OP

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0284%/8h= +31.1% APRnext payment +$0.35 per $10,000 · paid last 24h +0.073%

Price spread now: Kraken Futures against Backpack+0.152%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$800.798% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 3 days (all we have)−0.065%−$6 · spread now +0.152%, 7d avg +0.087%

Together, before fees−0.209%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Kraken Futures is 0.065% dearer against Backpack than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.087%. Mind the row above: over the last 7 days funding on this pair cost −0.144%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.144% in total (about -7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.35 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1263	0.0100	pay 0.0013% / 1h	40m 50s	$121K	$189K	10x
Short	Kraken Futures PF_OPUSD	0.1265	0.0384	get 0.0048% / 1h	40m 50s	$798K	$754K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.152%Rate

Funding earned: $59.56
Price spread: +0.152% → +0.087%: $6.49
Slippage, 4 orders: −$59.8
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$13.75
Costs to cover: 0.798%
Break-even: 8.6 days

Slippage from Backpack: live order book, 32 min ago; Kraken Futures: live order book, 32 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, 32 min ago	0.39 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 32 min ago	14.13 bp	29.7 bp −$30	69.8 bp −$698	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	−0.1656%	1h	0.1259	−0.332%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1264	+0.085%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.095%	$21K	$64K	50x	as long as short
Bybit OPUSDT	−0.0099%	8h	0.1263	−0.032%	$18.3M	$26.0M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.124%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1264	+0.063%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	+0.071%	—	—	150x	as long as short
Variational Omni OP	+0.0049%	8h	0.1263	−0.055%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1264	+0.063%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.150%	$283K	$948K	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	0.1265	+0.103%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	+0.096%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	0.000%	$20.4M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1263	−0.047%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1264	+0.095%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1263	−0.008%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1264	+0.063%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1264	+0.063%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1263	−0.008%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1263	long leg	$121K	$189K	10x
edgeX OPUSDC	+0.0100%	4h	0.1266	+0.240%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1266	+0.206%	$311K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1267	+0.301%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	+0.040%	$181	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1264	+0.095%	$175K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.045%	$103K	$320K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	+0.103%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1265	+0.103%	$1.0M	$270K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0384%	1h	0.1265	+0.152%	$798K	$754K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1263	−0.008%	$702	—	20x	as long as short