Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.025%

Price spread now: gTrade (Gains Network) against KuCoin+0.068%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. gTrade (Gains Network) is 0.068% dearer against KuCoin than usual: you sell high and buy low (spread +0.068% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin OPUSDTM	0.1230	0.0042	pay 0.0042% / 8h	4h 44m	$2.9M	$5.3M	75x
Short	gTrade (Gains Network) OP/USD	0.1231	L +0.0004% / S −0.0004%	get 0.0000% / 1h	44m 30s	—	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against KuCoin. 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 KuCoinbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.068%Rate

Funding earned: −$7.99
Price spread: +0.068% → 0.000%: $6.83
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$23.17
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 1 min ago; gTrade (Gains Network): no order-book sample. 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 KuCoin live order book, 1 min ago	4.07 bp	38.0 bp −$38	87.0 bp −$870	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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 exchanges

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
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1231	+0.088%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0562%	1h	0.1230	0.000%	$30K	$112K	25x	as long as short
Hyperliquid OP	−0.0501%	1h	0.1230	+0.033%	$3.9M	$3.9M	5x	as long as short
Extended OP-USD	−0.0144%	1h	0.1230	+0.020%	$98K	$667K	25x	as long as short
Binance OPUSDT	−0.0144%	8h	0.1231	+0.065%	$19.0M	$65.5M	75x	as long as short
MEXC OP_USDT	−0.0143%	8h	0.1231	+0.081%	$21.5M	$7.1M	300x	as long as short
Orderly PERP_OP_USDC	−0.0083%	8h	0.1230	0.000%	$12K	$231K	10x	as long as short
Gate OP_USDT	−0.0079%	8h	0.1231	+0.114%	$1.9M	$1.3M	50x	as long as short
ApeX Omni OPUSDT	−0.0066%	1h	0.1226	−0.325%	$42K	$687K	50x	as long as short
Coinbase International OP-PERP-INTX	−0.0056%	1h	0.1233	+0.244%	$24K	$68K	50x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_OPUSD	−0.0054%	1h	0.1232	+0.186%	$732K	$735K	20x	as long as short
BloFin OP-USDT	−0.0023%	8h	0.1229	−0.106%	$984K	$259K	75x	as long as short
GRVT OP_USDT_Perp	−0.0019%	8h	0.1229	−0.048%	$299K	$5.9M	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1232	+0.138%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USDshort	L +0.0004% / S −0.0004%	1h	0.1231	+0.068%	—	—	150x
Injective OP/USDC PERP	+0.0033%	1h	0.1231	+0.081%	$34K	$67K	12x	as long as short
KuCoin OPUSDTMlong	+0.0042%	8h	0.1230	long leg	$2.9M	$5.3M	75x
Variational Omni OP	+0.0043%	8h	0.1227	−0.249%	$218K	$45K	—	as long as short
Aevo OP-PERP	+0.0048%	1h	0.1231	+0.057%	$3K	$1K	3x	as long as short
Lighter OP	+0.0096%	1h	0.1231	+0.089%	$249K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1231	+0.081%	$204K	$207K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1231	+0.057%	$17.8M	$24.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1231	+0.065%	$5.9M	$26.7M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1231	+0.081%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1232	+0.163%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1231	+0.089%	$111K	$217K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1225	−0.447%	$4K	$1.1M	10x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1231	+0.057%	$189	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1231	+0.122%	$168K	$263K	50x	as long as short
Reya OPRUSDPERP	+0.0447%	1h	0.1231	+0.065%	$684	—	20x	as long as short