Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: SoDEX against Backpack+0.023%50s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.023% dearer against Backpack than usual: you sell high and buy low, +$2 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 50 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	0.1279	0.0100	pay 0.0013% / 1h	30m 20s	$124K	$189K	10x
Short	SoDEX OP-USD	0.1279	0.0100	get 0.0013% / 1h	30m 20s	$197	$6K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.023%Rate

Funding earned: $0
Price spread: +0.023% → 0.000%: $2.35
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$15.65
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 48 min ago; SoDEX: 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, 48 min ago	0.39 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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	−0.1633%	1h	0.1272	−0.516%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	+0.064%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.203%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1279	+0.011%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	+0.109%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	+0.092%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1279	+0.031%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0074%	8h	0.1279	−0.008%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1280	+0.109%	$285K	$928K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1281	+0.156%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1279	+0.054%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1279	+0.035%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1278	−0.047%	$18.5M	$25.7M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1279	+0.008%	$6.1M	$30.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1279	+0.023%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1279	+0.031%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1278	−0.047%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	+0.109%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1279	+0.031%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1279	long leg	$124K	$189K	10x
edgeX OPUSDC	+0.0100%	4h	0.1279	0.000%	$10K	$384K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	+0.031%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1279	+0.031%	$46K	$722K	50x	as long as short
SoDEX OP-USDshort	+0.0100%	1h	0.1279	+0.023%	$197	$6K	5x
HTX OP-USDT	+0.0100%	8h	0.1279	+0.055%	$177K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	+0.013%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	+0.023%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	+0.063%	$1.0M	$281K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1280	+0.132%	$803K	$748K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1279	+0.024%	$711	—	20x	as long as short