Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Bybit against Backpack−0.071%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

Price spread, last 4 days (all we have)+0.153%+$15 · spread now −0.071%, 7d avg −0.051%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.020% cheaper against Backpack than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1266	0.0100	pay 0.0013% / 1h	19m 37s	$125K	$194K	10x
Short	Bybit OPUSDT	0.1265	0.0100	get 0.0100% / 8h	2h 19m	$18.4M	$25.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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 BackpackbpFee BybitbpOrdersPrice spread, now −0.071%Rate

Funding earned: $0
Price spread: −0.071% → −0.051%: −$2
Slippage, 4 orders: −$31.29
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$54.29
Costs to cover: 0.523%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Bybit: live order book, 4 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, 3 min ago	1.58 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.40 bp	16.7 bp −$17	38.7 bp −$387	76.0 bp −$7,604	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	−0.1658%	1h	0.1261	−0.387%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1265	−0.041%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0540%	1h	0.1265	−0.071%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.809%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1267	+0.076%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1266	−0.003%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0036%	8h	0.1264	−0.150%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0048%	8h	0.1266	+0.042%	$232K	$44K	—	as long as short
OKX OP-USDT-SWAP	+0.0092%	8h	0.1266	−0.016%	$5.9M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1266	+0.016%	$272K	$907K	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	0.1267	+0.118%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1266	−0.014%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1266	−0.004%	$20.5M	$62.7M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1265	−0.071%	$18.4M	$25.4M	75x
Gate OP_USDT	+0.0100%	8h	0.1266	+0.008%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1266	−0.024%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1265	−0.071%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1266	+0.008%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1265	−0.047%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1266	long leg	$125K	$194K	10x
edgeX OPUSDC	+0.0100%	4h	0.1267	+0.093%	$8K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1266	−0.007%	$313K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1267	+0.087%	$45K	$718K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1265	−0.103%	$177	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1267	+0.055%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1265	−0.057%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	−0.057%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0136%	1h	0.1266	+0.002%	$783K	$731K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1267	+0.095%	$997K	$282K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1264	−0.126%	$703	—	20x	as long as short