Funding you earn now, next payment 23:00 UTC−0.0040%/8h= −4.3% APRpaid last 24h −0.038%
Price spread now: Orderly against Backpack−0.055%46s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.293%−$29 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.055% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. 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 | 0.1280 | 0.0100 | pay 0.0013% / 1h | 15m 13s | $125K | $192K | 10x |
| Short | Orderly PERP_OP_USDC | 0.1279 | 0.0060 | get 0.0060% / 8h | 1h 15m | $6K | $49K | 10x |
Backpack OP_USDC_PERP
Orderly PERP_OP_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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
- −$8.33
- Price spread: −0.055% → 0.000%
- −$5.47
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$29.8
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.
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, 3 min ago | 0.39 bp | 7.8 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | 0.1274 | −0.445% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1279 | −0.024% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0360% | 1h | 0.1269 | −0.836% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1280 | +0.025% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1280 | +0.023% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1280 | +0.008% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0060% | 8h | 0.1280 | −0.009% | $233K | $53K | — | as long as short |
| Orderly PERP_OP_USDCshort | +0.0060% | 8h | 0.1279 | −0.055% | $6K | $49K | 10x | |
| Lighter OP | +0.0096% | 1h | 0.1281 | +0.094% | $286K | $918K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1280 | +0.047% | $4.1M | $2.9M | 5x | as long as short |
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
Lighter OP
Hyperliquid OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1280 | +0.031% | $214K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1280 | −0.016% | $20.8M | $61.9M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1279 | −0.086% | $18.8M | $25.4M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1280 | −0.016% | $6.0M | $30.3M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1280 | 0.000% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1279 | −0.070% | $20.2M | $7.1M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1278 | −0.133% | $2.9M | $7.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1280 | +0.023% | $6.1M | $6.2M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1279 | −0.055% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1280 | long leg | $125K | $192K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1279 | −0.046% | $9K | $384K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1279 | −0.048% | $320K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1279 | −0.055% | $46K | $722K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1280 | −0.016% | $185 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1279 | −0.023% | $177K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1279 | −0.073% | $102K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1280 | +0.008% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1278 | −0.102% | $1.0M | $289K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0225% | 1h | 0.1281 | +0.115% | $801K | $745K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0437% | 1h | 0.1279 | −0.067% | $711 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
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