Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1165%/8h= +127.6% APRpaid last 24h +0.344%

Price spread now: HTX against GMX−0.044%7-day average — · you buy dearer than you sell

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

Long on GMX Short on HTX

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. HTX is 0.044% cheaper against GMX than usual: you would sell low and buy high (spread −0.044% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 3 hours of funding at the current rate (+$35 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1264	L −0.1065% / S +0.0229%	get 0.0133% / 1h	18m 01s	$13K	—	100x
Short	HTX OP-USDT	0.1263	0.0100	get 0.0100% / 8h	6h 18m	$174K	$225K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against GMX. 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 GMXbpFee HTXbpOrdersPrice spread, now −0.044%Rate

Funding earned: $244.68
Price spread: −0.044% → 0.000%: −$4.43
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: $216.25
Costs to cover: 0.240%
Break-even: 0.8 days

Slippage unknown: GMX: no order-book sample; HTX: live order book, 48 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 GMX no order-book sample	—	—	—	—	—
Sell HTX live order book, 48 min ago	8.26 bp	18.6 bp −$19	doesn't fit	doesn't fit	doesn't fit

GMX: 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 29 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	−0.1535%	1h	0.1256	−0.630%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]long	L −0.1065% / S +0.0229%	1h	0.1264	long leg	$13K	—	100x
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.190%	$25K	$75K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.064%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1264	+0.003%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	−0.007%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0055%	8h	0.1262	−0.155%	$6K	$47K	10x	as long as short
Variational Omni OP	+0.0056%	8h	0.1263	−0.094%	$225K	$49K	—	as long as short
OKX OP-USDT-SWAP	+0.0082%	8h	0.1260	−0.305%	$6.1M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1264	+0.019%	$281K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	−0.147%	$3.7M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1263	−0.059%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	−0.282%	$20.3M	$62.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1260	−0.337%	$18.3M	$25.9M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1263	−0.084%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1263	−0.076%	$20.7M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.234%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1261	−0.234%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1261	−0.218%	—	$6.9M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1262	−0.179%	$124K	$203K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1264	+0.026%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1264	−0.002%	$311K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.003%	$43K	$704K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1263	−0.060%	$177	$6K	5x	as long as short
HTX OP-USDTshort	+0.0100%	8h	0.1263	−0.044%	$174K	$225K	50x
Extended OP-USD	+0.0104%	1h	0.1260	−0.320%	$104K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	−0.065%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1262	−0.157%	$702	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0461%	1h	0.1264	+0.019%	$798K	$590K	20x	as long as short