Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0362%/8h= −39.7% APRpaid last 24h −0.079%

Price spread now: edgeX against Kraken Futures+0.162%7-day average −0.134% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$850.855% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.209%−$21 · spread now +0.162%, 7d avg −0.134%

Together, before fees−0.216%+ Points / potential airdropedgeX: Active · farm board−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.296% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.162% now, against its 7-day average of −0.134%): +$30 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 7 days (−0.007% in total) that is about 10 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.007% in total (about -0.4% 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	0.1262	0.0462	pay 0.0058% / 1h	19m 36s	$797K	$590K	20x
Short	edgeX OPUSDC	0.1264	0.0100	get 0.0050% / 4h	2h 19m	$4K	$389K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.162%Rate

Funding earned: −$76.05
Price spread: +0.162% → −0.134%: $29.59
Slippage, 4 orders: −$66.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$131.93
Costs to cover: 0.855%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 49 min ago; edgeX: live order book, 49 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, 49 min ago	6.66 bp	32.5 bp −$33	180.8 bp −$1,808	doesn't fit	doesn't fit
Sell edgeX live order book, 49 min ago	3.92 bp	11.5 bp −$11	74.6 bp −$746	doesn't fit	doesn't fit

OP on 29 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	−0.1535%	1h	0.1261	−0.099%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	−0.062%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.327%	$25K	$75K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	−0.046%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1261	−0.099%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1262	−0.030%	—	—	150x	as long as short
Variational Omni OP	+0.0056%	8h	0.1263	+0.041%	$225K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1260	−0.178%	$6K	$47K	10x	as long as short
OKX OP-USDT-SWAP	+0.0080%	8h	0.1261	−0.099%	$6.1M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1263	+0.044%	$280K	$949K	15x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1263	+0.036%	$3.7M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1262	−0.006%	$211K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.028%	$20.3M	$62.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1261	−0.099%	$18.3M	$26.0M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	−0.020%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1262	−0.035%	$20.6M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−0.178%	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	−0.020%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	−0.020%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−0.067%	$124K	$203K	10x	as long as short
edgeX OPUSDCshort	+0.0100%	4h	0.1264	+0.162%	$4K	$389K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1264	+0.133%	$311K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1263	+0.060%	$43K	$704K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1261	−0.115%	$176	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	−0.067%	$174K	$225K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.100%	$104K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1261	−0.097%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1260	−0.148%	$701	—	20x	as long as short
Kraken Futures PF_OPUSDlong	+0.0462%	1h	0.1262	long leg	$797K	$590K	20x