Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h −0.096%

Price spread now: Gate against Kraken Futures−0.155%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$1041.043% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 3 days (all we have)−0.090%−$9 · spread now −0.155%, 7d avg −0.091%

Together, before fees−0.250%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.064% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.091%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1257	0.0137	pay 0.0017% / 1h	4m 24s	$777K	$732K	20x
Short	Gate OP_USDT	0.1255	0.0097	get 0.0097% / 8h	2h 04m	$1.8M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.155%Rate

Funding earned: −$8.32
Price spread: −0.155% → −0.091%: −$6.41
Slippage, 4 orders: −$79.28
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$119.01
Costs to cover: 1.043%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 19 min ago; Gate: 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, 19 min ago	15.78 bp	26.5 bp −$26	102.9 bp −$1,029	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	7.15 bp	23.3 bp −$23	55.3 bp −$553	doesn't fit	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	−0.1658%	1h	0.1254	−0.258%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1257	0.000%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0546%	1h	0.1255	−0.179%	$41K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.133%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1256	−0.067%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1257	−0.023%	—	—	150x	as long as short
Variational Omni OP	+0.0036%	8h	0.1256	−0.108%	$231K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0042%	8h	0.1256	−0.099%	$6K	$50K	10x	as long as short
OKX OP-USDT-SWAP	+0.0089%	8h	0.1255	−0.147%	$5.8M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1257	−0.051%	$269K	$908K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate OP_USDTshort	+0.0097%	8h	0.1255	−0.155%	$1.8M	$1.5M	50x
Hyperliquid OP	+0.0100%	1h	0.1258	+0.052%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1256	−0.111%	$211K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1256	−0.110%	$20.4M	$62.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1255	−0.211%	$18.3M	$25.4M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1256	−0.115%	$19.9M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1255	−0.179%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1256	−0.099%	$6.0M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1256	−0.099%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1255	−0.139%	$124K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1261	+0.299%	$11K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1261	+0.299%	$312K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	+0.299%	$45K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1255	−0.139%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1258	+0.092%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1255	−0.158%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1256	−0.084%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSDlong	+0.0137%	1h	0.1257	long leg	$777K	$732K	20x
BloFin OP-USDT	+0.0220%	8h	0.1255	−0.147%	$1.0M	$280K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1256	−0.104%	$698	—	20x	as long as short