Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.039%
Price spread now: Binance against Backpack+0.026%7-day average +0.008% · you sell dearer than you buy
Net, funding: paid 7d − costs−$62as in the Funding arb table
Net, price: spread back to 7d avg − costs−$39as in the Price arb table
costs, in and out, $10k−$410.406% of the position
Funding, last 7 days−0.214%−$21 on $10k
+Price spread, last 4 days (all we have)+0.068%+$7 · spread now +0.026%, 7d avg +0.008%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1263 | 0.0100 | pay 0.0013% / 1h | 41m 33s | $125K | $190K | 10x |
| Short | Binance OPUSDT | 0.1263 | 0.0100 | get 0.0100% / 8h | 1h 41m | $20.5M | $62.2M | 75x |
Backpack OP_USDC_PERP
Binance OPUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Binance against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0
- Price spread: +0.026% → +0.008%
- $1.75
- Slippage, 4 orders
- −$20.58
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$38.83
- Costs to cover
- 0.406%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 42 min ago; Binance: live order book, 16 min ago.
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 Backpack live order book, 42 min ago | 1.58 bp | 8.5 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 16 min ago | 0.40 bp | 10.4 bp −$10 | 21.5 bp −$215 | 100.0 bp −$9,997 | doesn't fit |
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 | −0.1710% | 1h | 0.1256 | −0.515% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1263 | +0.066% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0360% | 1h | 0.1253 | −0.752% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1263 | +0.076% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1263 | +0.040% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1263 | +0.040% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0042% | 8h | 0.1254 | −0.663% | $233K | $48K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1262 | −0.040% | $6K | $49K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1264 | +0.127% | $275K | $904K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1265 | +0.198% | $4.1M | $2.9M | 5x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
Orderly PERP_OP_USDC
Lighter OP
Hyperliquid OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1264 | +0.095% | $211K | $241K | 10x | as long as short |
| Binance OPUSDTshort | +0.0100% | 8h | 0.1263 | +0.026% | $20.5M | $62.2M | 75x | |
| Bybit OPUSDT | +0.0100% | 8h | 0.1261 | −0.095% | $18.4M | $25.2M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1262 | −0.055% | $5.9M | $29.7M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1264 | +0.095% | $1.8M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1263 | +0.071% | $20.0M | $7.0M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1263 | +0.040% | $2.9M | $7.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1264 | +0.119% | $6.0M | $6.2M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1263 | +0.016% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1263 | long leg | $125K | $190K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1261 | −0.094% | $9K | $379K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1258 | −0.376% | $314K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1259 | −0.277% | $45K | $723K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1263 | 0.000% | $181 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1263 | +0.071% | $175K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1263 | +0.013% | $101K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1263 | +0.021% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1262 | −0.024% | $1.0M | $281K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0228% | 1h | 0.1264 | +0.115% | $789K | $740K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0437% | 1h | 0.1262 | −0.009% | $702 | — | 20x | as long as short |
Aster OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Kraken Futures PF_OPUSD
Reya OPRUSDPERP