Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0493%/8h= −54.0% APRpaid last 24h −0.019%

Price spread now: Deribit against Orderly−0.080%7-day average +0.016% · you buy dearer than you sell

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.080%, 7d avg +0.016%

Together, before fees−0.045%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Deribit is 0.096% cheaper against Orderly than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.168% in total (about -8.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_OP_USDC	0.1248	−0.0058	get 0.0058% / 8h	6h 18m	$12K	$233K	10x
Short	Deribit OP_USDC-PERPETUAL	0.1247	−0.0551	pay 0.0069% / 1h	18m 28s	$31K	$128K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Orderly. 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 OrderlybpFee DeribitbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$103.47
Price spread: −0.080% → +0.016%: −$9.6
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$126.07
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 33 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 33 min ago	8.03 bp	11.5 bp −$12	doesn't fit	doesn't fit	doesn't fit

Orderly: 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
Injective OP/USDC PERP	−0.1934%	1h	0.1257	+0.721%	$35K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0886% / S +0.0200%	1h	0.1248	+0.021%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUALshort	−0.0551%	1h	0.1247	−0.080%	$31K	$128K	25x
Orderly PERP_OP_USDClong	−0.0058%	8h	0.1248	long leg	$12K	$233K	10x
dYdX OP-USD	0.0000%	1h	0.1250	+0.152%	$39K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1248	0.000%	—	—	150x	as long as short
MEXC OP_USDT	+0.0021%	8h	0.1249	+0.104%	$22.1M	$7.6M	300x	as long as short
Binance OPUSDT	+0.0021%	8h	0.1249	+0.112%	$19.2M	$68.1M	75x	as long as short
Extended OP-USD	+0.0024%	1h	0.1249	+0.070%	$102K	$579K	25x	as long as short
GRVT OP_USDT_Perp	+0.0028%	8h	0.1251	+0.211%	$305K	$5.5M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate OP_USDT	+0.0057%	8h	0.1249	+0.112%	$2.0M	$1.4M	50x	as long as short
Variational Omni OP	+0.0072%	8h	0.1250	+0.136%	$221K	$46K	—	as long as short
KuCoin OPUSDTM	+0.0076%	8h	0.1248	0.000%	$2.9M	$5.8M	75x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1248	0.000%	$26K	$71K	50x	as long as short
BloFin OP-USDT	+0.0085%	8h	0.1248	0.000%	$979K	$278K	75x	as long as short
Aevo OP-PERP	+0.0088%	1h	0.1247	−0.080%	$3K	$1K	3x	as long as short
Lighter OP	+0.0096%	1h	0.1249	+0.040%	$264K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1250	+0.128%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1249	+0.053%	$207K	$224K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	+0.080%	$18.1M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1250	+0.136%	$6.0M	$28.6M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1249	+0.080%	$5.8M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1249	+0.104%	—	$6.5M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1247	−0.064%	$109K	$222K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1250	+0.200%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	+0.240%	$43K	$690K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1247	−0.072%	$196	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1250	+0.152%	$169K	$257K	50x	as long as short
Reya OPRUSDPERP	+0.0446%	1h	0.1249	+0.102%	$695	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0513%	1h	0.1249	+0.061%	$742K	$803K	20x	as long as short