Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: edgeX against Lighter+0.445%49s7-day average −0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$700.702% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.180%+$18 · spread now +0.445%, 7d avg −0.077%

Together, before fees+0.201%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.522% dearer against Lighter than usual: you sell high and buy low, +$52 on $10k if it goes back to its 7-day average of −0.077%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OP	0.1252	0.0096	pay 0.0012% / 1h	42m 29s	$279K	$947K	15x
Short	edgeX OPUSDC	0.1258	0.0100	get 0.0050% / 4h	2h 42m	$4K	$389K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Lighter. 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 LighterbpFee edgeXbpOrdersPrice spread, now +0.445%Rate

Funding earned: $0.84
Price spread: +0.445% → −0.077%: $52.18
Slippage, 4 orders: −$61.22
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$17.2
Costs to cover: 0.702%
Break-even: 150.3 days

Slippage from Lighter: live order book, 23 min ago; edgeX: live order book, 26 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 Lighter live order book, 23 min ago	6.29 bp	22.4 bp −$22	45.1 bp −$451	doesn't fit	doesn't fit
Sell edgeX live order book, 26 min ago	3.92 bp	11.5 bp −$11	74.6 bp −$746	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	−0.1535%	1h	0.1252	−0.032%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1257	+0.390%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+2.124%	$25K	$76K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1252	−0.032%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1257	+0.367%	$41K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1257	+0.374%	—	—	150x	as long as short
Variational Omni OP	+0.0050%	8h	0.1254	+0.096%	$223K	$52K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1256	+0.287%	$6K	$48K	10x	as long as short
OKX OP-USDT-SWAP	+0.0092%	8h	0.1252	−0.016%	$6.0M	$29.8M	50x	as long as short
Lighter OPlong	+0.0096%	1h	0.1252	long leg	$279K	$947K	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1253	+0.056%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1253	+0.082%	$209K	$231K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1252	−0.048%	$20.2M	$62.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1251	−0.096%	$18.2M	$26.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1254	+0.112%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1251	−0.096%	$20.4M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1252	−0.032%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1252	−0.032%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1251	−0.112%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1255	+0.192%	$121K	$202K	10x	as long as short
edgeX OPUSDCshort	+0.0100%	4h	0.1258	+0.445%	$4K	$389K	10x
GRVT OP_USDT_Perp	+0.0100%	8h	0.1254	+0.120%	$311K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1257	+0.367%	$43K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1256	+0.311%	$171	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1256	+0.319%	$173K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1251	−0.100%	$103K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1256	+0.249%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.695%	$1.0M	$276K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1257	+0.339%	$699	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0464%	1h	0.1258	+0.454%	$794K	$606K	20x	as long as short