Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h −0.073%

Price spread now: Bybit against Kraken Futures−0.146%7-day average −0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$790.793% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now −0.146%, 7d avg −0.141%

Together, before fees−0.080%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.141%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1273	0.0359	pay 0.0045% / 1h	20m 38s	$801K	$749K	20x
Short	Bybit OPUSDT	0.1272	0.0100	get 0.0100% / 8h	20m 38s	$18.3M	$25.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.146%Rate

Funding earned: −$54.38
Price spread: −0.146% → −0.141%: −$0.52
Slippage, 4 orders: −$58.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$134.19
Costs to cover: 0.793%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; Bybit: live order book, 3 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, 58 min ago	8.20 bp	33.6 bp −$34	121.0 bp −$1,210	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.39 bp	12.0 bp −$12	27.2 bp −$272	102.9 bp −$10.3K	doesn't fit

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	−0.1633%	1h	0.1267	−0.507%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1273	−0.014%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1270	−0.272%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1273	−0.036%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1273	−0.036%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1274	+0.025%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1272	−0.114%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0068%	8h	0.1273	−0.069%	$232K	$55K	—	as long as short
Lighter OP	+0.0096%	1h	0.1274	+0.043%	$288K	$954K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1274	+0.066%	$4.1M	$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	0.1273	−0.019%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1272	−0.086%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1272	−0.146%	$18.3M	$25.9M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1272	−0.138%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1273	−0.044%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1273	−0.075%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1272	−0.114%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1273	−0.036%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1272	−0.114%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1272	−0.122%	$123K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1272	−0.131%	$10K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1274	+0.008%	$320K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1272	−0.114%	$46K	$724K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1272	−0.154%	$191	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1273	−0.036%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1272	−0.141%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1272	−0.099%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1272	−0.099%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0359%	1h	0.1273	long leg	$801K	$749K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1273	−0.016%	$708	—	20x	as long as short