Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0444%/8h= −48.6% APRpaid last 24h −0.112%

Price spread now: Coinbase International against Gate−0.062%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.163%−$16 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Coinbase International is 0.062% cheaper against Gate than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.163% in total (about -8.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OP_USDT	0.1287	0.0100	pay 0.0100% / 8h	49m 37s	$2.0M	$1.5M	50x
Short	Coinbase International OP-PERP-INTX	0.1286	−0.0344	pay 0.0043% / 1h	49m 37s	$21K	$65K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$93.24
Price spread: −0.062% → 0.000%: −$6.22
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$124.46
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 3 min ago; Coinbase International: 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 Gate live order book, 3 min ago	3.11 bp	25.1 bp −$25	58.3 bp −$583	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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	−0.1633%	1h	0.1284	−0.218%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1285	−0.127%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0528%	1h	0.1285	−0.140%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0344%	1h	0.1286	−0.062%	$21K	$65K	50x
dYdX OP-USD	0.0000%	1h	0.1287	+0.003%	$40K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1286	−0.079%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1285	−0.140%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0080%	8h	0.1286	−0.032%	$236K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1288	+0.062%	$290K	$920K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1288	+0.132%	$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	0.1286	−0.049%	$215K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1287	−0.005%	$20.8M	$61.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1286	−0.047%	$18.7M	$25.7M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1286	−0.047%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDTlong	+0.0100%	8h	0.1287	long leg	$2.0M	$1.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1287	+0.008%	$20.4M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1286	−0.062%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1287	+0.016%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1286	−0.047%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1285	−0.101%	$125K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1287	+0.007%	$11K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1287	+0.016%	$322K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1287	+0.016%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1285	−0.132%	$189	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1287	+0.031%	$178K	$233K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1286	−0.053%	$103K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1286	−0.099%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1287	+0.008%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0355%	1h	0.1286	−0.040%	$804K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1285	−0.136%	$715	—	20x	as long as short