Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0338%/8h= −37.0% APRpaid last 24h −0.130%

Price spread now: Gate against Reya+0.226%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Gate is 0.226% dearer against Reya than usual: you sell high and buy low (spread +0.226% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1265	0.0438	pay 0.0055% / 1h	55m 09s	$704	—	20x
Short	Gate OP_USDT	0.1268	0.0100	get 0.0100% / 8h	7h 55m	$2.0M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Reya. 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 ReyabpFee GatebpOrdersPrice spread, now +0.226%Rate

Funding earned: −$70.99
Price spread: +0.226% → 0.000%: $22.62
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$69.37
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Gate: live order book, 3 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 Reya no order-book sample	—	—	—	—	—
Sell Gate live order book, 3 min ago	3.15 bp	26.2 bp −$26	60.9 bp −$609	doesn't fit	doesn't fit

Reya: 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 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	−0.1656%	1h	0.1265	−0.019%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1266	+0.045%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0541%	1h	0.1264	−0.098%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1270	+0.376%	$21K	$65K	50x	as long as short
Bybit OPUSDT	−0.0165%	8h	0.1267	+0.116%	$18.4M	$26.2M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1267	+0.125%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1266	+0.043%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1265	−0.019%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1271	+0.422%	$232K	$47K	—	as long as short
Lighter OP	+0.0096%	1h	0.1266	+0.068%	$287K	$939K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1269	+0.282%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1267	+0.112%	$212K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1265	−0.011%	$20.5M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1269	+0.274%	$6.0M	$30.2M	50x	as long as short
Gate OP_USDTshort	+0.0100%	8h	0.1268	+0.226%	$2.0M	$1.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1266	+0.029%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1266	+0.060%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1269	+0.297%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1269	+0.297%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1267	+0.171%	$123K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1271	+0.453%	$9K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1271	+0.422%	$322K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1272	+0.534%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1265	−0.058%	$181	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1267	+0.108%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1264	−0.077%	$102K	$182K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1268	+0.191%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1265	+0.013%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0383%	1h	0.1266	+0.077%	$799K	$754K	20x	as long as short
Reya OPRUSDPERPlong	+0.0438%	1h	0.1265	long leg	$704	—	20x