Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.029%

Price spread now: BingX against gTrade (Gains Network)−0.059%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 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. BingX is 0.059% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.059% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.1 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	gTrade (Gains Network) OP/USD	0.1262	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	24m 26s	—	—	150x
Short	BingX OP-USDT	0.1261	0.0100	get 0.0100% / 8h	3h 24m	—	$6.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BingXbpOrdersPrice spread, now −0.059%Rate

Funding earned: $20.06
Price spread: −0.059% → 0.000%: −$5.94
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$5.89
Costs to cover: 0.200%
Break-even: 9.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BingX: live order book, 11 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell BingX live order book, 11 min ago	0.39 bp	9.6 bp −$10	15.0 bp −$150	76.6 bp −$7,658	330.1 bp −$165.1K

gTrade (Gains Network): 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	−0.1568%	1h	0.1258	−0.289%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	−0.023%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1263	+0.087%	$39K	$532	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	+0.028%	$42K	$138K	25x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1262	long leg	—	—	150x
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1270	+0.662%	$25K	$58K	50x	as long as short
Variational Omni OP	+0.0045%	8h	0.1264	+0.172%	$223K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1261	−0.052%	$6K	$46K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1261	−0.018%	$774K	$553K	20x	as long as short
OKX OP-USDT-SWAP	+0.0090%	8h	0.1261	−0.044%	$6.2M	$28.5M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1263	+0.099%	$274K	$946K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1263	+0.107%	$3.7M	$2.8M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1262	+0.060%	$211K	$216K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	−0.037%	$20.4M	$61.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1260	−0.091%	$18.5M	$24.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	+0.028%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	−0.052%	$21.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1262	+0.028%	$2.8M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1261	−0.052%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDTshort	+0.0100%	8h	0.1261	−0.059%	—	$6.3M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1263	+0.139%	$117K	$207K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1265	+0.261%	$4K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1269	+0.583%	$317K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	+0.345%	$43K	$709K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	−0.099%	$193	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1264	+0.202%	$171K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	−0.109%	$102K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1261	−0.068%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1264	+0.210%	$1.0M	$280K	75x	as long as short
Reya OPRUSDPERP	+0.0442%	1h	0.1261	−0.027%	$701	—	20x	as long as short