Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0141%/8h= −15.4% APRpaid last 24h −0.064%

Price spread now: GMX against Orderly+0.104%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on GMX

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. GMX is 0.104% dearer against Orderly than usual: you sell high and buy low (spread +0.104% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_OP_USDC	0.1241	−0.0059	get 0.0059% / 8h	5h 53m	$12K	$232K	10x
Short	GMX OP/USD [OP-USDC]	0.1242	L −0.0886% / S +0.0200%	pay 0.0025% / 1h	53m 49s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$29.55
Price spread: +0.104% → 0.000%: $10.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$37.15
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; GMX: 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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]short	L −0.0886% / S +0.0200%	1h	0.1242	+0.104%	$13K	—	100x
Deribit OP_USDC-PERPETUAL	−0.0555%	1h	0.1242	+0.081%	$30K	$113K	25x	as long as short
Hyperliquid OP	−0.0487%	1h	0.1241	0.000%	$3.8M	$3.9M	5x	as long as short
SoDEX OP-USD	−0.0098%	1h	0.1241	+0.040%	$200	$5K	5x	as long as short
Orderly PERP_OP_USDClong	−0.0059%	8h	0.1241	long leg	$12K	$232K	10x
Coinbase International OP-PERP-INTX	−0.0048%	1h	0.1244	+0.242%	$25K	$67K	50x	as long as short
Binance OPUSDT	−0.0034%	8h	0.1242	+0.066%	$19.2M	$65.9M	75x	as long as short
MEXC OP_USDT	−0.0033%	8h	0.1242	+0.073%	$21.9M	$7.3M	300x	as long as short
Extended OP-USD	−0.0032%	1h	0.1242	+0.086%	$100K	$581K	25x	as long as short
Gate OP_USDT	−0.0012%	8h	0.1242	+0.121%	$2.0M	$1.3M	50x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX OP-USD	0.0000%	1h	0.1243	+0.131%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1243	+0.127%	—	—	150x	as long as short
GRVT OP_USDT_Perp	+0.0022%	8h	0.1245	+0.338%	$305K	$5.3M	10x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1257	+1.289%	$35K	$67K	12x	as long as short
Variational Omni OP	+0.0069%	8h	0.1243	+0.188%	$220K	$46K	—	as long as short
Aevo OP-PERP	+0.0072%	1h	0.1242	+0.081%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0092%	8h	0.1243	+0.137%	$979K	$281K	75x	as long as short
Lighter OP	+0.0096%	1h	0.1242	+0.105%	$263K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1243	+0.161%	$206K	$210K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1242	+0.048%	$18.0M	$24.6M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1242	+0.064%	$6.0M	$27.7M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1241	0.000%	$2.9M	$5.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1242	+0.081%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1242	+0.081%	—	$6.5M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1241	+0.040%	$109K	$221K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1245	+0.362%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1247	+0.483%	$43K	$689K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1242	+0.113%	$168K	$252K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0155%	1h	0.1243	+0.182%	$739K	$748K	20x	as long as short
Reya OPRUSDPERP	+0.0446%	1h	0.1241	+0.019%	$690	—	20x	as long as short