Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.025%
Price spread now: Backpack against Binance−0.203%7-day average −0.014% · you buy dearer than you sell
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$59as in the Price arb table
costs, in and out, $10k−$400.399% of the position
Funding, last 7 days+0.209%+$21 on $10k
+Price spread, last 4 days (all we have)+0.197%+$20 · spread now −0.203%, 7d avg −0.014%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.189% cheaper against Binance than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.014%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance OPUSDT | 0.1252 | 0.0100 | pay 0.0100% / 8h | 43m 22s | $19.8M | $67.1M | 75x |
| Short | Backpack OP_USDC_PERP | 0.1250 | 0.0100 | get 0.0013% / 1h | 43m 22s | $115K | $219K | 10x |
Binance OPUSDT
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Binance. 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
- Price spread: −0.203% → −0.014%
- −$18.91
- Slippage, 4 orders
- −$19.93
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$58.84
- Costs to cover
- 0.399%
- Break-even
- never at this rate
Slippage from Binance: live order book, 14 min ago; Backpack: live order book, 60 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 Binance live order book, 14 min ago | 0.40 bp | 11.9 bp −$12 | 24.5 bp −$245 | 109.8 bp −$11.0K | doesn't fit |
| Sell Backpack live order book, 60 min ago | 1.19 bp | 8.7 bp −$9 | doesn't fit | 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 | −0.1660% | 1h | 0.1245 | −0.578% | $34K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.0898% / S +0.0202% | 1h | 0.1252 | −0.005% | $13K | — | 100x | as long as short |
| Orderly PERP_OP_USDC | −0.0053% | 8h | 0.1250 | −0.179% | $12K | $236K | 10x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1253 | +0.032% | $39K | $522 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1250 | −0.179% | $32K | $154K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1250 | −0.161% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0034% | 8h | 0.1253 | +0.085% | $222K | $47K | — | as long as short |
| KuCoin OPUSDTM | +0.0056% | 8h | 0.1251 | −0.099% | $2.8M | $6.2M | 75x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0080% | 1h | 0.1251 | −0.099% | $24K | $65K | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1252 | −0.027% | $288K | $1.1M | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Orderly PERP_OP_USDC
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
KuCoin OPUSDTM
Coinbase International OP-PERP-INTX
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1253 | +0.068% | $3.5M | $3.7M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1253 | +0.038% | $206K | $210K | 10x | as long as short |
| Binance OPUSDTlong | +0.0100% | 8h | 0.1252 | long leg | $19.8M | $67.1M | 75x | |
| Bybit OPUSDT | +0.0100% | 8h | 0.1251 | −0.099% | $18.3M | $26.1M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1250 | −0.147% | $6.0M | $29.4M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1252 | +0.005% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1253 | +0.036% | $22.3M | $7.8M | 300x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1252 | −0.019% | $5.7M | $6.9M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1252 | −0.019% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1250 | −0.203% | $115K | $219K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1256 | +0.308% | $4K | $1.1M | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1250 | −0.164% | $305K | $5.2M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1250 | −0.179% | $43K | $698K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1250 | −0.179% | $208 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1251 | −0.107% | $166K | $259K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1252 | −0.006% | $100K | $598K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1250 | −0.198% | $3K | $1K | 3x | as long as short |
| Kraken Futures PF_OPUSD | +0.0165% | 1h | 0.1251 | −0.138% | $746K | $670K | 20x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1249 | −0.227% | $997K | $323K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0444% | 1h | 0.1252 | −0.032% | $696 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
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
Kraken Futures PF_OPUSD
BloFin OP-USDT
Reya OPRUSDPERP