Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.027%

Price spread now: OKX against Backpack+0.016%46s7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.424% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now +0.016%, 7d avg −0.036%

Together, before fees−0.256%−$26 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: OKX is 0.052% dearer against Backpack than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.036%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1266	0.0100	pay 0.0013% / 1h	43m 20s	$121K	$189K	10x
Short	OKX OP-USDT-SWAP	0.1266	0.0100	get 0.0100% / 8h	7h 43m	$6.1M	$29.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.016%Rate

Funding earned: $0
Price spread: +0.016% → −0.036%: $5.18
Slippage, 4 orders: −$22.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$37.25
Costs to cover: 0.424%
Break-even: never at this rate

Slippage from Backpack: live order book, 30 min ago; OKX: live order book, 5 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, 30 min ago	0.39 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.40 bp	11.5 bp −$11	32.7 bp −$327	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	0.1263	−0.213%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1267	+0.103%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0540%	1h	0.1265	−0.055%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1262	−0.292%	$21K	$64K	50x	as long as short
Bybit OPUSDT	−0.0102%	8h	0.1266	−0.008%	$18.4M	$26.0M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1266	+0.040%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1267	+0.075%	—	—	150x	as long as short
Variational Omni OP	+0.0052%	8h	0.1266	+0.028%	$231K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1267	+0.103%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1267	+0.126%	$284K	$946K	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	0.1267	+0.119%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1267	+0.127%	$212K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1267	+0.088%	$20.5M	$62.0M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1266	+0.016%	$6.1M	$29.9M	50x
Gate OP_USDT	+0.0100%	8h	0.1267	+0.111%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1267	+0.103%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1266	+0.024%	$2.9M	$7.2M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1268	+0.182%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1266	+0.032%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1266	long leg	$121K	$189K	10x
edgeX OPUSDC	+0.0100%	4h	0.1267	+0.118%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1268	+0.174%	$308K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1267	+0.103%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1266	+0.008%	$182	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1268	+0.142%	$175K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1266	−0.005%	$102K	$289K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	+0.089%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1268	+0.174%	$1.0M	$282K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0383%	1h	0.1267	+0.135%	$799K	$754K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1266	+0.029%	$704	—	20x	as long as short