Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1810%/8h= +198.2% APRpaid last 24h +0.134%

Price spread now: KuCoin against Injective+0.400%115s7-day average — · you sell dearer than you buy

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.308%+$131 on $10k

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$54 a day on $10k at the current rate, and KuCoin is 0.400% dearer against Injective than usual: you sell high and buy low: +$40 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective OP/USDC PERP	0.1250	−0.1710	get 0.0214% / 1h	49m 27s	$34K	$58K	12x
Short	KuCoin OPUSDTM	0.1255	0.0100	get 0.0100% / 8h	1h 49m	$2.9M	$7.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now +0.400%Rate

Funding earned: $380.02
Price spread: +0.400% → 0.000%: $40
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $408
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 4 min ago	3.98 bp	27.6 bp −$28	70.8 bp −$708	doesn't fit	doesn't fit

Injective: 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 PERPlong	−0.1710%	1h	0.1250	long leg	$34K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1256	+0.445%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1243	−0.560%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1256	+0.472%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1255	+0.400%	$41K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1256	+0.491%	—	—	150x	as long as short
Variational Omni OP	+0.0043%	8h	0.1255	+0.387%	$231K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0050%	8h	0.1255	+0.400%	$6K	$49K	10x	as long as short
OKX OP-USDT-SWAP	+0.0094%	8h	0.1255	+0.392%	$5.8M	$29.6M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1257	+0.520%	$274K	$904K	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	0.1257	+0.568%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1256	+0.496%	$210K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1255	+0.440%	$20.4M	$62.4M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1254	+0.344%	$18.3M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1255	+0.408%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1256	+0.448%	$19.9M	$7.0M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1255	+0.400%	$2.9M	$7.5M	75x
Bitget OPUSDT	+0.0100%	8h	0.1256	+0.480%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1255	+0.400%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1255	+0.408%	$124K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1256	+0.452%	$9K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1255	+0.400%	$304K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1258	+0.640%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1255	+0.392%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1258	+0.672%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1255	+0.408%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1255	+0.436%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1255	+0.416%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0229%	1h	0.1256	+0.489%	$779K	$734K	20x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1255	+0.406%	$698	—	20x	as long as short