Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0778%/8h= +85.2% APRpaid last 24h +0.348%

Price spread now: MEXC against GMX−0.068%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 4 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. MEXC is 0.068% cheaper against GMX than usual: you would sell low and buy high (spread −0.068% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 7 hours of funding at the current rate (+$23 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX OP/USD [OP-USDC]	0.1234	L −0.0886% / S +0.0200%	get 0.0111% / 1h	6m 01s	$13K	—	100x
Short	MEXC OP_USDT	0.1233	−0.0108	pay 0.0108% / 8h	5h 06m	$21.6M	$7.4M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.068%Rate

Funding earned: $163.41
Price spread: −0.068% → 0.000%: −$6.81
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: $144.6
Costs to cover: 0.120%
Break-even: 0.8 days

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	0.41 bp	3.3 bp −$3	12.9 bp −$129	66.4 bp −$6,638	120.2 bp −$60.1K

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 30 exchanges

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
GMX OP/USD [OP-USDC]long	L −0.0886% / S +0.0200%	1h	0.1234	long leg	$13K	—	100x
Hyperliquid OP	−0.0468%	1h	0.1232	−0.182%	$3.8M	$3.9M	5x	as long as short
Extended OP-USD	−0.0112%	1h	0.1232	−0.182%	$98K	$575K	25x	as long as short
Binance OPUSDT	−0.0109%	8h	0.1233	−0.120%	$19.0M	$66.0M	75x	as long as short
MEXC OP_USDTshort	−0.0108%	8h	0.1233	−0.068%	$21.6M	$7.4M	300x
Orderly PERP_OP_USDC	−0.0078%	8h	0.1232	−0.173%	$12K	$232K	10x	as long as short
Gate OP_USDT	−0.0051%	8h	0.1234	−0.044%	$1.9M	$1.4M	50x	as long as short
Coinbase International OP-PERP-INTX	−0.0048%	1h	0.1233	−0.092%	$24K	$69K	50x	as long as short
GRVT OP_USDT_Perp	−0.0006%	8h	0.1231	−0.255%	$305K	$5.8M	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1233	−0.054%	$38K	$522	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1233	−0.092%	$30K	$112K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1234	−0.044%	—	—	150x	as long as short
BloFin OP-USDT	+0.0011%	8h	0.1232	−0.165%	$975K	$277K	75x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1257	+1.852%	$35K	$67K	12x	as long as short
Aevo OP-PERP	+0.0056%	1h	0.1233	−0.103%	$3K	$1K	3x	as long as short
Variational Omni OP	+0.0056%	8h	0.1228	−0.470%	$218K	$45K	—	as long as short
SoDEX OP-USD	+0.0067%	1h	0.1233	−0.109%	$185	$5K	5x	as long as short
KuCoin OPUSDTM	+0.0093%	8h	0.1232	−0.173%	$2.9M	$5.4M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1233	−0.060%	$256K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1233	−0.061%	$204K	$211K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1233	−0.092%	$17.8M	$24.5M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1232	−0.141%	$5.9M	$27.1M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1233	−0.092%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1233	−0.092%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1232	−0.141%	$115K	$213K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1230	−0.319%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1231	−0.254%	$43K	$687K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1234	−0.052%	$167K	$262K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0157%	1h	0.1234	−0.043%	$732K	$736K	20x	as long as short
Reya OPRUSDPERP	+0.0447%	1h	0.1233	−0.106%	$686	—	20x	as long as short