Settings8H · net · $10k
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Funding arb · Price arb / Crypto

OP

All OP markets →
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
BackpackOP_USDC_PERP
0.1036+0.0471pay 0.0059% / 1h8m 29s$174K$59K10xLong Backpack
SHORT
HyperliquidOP
0.1035+0.0100get 0.0013% / 1h8m 29s$3.0M$1.1M5xShort Hyperliquid4% off
Price gap−0.048%
Funding gap−0.0371% /8h

Both sides work against this direction now: funding costs $11 a day on $10k and the gap is 0.081% under its 7d average. Swap the legs.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding−$104−0.0371% /8h now · paid −1.040% over the last 7D
Price−$8spread −0.048% now, avg +0.033% → −0.081% if it goes back
Costs−$370.373% of $10k · taker + slippage, in and out
Result−$149−1.49%+ Points / potential airdropHyperliquid: Season 2 · farm board

Price and funding

1h · history
ENTRY / EXIT · 7D
Entry now—
Entry average—
Best entry—
Exit now—
Exit average—
Best exit—
Exit free—
PRICE SPREAD · 7D
Now−0.048%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

OP on 29 exchanges

lowest funding first

Before you open

3 ok · 3 to watch
  • OK: Fits both order books8.8 / 8.8 bp
    Entry at $10k a leg, taker fee + slippage. Closing costs about the same.
  • Note: Margin at max leverage$1,000 + $2,000
    Backpack 10x, Hyperliquid 5x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
  • OK: Same payment interval1h / 1h
    Both legs pay at the same time.
    Next 24h at the current rates, on $10k a leg: −$11.13Long Backpack: 24 payments, −$14.13; short Hyperliquid: 24 payments, +$3.00.
  • Watch: Gap narrower than usual−0.048% vs +0.033%
    Less room for the price leg to pay you. If it goes back to average, the short loses.
  • Watch: Long leg is thinner$174K vs $3.0M OI
    Backpack sets your exit cost. Check its book before closing.
  • OK: Points on a legHyperliquid Season 2
    Volume here counts toward the points program.
  • Watch: KYCBackpack Yes · Hyperliquid No
    KYC (ID, face scan, residency and source of income) before any trading.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned−0.0495%/8h × 21 periods−$103.99
Price spread−0.048% → +0.033% (7d avg)−$8.12
Slippage, 4 orderslive order books−$18.31
Fee Backpack bp × 2 orders−$10.00
Fee Hyperliquid bp × 2 orders−$9.00
Net · 7 days · $10k−$149.42
Costs to cover0.373%Break-evennever at this rate
Slippage: Backpack: live order book, 35 min ago; Hyperliquid: live order book, 4 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGBackpack0.498.8 bp−$9doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTHyperliquid1.948.8 bp−$922.0 bp−$220207.9 bp−$20.8Kdoesn’t fit

Closing costs about the same again.

Alert

OP news

posts that mention OP, from every exchange
10-14 12:02PhemexOther$OP got the first move. Now comes the harder part. Is capital rotating back into L2s, or is this a sharp bounce from beaten-down levels? Price is the headline. Follow-through is the test. Which side are you watching?👇 @Phemex_official on X ↗