OP arbitrage explained
Right now Optimism (OP) trades on 11 venues we scan: 11 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $0.1213 and the highest bid on HTX perp at $0.1217.
The widest OP perpetual spread is between Variational and HTX: long OP on Variational at $0.1213 and short on HTX at $0.1217 for +0.31% gross, or +0.15% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is +0.055% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best OP route is to buy spot on Bybit and short the perpetual on HTX: +0.14% gross, -0.06% net, with +0.030% a day of funding on the short leg.
Spot–spot OP arbitrage (buy on Bybit, withdraw, deposit and sell on Binance) shows 0.00% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small OP gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: OP funding rates · OP spread charts · Optimism price · arbitrage scanner for all coins.