Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.062%

Price spread now: BingX against Kraken Futures−0.057%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$740.735% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 3 days (all we have)−0.147%−$15 · spread now −0.057%, 7d avg −0.113%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.056% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.057% now, against its 7-day average of −0.113%): +$6 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1284	0.0224	pay 0.0028% / 1h	8m 26s	$803K	$745K	20x
Short	BingX OP-USDT	0.1283	0.0100	get 0.0100% / 8h	1h 08m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$26.08
Price spread: −0.057% → −0.113%: $5.56
Slippage, 4 orders: −$53.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$94.06
Costs to cover: 0.735%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 10 min ago; BingX: live order book, 9 min ago.

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 Kraken Futures live order book, 10 min ago	8.20 bp	33.6 bp −$34	121.0 bp −$1,210	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	0.39 bp	7.9 bp −$8	14.3 bp −$143	66.6 bp −$6,655	345.6 bp −$172.8K

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	−0.1710%	1h	0.1274	−0.781%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1283	−0.055%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	−0.314%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1284	−0.017%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1283	−0.080%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1283	−0.100%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1282	−0.158%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1280	−0.331%	$233K	$53K	—	as long as short
Lighter OP	+0.0096%	1h	0.1284	+0.021%	$291K	$923K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1283	−0.049%	$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	0.1283	−0.055%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1283	−0.046%	$20.9M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1282	−0.143%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1283	−0.119%	$6.1M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1284	−0.003%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1282	−0.143%	$20.4M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1283	−0.080%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1283	−0.080%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDTshort	+0.0100%	8h	0.1283	−0.057%	—	$6.8M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1283	−0.065%	$125K	$191K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1281	−0.262%	$10K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.360%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	−0.314%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1283	−0.088%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1282	−0.135%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1283	−0.081%	$103K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1283	−0.094%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1282	−0.151%	$1.0M	$289K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0224%	1h	0.1284	long leg	$803K	$745K	20x
Reya OPRUSDPERP	+0.0437%	1h	0.1282	−0.147%	$713	—	20x	as long as short