data as of
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Price arb /

OP

all OP markets
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

After costs, if the gap returns to its 7d average, $10k−$55
spread now−0.145%7d average−0.042%fees + slippage, in and out−$45spread needed0.448%
Long on HyperliquidShort on Bybit
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHyperliquid OP0.12370.0100pay 0.0013% / 1h0m 13s$3.8M$3.2M5x
ShortBybit OPUSDT0.1236−0.0044pay 0.0044% / 8h6h 00m$17.9M$26.7M75x

Price spread history

latest
Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
−$14.55
Funding while held
−$4.33
Slippage, 4 orders
−$24.75
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Fee Bybit: 5.5 bp × 2 orders
−$11
Net
−$63.62
Spread needed to break even
0.448%
Slippage from Hyperliquid: live order book, 3 min ago; Bybit: live order book, 5 min ago.

Cost of waiting

funding view
Funding /8h
−0.0144%
Per $10,000 a day
−$4.33
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hyperliquid live order book, 3 min ago1.21 bp11.5 bp −$11doesn't fitdoesn't fitdoesn't fit
Sell Bybit live order book, 5 min ago0.41 bp9.0 bp −$926.3 bp −$263163.1 bp −$16.3Kdoesn't fit

OP price on every exchange

against the cheapest. Click to use as the short leg.
Coinbase International0.1219cheapestInjective0.1228+0.738%edgeX0.1233+1.119%ApeX Omni0.1233+1.148%Variational Omni0.1235+1.326%
Bybit0.1236+1.362%
Extended0.1236+1.391%KuCoin0.1236+1.395%SoDEX0.1236+1.395%Deribit0.1236+1.395%Binance0.1236+1.402%Gate0.1236+1.403%OKX0.1236+1.411%MEXC0.1236+1.411%Reya0.1236+1.412%Backpack0.1236+1.419%Lighter0.1236+1.427%Aevo0.1237+1.444%Aster0.1237+1.444%GMX0.1237+1.451%dYdX0.1237+1.467%Bitget0.1237+1.477%BingX0.1237+1.477%Orderly0.1237+1.477%gTrade (Gains Network)0.1237+1.477%BloFin0.1237+1.485%
Hyperliquid0.1237+1.509%
HTX0.1237+1.509%Kraken Futures0.1237+1.516%

OP on 29 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Coinbase International OP-PERP-INTX−1.487%−0.0344%1h$21K$69K50xas long as short
Injective OP/USDC PERP−0.760%+0.0033%1h$34K$139K12xas long as short
edgeX OPUSDC−0.385%+0.0100%4h$9K$382K10xas long as short
ApeX Omni OPUSDT−0.356%+0.0100%1h$44K$719K50xas long as short
Variational Omni OP−0.180%−0.0124%8h$223K$42K—as long as short
Bybit OPUSDTshort−0.145%−0.0044%8h$17.9M$26.7M75x
Extended OP-USD−0.117%+0.0056%1h$99K$206K25xas long as short
KuCoin OPUSDTM−0.113%+0.0100%8h$2.9M$7.5M75xas long as short
SoDEX OP-USD−0.113%+0.0100%1h$202$6K5xas long as short
Deribit OP_USDC-PERPETUAL−0.113%0.0000%1h$43K$187K25xas long as short
Show all 29 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Binance OPUSDT−0.106%+0.0059%8h$19.7M$66.8M75xas long as short
Gate OP_USDT−0.105%+0.0059%8h$1.8M$1.6M50xas long as short
OKX OP-USDT-SWAP−0.097%+0.0016%8h$5.7M$31.1M50xas long as short
MEXC OP_USDT−0.097%+0.0056%8h$19.7M$8.5M300xas long as short
Reya OPRUSDPERP−0.096%+0.0433%1h$687—20xas long as short
Backpack OP_USDC_PERP−0.089%+0.0100%1h$126K$199K10xas long as short
Lighter OP−0.081%+0.0096%1h$265K$919K15xas long as short
Aevo OP-PERP−0.065%+0.0096%1h$4K—3xas long as short
Aster OPUSDT−0.064%+0.0100%8h$201K$266K10xas long as short
GMX OP/USD [OP-USDC]−0.057%L −0.1436% / S +0.0290%1h$13K—100xas long as short
dYdX OP-USD−0.041%0.0000%1h$38K$1010xas long as short
Bitget OPUSDT−0.032%+0.0100%8h$5.8M$6.3M75xas long as short
BingX OP-USDC−0.032%+0.0100%8h—$1.6M—as long as short
Orderly PERP_OP_USDC−0.032%−0.0056%8h$6K$54K10xas long as short
gTrade (Gains Network) OP/USD−0.032%L +0.0004% / S −0.0004%1h——150xas long as short
BloFin OP-USDT−0.024%+0.0176%8h$1.0M$341K75xas long as short
Hyperliquid OPlong0.000%+0.0100%1h$3.8M$3.2M5x
HTX OP-USDT0.000%+0.0100%8h$176K$273K50xas long as short
Kraken Futures PF_OPUSD+0.006%+0.0619%1h$768K$775K20xas long as short