buy dearer than you sell

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

Long on edgeX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 4 days (all we have)+0.649%+$65 · spread now −0.305%, 7d avg +0.034%

Together, before fees+0.526%+ Points / potential airdropedgeX: Active · farm board+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.339% cheaper against edgeX than usual: you would sell low and buy high (−$34 if the spread goes back to its 7-day average of +0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX OPUSDC	0.1263	0.0100	pay 0.0050% / 4h	2h 58m	$4K	$1.1M	10x
Short	Orderly PERP_OP_USDC	0.1259	−0.0050	pay 0.0050% / 8h	6h 58m	$12K	$233K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.305%Rate

Funding earned: −$31.48
Price spread: −0.305% → +0.034%: −$33.94
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$80.42
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, just now; Orderly: no order-book sample. 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 edgeX live order book, just now	39.68 bp	47.2 bp −$47	160.8 bp −$1,608	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1934%	1h	0.1257	−0.463%	$35K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1263	+0.037%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0544%	1h	0.1258	−0.384%	$31K	$153K	25x	as long as short
Orderly PERP_OP_USDCshort	−0.0050%	8h	0.1259	−0.305%	$12K	$233K	10x
dYdX OP-USD	0.0000%	1h	0.1258	−0.411%	$39K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	+0.062%	—	—	150x	as long as short
KuCoin OPUSDTM	+0.0017%	8h	0.1257	−0.463%	$2.9M	$6.0M	75x	as long as short
Variational Omni OP	+0.0073%	8h	0.1262	−0.066%	$223K	$46K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1265	+0.170%	$25K	$69K	50x	as long as short
Extended OP-USD	+0.0088%	1h	0.1257	−0.443%	$104K	$576K	25x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance OPUSDT	+0.0089%	8h	0.1258	−0.409%	$19.4M	$68.0M	75x	as long as short
MEXC OP_USDT	+0.0091%	8h	0.1257	−0.447%	$22.3M	$7.5M	300x	as long as short
Lighter OP	+0.0096%	1h	0.1258	−0.352%	$288K	$1.0M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1258	−0.408%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1259	−0.278%	$203K	$211K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1257	−0.447%	$18.2M	$26.2M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1258	−0.424%	$6.0M	$29.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1259	−0.321%	$2.0M	$1.4M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1258	−0.384%	$5.8M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1258	−0.384%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1258	−0.376%	$113K	$214K	10x	as long as short
edgeX OPUSDClong	+0.0100%	4h	0.1263	long leg	$4K	$1.1M	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1263	−0.012%	$307K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.091%	$44K	$692K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1259	−0.329%	$195	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.186%	$172K	$251K	50x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	−0.384%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0211%	8h	0.1259	−0.281%	$985K	$277K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1259	−0.289%	$700	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0508%	1h	0.1260	−0.200%	$746K	$734K	20x	as long as short