Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h −0.003%

Price spread now: Orderly 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 Orderly

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. Orderly 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 3.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) OP/USD	0.1268	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	25m 27s	—	—	150x
Short	Orderly PERP_OP_USDC	0.1267	0.0056	get 0.0056% / 8h	7h 25m	$6K	$48K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.059%Rate

Funding earned: $10.87
Price spread: −0.059% → 0.000%: −$5.92
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$11.04
Costs to cover: 0.160%
Break-even: 14.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and 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	−0.1656%	1h	0.1255	−1.006%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1268	+0.020%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1257	−0.848%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1269	+0.074%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1268	+0.020%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1268	long leg	—	—	150x
Variational Omni OP	+0.0053%	8h	0.1266	−0.111%	$231K	$47K	—	as long as short
Orderly PERP_OP_USDCshort	+0.0056%	8h	0.1267	−0.059%	$6K	$48K	10x
Bybit OPUSDT	+0.0093%	8h	0.1267	−0.091%	$18.3M	$25.9M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1269	+0.099%	$284K	$950K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1268	+0.059%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1269	+0.102%	$212K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1268	−0.009%	$20.5M	$61.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1266	−0.106%	$6.1M	$30.0M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1268	+0.004%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1268	−0.020%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1267	−0.059%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1268	+0.020%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1268	+0.020%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1267	−0.043%	$122K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1261	−0.506%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1262	−0.478%	$305K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	−0.454%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1268	+0.028%	$177	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1269	+0.075%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1267	−0.085%	$106K	$430K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1268	+0.009%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1262	−0.493%	$1.0M	$275K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0382%	1h	0.1269	+0.093%	$801K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1267	−0.069%	$704	—	20x	as long as short