Funding you earn now, next payment 06:00 UTC−0.0070%/8h= −7.6% APRpaid last 24h −0.033%
Price spread now: Variational Omni against Backpack+0.412%7-day average −0.041% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)−0.234%−$23 on $10k
+Price spread, last 4 days (all we have)−0.306%−$31 · spread now +0.412%, 7d avg −0.041%
=Together, before fees−0.540%+ Points / potential airdropVariational Omni: Active · farm board−$54 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Variational Omni is 0.453% dearer against Backpack than usual: you sell high and buy low (spread +0.412% now, against its 7-day average of −0.041%): +$45 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 22 days. At the pace of the last 4 days (−0.234% in total) that is about 6.9 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1252 | 0.0100 | pay 0.0013% / 1h | 32m 32s | $105K | $215K | 10x |
| Short | Variational Omni OP | 0.1257 | 0.0030 | get 0.0030% / 8h | 2h 32m | $222K | $48K | — |
Backpack OP_USDC_PERP
Variational Omni OPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni 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
- −$14.63
- Price spread: +0.412% → −0.041%
- $45.32
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- $20.69
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Backpack: live order book, 16 min ago; Variational Omni: RFQ quote, 16 min ago. 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, 16 min ago | 2.75 bp | 11.6 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
| Sell Variational Omni RFQ quote, 16 min ago | 7.87 bp | doesn't fit | 23.6 bp −$236 | 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 | −0.1583% | 1h | 0.1246 | −0.471% | $34K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1252 | +0.019% | $13K | — | 100x | as long as short |
| Deribit OP_USDC-PERPETUAL | −0.0549% | 1h | 0.1251 | −0.072% | $40K | $139K | 25x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1255 | +0.233% | $39K | $532 | 10x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1252 | +0.038% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0022% | 8h | 0.1251 | −0.072% | $59K | $142K | 10x | as long as short |
| Variational Omni OPshort | +0.0030% | 8h | 0.1257 | +0.412% | $222K | $48K | — | |
| Kraken Futures PF_OPUSD | +0.0074% | 1h | 0.1253 | +0.084% | $753K | $624K | 20x | as long as short |
| OKX OP-USDT-SWAP | +0.0094% | 8h | 0.1252 | +0.024% | $6.2M | $28.6M | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1255 | +0.272% | $290K | $987K | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Deribit OP_USDC-PERPETUAL
dYdX OP-USD
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Kraken Futures PF_OPUSD
OKX OP-USDT-SWAP
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1255 | +0.232% | $3.5M | $2.8M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1254 | +0.172% | $205K | $218K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1254 | +0.202% | $19.7M | $63.5M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1252 | +0.008% | $18.5M | $25.5M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1254 | +0.200% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1254 | +0.168% | $22.9M | $7.6M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1253 | +0.088% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1254 | +0.168% | $5.8M | $6.6M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1254 | +0.192% | — | $6.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1252 | long leg | $105K | $215K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1261 | +0.687% | $382K | $770K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1259 | +0.567% | $319K | $5.2M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1262 | +0.807% | $43K | $704K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1252 | −0.008% | $199 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1252 | +0.032% | $172K | $236K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1253 | +0.111% | $100K | $505K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1252 | +0.008% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0160% | 1h | 0.1245 | −0.551% | $26K | $59K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1252 | −0.008% | $1.0M | $276K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0442% | 1h | 0.1251 | −0.070% | $696 | — | 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-USDT
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP