Funding you earn now, next payment 12:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.004%
Price spread now: KuCoin against Backpack−0.081%7-day average −0.015% · you buy dearer than you sell
Net, funding: paid 7d − costs−$107as in the Funding arb table
Net, price: spread back to 7d avg − costs−$98as in the Price arb table
costs, in and out, $10k−$910.911% of the position
Funding, last 7 days−0.155%−$16 on $10k
+Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.081%, 7d avg −0.015%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and KuCoin is 0.066% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.015%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1228 | 0.0100 | pay 0.0013% / 1h | 52m 39s | $111K | $215K | 10x |
| Short | KuCoin OPUSDTM | 0.1227 | 0.0062 | get 0.0062% / 8h | 4h 52m | $2.9M | $5.4M | 75x |
Backpack OP_USDC_PERP
KuCoin OPUSDTMFunding history
latest
Range statsloading…
Price spread between the two exchanges
KuCoin 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
- −$7.98
- Price spread: −0.081% → −0.015%
- −$6.65
- Slippage, 4 orders
- −$69.15
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Net
- −$105.78
- Costs to cover
- 0.911%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 54 min ago; KuCoin: live order book, 3 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, 54 min ago | 0.81 bp | 13.2 bp −$13 | doesn't fit | doesn't fit | doesn't fit |
| Sell KuCoin live order book, 3 min ago | 4.07 bp | 28.4 bp −$28 | 69.2 bp −$692 | doesn't fit | doesn't fit |
OP on 30 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| GMX OP/USD [OP-USDC] | L −0.1164% / S +0.0246% | 1h | 0.1230 | +0.140% | $13K | — | 100x | as long as short |
| Hyperliquid OP | −0.0526% | 1h | 0.1227 | −0.081% | $3.9M | $3.9M | 5x | as long as short |
| Binance OPUSDT | −0.0136% | 8h | 0.1226 | −0.138% | $18.9M | $65.6M | 75x | as long as short |
| Extended OP-USD | −0.0136% | 1h | 0.1227 | −0.110% | $102K | $638K | 25x | as long as short |
| MEXC OP_USDT | −0.0134% | 8h | 0.1226 | −0.147% | $21.5M | $7.1M | 300x | as long as short |
| Gate OP_USDT | −0.0084% | 8h | 0.1228 | +0.008% | $1.9M | $1.3M | 50x | as long as short |
| Orderly PERP_OP_USDC | −0.0081% | 8h | 0.1229 | +0.081% | $12K | $231K | 10x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0056% | 1h | 0.1233 | +0.407% | $24K | $68K | 50x | as long as short |
| Kraken Futures PF_OPUSD | −0.0054% | 1h | 0.1230 | +0.200% | $730K | $735K | 20x | as long as short |
| GRVT OP_USDT_Perp | −0.0032% | 8h | 0.1228 | 0.000% | $303K | $5.8M | 10x | as long as short |
GMX OP/USD [OP-USDC]
Hyperliquid OP
Binance OPUSDT
Extended OP-USD
MEXC OP_USDT
Gate OP_USDT
Orderly PERP_OP_USDC
Coinbase International OP-PERP-INTX
Kraken Futures PF_OPUSD
GRVT OP_USDT_PerpShow all 30 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BloFin OP-USDT | −0.0015% | 8h | 0.1228 | −0.016% | $979K | $257K | 75x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1228 | −0.026% | $38K | $522 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1230 | +0.163% | $30K | $112K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1230 | +0.129% | — | — | 150x | as long as short |
| Injective OP/USDC PERP | +0.0033% | 1h | 0.1231 | +0.244% | $34K | $67K | 12x | as long as short |
| Variational Omni OP | +0.0048% | 8h | 0.1228 | +0.010% | $218K | $45K | — | as long as short |
| Aevo OP-PERP | +0.0048% | 1h | 0.1228 | +0.011% | $3K | $1K | 3x | as long as short |
| KuCoin OPUSDTMshort | +0.0062% | 8h | 0.1227 | −0.081% | $2.9M | $5.4M | 75x | |
| Lighter OP | +0.0096% | 1h | 0.1227 | −0.041% | $253K | $1.1M | 15x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1228 | −0.029% | $203K | $211K | 10x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1226 | −0.130% | $17.7M | $24.3M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1227 | −0.065% | $5.9M | $26.7M | 50x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1227 | −0.081% | $5.8M | $6.7M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1226 | −0.163% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1228 | long leg | $111K | $215K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1228 | −0.040% | $4K | $1.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1228 | 0.000% | $42K | $686K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1229 | +0.065% | $186 | $5K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1229 | +0.073% | $167K | $263K | 50x | as long as short |
| Reya OPRUSDPERP | +0.0447% | 1h | 0.1227 | −0.056% | $682 | — | 20x | as long as short |
BloFin OP-USDT
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Injective OP/USDC PERP
Variational Omni OP
Aevo OP-PERP
Lighter OP
Aster OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Bitget OPUSDT
BingX OP-USDC
edgeX OPUSDC
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Reya OPRUSDPERP