Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.002%
Price spread now: Lighter against Backpack+0.127%7-day average +0.035% · you sell dearer than you buy
Net, funding: paid 7d − costs−$69as in the Funding arb table
Net, price: spread back to 7d avg − costs−$44as in the Price arb table
costs, in and out, $10k−$530.533% of the position
Funding, last 7 days−0.160%−$16 on $10k
+Price spread, last 4 days (all we have)−0.007%−$1 · spread now +0.127%, 7d avg +0.035%
=Together, before fees−0.168%+ Points / potential airdropLighter: Season 3 · farm board−$17 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: Lighter is 0.093% dearer against Backpack than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.035%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1256 | 0.0100 | pay 0.0013% / 1h | 51m 58s | $124K | $190K | 10x |
| Short | Lighter OP | 0.1258 | 0.0096 | get 0.0012% / 1h | 51m 58s | $274K | $904K | 15x |
Backpack OP_USDC_PERP
Lighter OPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter 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: +0.127% → +0.035%
- $9.28
- Slippage, 4 orders
- −$43.26
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$44.81
- Costs to cover
- 0.533%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 31 min ago; Lighter: live order book, 28 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, 31 min ago | 1.58 bp | 8.5 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Lighter live order book, 28 min ago | 5.92 bp | 22.9 bp −$23 | 59.1 bp −$591 | 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 | 0.1255 | −0.096% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1257 | +0.039% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0360% | 1h | 0.1243 | −1.051% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1258 | +0.133% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1257 | +0.064% | $41K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1257 | +0.071% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0039% | 8h | 0.1259 | +0.226% | $231K | $46K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0050% | 8h | 0.1256 | −0.016% | $6K | $49K | 10x | as long as short |
| OKX OP-USDT-SWAP | +0.0095% | 8h | 0.1256 | −0.016% | $5.9M | $29.6M | 50x | as long as short |
| Lighter OPshort | +0.0096% | 1h | 0.1258 | +0.127% | $274K | $904K | 15x |
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-SWAPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1258 | +0.151% | $4.1M | $2.9M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1257 | +0.084% | $210K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1256 | −0.006% | $20.4M | $62.5M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1255 | −0.080% | $18.3M | $25.3M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1258 | +0.127% | $1.8M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1257 | +0.040% | $19.9M | $7.0M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1257 | +0.064% | $2.9M | $7.6M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1257 | +0.064% | $6.0M | $6.2M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1256 | −0.016% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1256 | long leg | $124K | $190K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1260 | +0.332% | $11K | $378K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1261 | +0.377% | $312K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1261 | +0.382% | $45K | $718K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1257 | +0.024% | $178 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1258 | +0.175% | $174K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1256 | −0.035% | $101K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1257 | +0.056% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1258 | +0.127% | $999K | $281K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0229% | 1h | 0.1258 | +0.124% | $780K | $734K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0436% | 1h | 0.1257 | +0.054% | $699 | — | 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-USDC
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Kraken Futures PF_OPUSD
Reya OPRUSDPERP