Funding you earn now, next payment 02:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.003%
Price spread now: BloFin against Backpack+0.704%66s7-day average +0.013% · you sell dearer than you buy
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$510.515% of the position
Funding, last 7 days+0.001%$0 on $10k
+Price spread, last 3 days (all we have)−0.571%−$57 · spread now +0.704%, 7d avg +0.013%
=Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.691% dearer against Backpack than usual: you sell high and buy low: +$69 more if the spread goes back to its 7-day average of +0.013%. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1250 | 0.0100 | pay 0.0013% / 1h | 55m 54s | $120K | $194K | 10x |
| Short | BloFin OP-USDT | 0.1259 | 0.0220 | get 0.0220% / 8h | 6h 55m | $1.0M | $273K | 75x |
Backpack OP_USDC_PERP
BloFin OP-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin 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
- $25.2
- Price spread: +0.704% → +0.013%
- $69.09
- Slippage, 4 orders
- −$29.49
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- $42.8
- Costs to cover
- 0.515%
- Break-even
- from the start
Slippage from Backpack: live order book, 12 min ago; BloFin: live order book, 6 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, 12 min ago | 1.18 bp | 10.7 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell BloFin live order book, 6 min ago | 1.18 bp | 17.3 bp −$17 | 26.4 bp −$264 | 69.1 bp −$6,907 | 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 | −0.1535% | 1h | 0.1259 | +0.720% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1252 | +0.170% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0184% | 1h | 0.1279 | +2.320% | $25K | $77K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1253 | +0.223% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1252 | +0.160% | $41K | $163K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1253 | +0.214% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0058% | 8h | 0.1251 | +0.052% | $222K | $52K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0059% | 8h | 0.1252 | +0.160% | $6K | $47K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1252 | +0.176% | $279K | $946K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1253 | +0.208% | $3.9M | $3.0M | 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 | 0.1252 | +0.191% | $209K | $231K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1252 | +0.176% | $20.2M | $62.4M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1252 | +0.120% | $18.2M | $26.2M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1251 | +0.112% | $6.1M | $29.8M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1253 | +0.200% | $1.9M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1252 | +0.192% | $20.1M | $7.3M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1252 | +0.160% | $2.9M | $7.0M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1253 | +0.240% | $5.9M | $6.6M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1252 | +0.160% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1250 | long leg | $120K | $194K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1264 | +1.133% | $4K | $387K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1265 | +1.232% | $313K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1265 | +1.200% | $43K | $725K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1252 | +0.168% | $172 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1252 | +0.192% | $173K | $235K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1252 | +0.141% | $100K | $395K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1252 | +0.160% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDTshort | +0.0220% | 8h | 0.1259 | +0.704% | $1.0M | $273K | 75x | |
| Reya OPRUSDPERP | +0.0439% | 1h | 0.1252 | +0.161% | $696 | — | 20x | as long as short |
| Kraken Futures PF_OPUSD | +0.0466% | 1h | 0.1253 | +0.231% | $791K | $747K | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDC
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Reya OPRUSDPERP
Kraken Futures PF_OPUSD