Funding you earn now, next payment 01:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.003%
Price spread now: Backpack against BloFin−0.008%54s7-day average −0.013% · you buy dearer than you sell
Net, funding: paid 7d − costs−$44as 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−$440.438% of the position
Funding, last 7 days−0.001%$0 on $10k
+Price spread, last 3 days (all we have)−0.125%−$12 · spread now −0.008%, 7d avg −0.013%
=The price spread sits at its 7-day average of −0.013%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 54 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 | BloFin OP-USDT | 0.1266 | 0.0220 | pay 0.0220% / 8h | 7h 43m | $1.0M | $281K | 75x |
| Short | Backpack OP_USDC_PERP | 0.1266 | 0.0100 | get 0.0013% / 1h | 43m 13s | $121K | $189K | 10x |
BloFin OP-USDT
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against BloFin. 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
- −$25.2
- Price spread: −0.008% → −0.013%
- $0.52
- Slippage, 4 orders
- −$21.81
- Fee BloFin: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$68.49
- Costs to cover
- 0.438%
- Break-even
- never at this rate
Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 30 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 BloFin live order book, 4 min ago | 1.18 bp | 13.5 bp −$13 | 21.3 bp −$213 | 49.9 bp −$4,994 | doesn't fit |
| Sell Backpack live order book, 30 min ago | 0.39 bp | 9.9 bp −$10 | 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 | −0.1656% | 1h | 0.1261 | −0.379% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1267 | +0.095% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0352% | 1h | 0.1262 | −0.300% | $21K | $64K | 50x | as long as short |
| Bybit OPUSDT | −0.0102% | 8h | 0.1265 | −0.063% | $18.4M | $26.0M | 75x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1266 | +0.032% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1267 | +0.095% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1267 | +0.067% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0052% | 8h | 0.1266 | +0.020% | $231K | $47K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0057% | 8h | 0.1267 | +0.095% | $6K | $49K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1267 | +0.087% | $284K | $946K | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
Bybit OPUSDT
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
Orderly PERP_OP_USDC
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1267 | +0.111% | $4.1M | $2.9M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1268 | +0.160% | $212K | $236K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1267 | +0.065% | $20.5M | $62.0M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1265 | −0.079% | $6.1M | $29.9M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1267 | +0.103% | $1.9M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1266 | +0.032% | $20.2M | $7.3M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1266 | +0.016% | $2.9M | $7.2M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1266 | +0.016% | $6.0M | $6.4M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1265 | −0.071% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1266 | −0.008% | $121K | $189K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1267 | +0.110% | $4K | $392K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1268 | +0.166% | $308K | $4.9M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1267 | +0.095% | $43K | $723K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1266 | +0.040% | $186 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1267 | +0.126% | $175K | $235K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1266 | −0.001% | $102K | $292K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1267 | +0.081% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDTlong | +0.0220% | 8h | 0.1266 | long leg | $1.0M | $281K | 75x | |
| Kraken Futures PF_OPUSD | +0.0383% | 1h | 0.1267 | +0.101% | $799K | $754K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0438% | 1h | 0.1266 | +0.022% | $704 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
OKX OP-USDT-SWAP
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
Kraken Futures PF_OPUSD
Reya OPRUSDPERP