OP

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0460%/8h= −50.4% APRnext payment −$0.58 per $10,000 · paid last 24h −0.143%

Price spread now: Coinbase International against Backpack−1.365%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.478%−$48 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Coinbase International is 1.365% cheaper against Backpack than usual: you would sell low and buy high (−$136 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1260	0.0100	pay 0.0013% / 1h	56m 09s	$125K	$193K	10x
Short	Coinbase International OP-PERP-INTX	0.1243	−0.0360	pay 0.0045% / 1h	56m 09s	$21K	$64K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −1.365%Rate

Funding earned: −$96.6
Price spread: −1.365% → 0.000%: −$136.49
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$253.09
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 27 min ago; Coinbase International: no order-book sample. Net counts fees only.

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, 27 min ago	1.58 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.1251	−0.730%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	+0.011%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0360%	1h	0.1243	−1.365%	$21K	$64K	50x
dYdX OP-USD	0.0000%	1h	0.1261	+0.054%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	−0.016%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	+0.040%	—	—	150x	as long as short
Variational Omni OP	+0.0042%	8h	0.1257	−0.246%	$231K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0045%	8h	0.1260	−0.016%	$6K	$50K	10x	as long as short
OKX OP-USDT-SWAP	+0.0093%	8h	0.1260	−0.032%	$5.9M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1261	+0.056%	$270K	$899K	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	0.1262	+0.143%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1260	−0.039%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1260	−0.017%	$20.5M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1259	−0.071%	$18.4M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1260	−0.016%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	+0.048%	$20.0M	$7.0M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−0.016%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1261	+0.063%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1260	−0.032%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1260	long leg	$125K	$193K	10x
edgeX OPUSDC	+0.0100%	4h	0.1257	−0.276%	$11K	$377K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1257	−0.253%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1259	−0.095%	$45K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	−0.008%	$172	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	+0.056%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	−0.035%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.016%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.095%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0228%	1h	0.1261	+0.069%	$780K	$732K	20x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1260	−0.037%	$700	—	20x	as long as short