# OP funding rates and arbitrage

Updated 2026-11-11 23:59 UTC · https://afterfees.xyz/coin/OP

## Best OP arbitrage after every cost

No OP pair nets a profit at this size right now.

_At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry._

## OP funding rate on every exchange

| Exchange | Contract | Rate | Every | Annualised | Settled 7d, annualised | Open interest | Next settlement |
|---|---|---|---|---|---|---|---|
| [Bybit](https://afterfees.xyz/venues/bybit) | OPUSDT | 0.0100% | 8 h | +10.9% | +1.8% | $8.6M | 2026-11-12 08:00 |
| [KuCoin](https://afterfees.xyz/venues/kucoin) | OPUSDTM | 0.0100% | 8 h | +10.9% | +7.2% | $1.6M | 2026-11-12 08:00 |
| [Backpack](https://afterfees.xyz/venues/backpack) | OP_USDC_PERP | 0.0013% | 1 h | +10.9% | +54.1% | $202.2K | 2026-11-12 01:00 |
| [WhiteBIT](https://afterfees.xyz/venues/whitebit) | OP_PERP | 0.0100% | 8 h | +10.9% | +7.1% | $2.9M | 2026-11-12 08:00 |
| [ApeX](https://afterfees.xyz/venues/apex) | OP-USDT | 0.0013% | 1 h | +10.9% | +10.9% | $46.5K | 2026-11-12 01:00 |
| [HTX](https://afterfees.xyz/venues/htx) | OP-USDT | 0.0100% | 8 h | +10.9% | +14.3% | $54.7K | 2026-11-12 08:00 |
| [TXFlow](https://afterfees.xyz/venues/txflow) | OP-USDC | 0.0013% | 1 h | +10.9% | — | $4.2K | 2026-11-12 00:00 |
| [Aster](https://afterfees.xyz/venues/aster) | OPUSDT | 0.0100% | 8 h | +10.9% | +11.5% | $119.6K | 2026-11-12 08:00 |
| [Gate](https://afterfees.xyz/venues/gate) | OP_USDT | 0.0100% | 8 h | +10.9% | −3.2% | $4.8M | 2026-11-12 08:00 |
| [Hyperliquid](https://afterfees.xyz/venues/hyperliquid) | OP | 0.0013% | 1 h | +10.9% | +9.0% | $2.6M | 2026-11-12 01:00 |
| [Lighter](https://afterfees.xyz/venues/lighter) | OP | 0.0012% | 1 h | +10.5% | +10.2% | $119.2K | 2026-11-12 01:00 |
| [OKX](https://afterfees.xyz/venues/okx) | OP-USDT-SWAP | 0.0037% | 8 h | +4.0% | +0.5% | $3.6M | 2026-11-12 08:00 |
| [BingX](https://afterfees.xyz/venues/bingx) | OP-USDT | 0.0034% | 8 h | +3.7% | +10.2% | $1.7M | 2026-11-12 08:00 |
| [BloFin](https://afterfees.xyz/venues/blofin) | OP-USDT | 0.0026% | 8 h | +2.8% | +11.4% | $578.4K | 2026-11-12 08:00 |
| [Bitunix](https://afterfees.xyz/venues/bitunix) | OPUSDT | 0.0022% | 8 h | +2.4% | +4.3% | — | 2026-11-12 08:00 |
| [GRVT](https://afterfees.xyz/venues/grvt) | OP_USDT_Perp | 0.0020% | 8 h | +2.2% | +4.1% | $239.6K | 2026-11-12 08:00 |
| [LBank](https://afterfees.xyz/venues/lbank) | OPUSDT | 0.0020% | 8 h | +2.2% | +12.6% | — | 2026-11-12 08:00 |
| [Binance](https://afterfees.xyz/venues/binance) | OPUSDT | 0.0020% | 8 h | +2.2% | +4.2% | $12M | 2026-11-12 08:00 |
| [WOO X](https://afterfees.xyz/venues/woox) | PERP_OP_USDT | 0.0019% | 8 h | +2.1% | +4.1% | $26.7K | 2026-11-12 08:00 |
| [MEXC](https://afterfees.xyz/venues/mexc) | OP_USDT | 0.0019% | 8 h | +2.1% | +4.1% | $5.1M | 2026-11-12 08:00 |
| [Extended](https://afterfees.xyz/venues/extended) | OP-USD | 0.0002% | 1 h | +1.8% | +4.1% | $18.3K | 2026-11-12 01:00 |
| [dYdX](https://afterfees.xyz/venues/dydx) | OP-USD | 0.0000% | 1 h | 0.0% | 0.0% | $30.4K | 2026-11-12 01:00 |
| [Bitget](https://afterfees.xyz/venues/bitget) | OPUSDT | -0.0004% | 8 h | −0.4% | +9.5% | $4.2M | 2026-11-12 08:00 |
| [Variational](https://afterfees.xyz/venues/variational) | OP-PERP | -0.0167% | 8 h | −18.3% | +10.9% | $221.8K | 2026-11-12 00:00 |
| [Kraken](https://afterfees.xyz/venues/kraken) | PF_OPUSD | -0.0083% | 1 h | −72.7% | −5.9% | $528.3K | 2026-11-12 01:00 |
| [Crypto.com](https://afterfees.xyz/venues/cryptocom) | OPUSD-PERP | -0.0108% | 1 h | −94.5% | +2.9% | $12.7K | 2026-11-12 01:00 |

## Borrow OP to sell spot

| Exchange | Borrow APR | Per-account limit |
|---|---|---|
| Bitget | 1.36% | — |
| Bybit | 2.79% | — |
| Binance | 3.08% | — |
| OKX | 7.40% | — |
| Gate | 12.52% | $120K |

## Cost to enter $10,000 of OP

| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| GRVT | OP_USDT_Perp | 11.2 bp | order-book snapshot, 5 min old |
| KuCoin | OPUSDTM | 18.4 bp | order-book snapshot, 15 min old |
| dYdX | OP-USD | 687.5 bp | order-book snapshot, 11 min old |
| MEXC | OP_USDT | 0.5 bp | top of book only |
| Lighter | OP | 2.1 bp | top of book only |
| Variational | OP-PERP | 3.6 bp | top of book only |
| Binance | OPUSDT | 5.5 bp | top of book only |
| OKX | OP-USDT-SWAP | 5.5 bp | top of book only |
| BingX | OP-USDT | 5.5 bp | top of book only |
| Bybit | OPUSDT | 6.0 bp | top of book only |
| BloFin | OP-USDT | 7.0 bp | top of book only |
| Gate | OP_USDT | 10.1 bp | top of book only |

_Taker fee plus slippage of a market buy of $10,000 from the mid price, at standard (VIP0) fees._

## More on OP

- [Borrow OP: rates on every exchange](https://afterfees.xyz/borrow/OP)
- [OP transfer arbitrage](https://afterfees.xyz/transfers/OP)

## Questions

**Is OP funding-rate arbitrage profitable right now?**

Not at $10,000 per side for 7 days: no OP pair shows a verified profit after fees and order-book slippage right now. Rates change every hour; the live page re-ranks continuously.

**Which exchange has the highest OP funding rate?**

Bybit at +10.9% a year (0.0100% every 8 h); the lowest is Crypto.com at −94.5%. A positive rate is paid by longs to shorts, a negative one by shorts to longs.

_The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you._