Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h −0.035%
Price spread now: Extended against Backpack−0.003%7-day average −0.072% · you buy dearer than you sell
Net, funding: paid 7d − costs−$83as in the Funding arb table
Net, price: spread back to 7d avg − costs−$55as in the Price arb table
costs, in and out, $10k−$620.622% of the position
Funding, last 7 days−0.213%−$21 on $10k
+Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.003%, 7d avg −0.072%
=Together, before fees−0.219%+ Points / potential airdropExtended: Active · farm board−$22 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: Extended is 0.069% dearer against Backpack than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.072%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1259 | 0.0100 | pay 0.0013% / 1h | 56m 57s | $124K | $193K | 10x |
| Short | Extended OP-USD | 0.1259 | 0.0104 | get 0.0013% / 1h | 56m 57s | $101K | $186K | 25x |
Backpack OP_USDC_PERP
Extended OP-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended 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
- $0.84
- Price spread: −0.003% → −0.072%
- $6.86
- Slippage, 4 orders
- −$47.15
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$54.45
- Costs to cover
- 0.622%
- Break-even
- 460.8 days
Slippage from Backpack: live order book, 26 min ago; Extended: live order book, 25 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, 26 min ago | 1.58 bp | 8.5 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Extended live order book, 25 min ago | 11.85 bp | 21.1 bp −$21 | 146.5 bp −$1,465 | doesn't fit | 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 | 0.1251 | −0.635% | $34K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1259 | +0.017% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0360% | 1h | 0.1243 | −1.271% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1258 | −0.088% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1259 | 0.000% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1259 | −0.015% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0042% | 8h | 0.1257 | −0.150% | $231K | $46K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0044% | 8h | 0.1258 | −0.079% | $6K | $50K | 10x | as long as short |
| OKX OP-USDT-SWAP | +0.0092% | 8h | 0.1260 | +0.048% | $5.9M | $29.7M | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1259 | +0.016% | $270K | $899K | 15x | 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
OKX OP-USDT-SWAP
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1261 | +0.143% | $4.1M | $3.0M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1259 | +0.018% | $211K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1260 | +0.044% | $20.4M | $62.5M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1258 | −0.048% | $18.4M | $25.3M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1259 | −0.016% | $1.8M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1260 | +0.048% | $20.0M | $7.0M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1259 | 0.000% | $2.9M | $7.6M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1260 | +0.079% | $6.0M | $6.2M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1259 | +0.024% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1259 | long leg | $124K | $193K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1257 | −0.181% | $11K | $377K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1257 | −0.158% | $311K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1259 | 0.000% | $45K | $719K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1258 | −0.048% | $175 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1259 | +0.024% | $174K | $232K | 50x | as long as short |
| Extended OP-USDshort | +0.0104% | 1h | 0.1259 | −0.003% | $101K | $186K | 25x | |
| Aevo OP-PERP | +0.0104% | 1h | 0.1259 | −0.027% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1259 | 0.000% | $1.0M | $281K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0229% | 1h | 0.1259 | +0.028% | $779K | $732K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0436% | 1h | 0.1259 | −0.025% | $700 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
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
Aevo OP-PERP
BloFin OP-USDT
Kraken Futures PF_OPUSD
Reya OPRUSDPERP