Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%
Price spread now: Backpack against Bybit+0.055%7-day average +0.052% · you sell dearer than you buy
Net, funding: paid 7d − costs−$28as in the Funding arb table
Net, price: spread back to 7d avg − costs−$47as in the Price arb table
costs, in and out, $10k−$470.468% of the position
Funding, last 7 days+0.189%+$19 on $10k
+Price spread, last 4 days (all we have)−0.334%−$33 · spread now +0.055%, 7d avg +0.052%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit OPUSDT | 0.1278 | 0.0100 | pay 0.0100% / 8h | 5h 20m | $18.7M | $25.3M | 75x |
| Short | Backpack OP_USDC_PERP | 0.1278 | 0.0100 | get 0.0013% / 1h | 20m 45s | $122K | $194K | 10x |
Bybit OPUSDT
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Bybit. 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: +0.055% → +0.052%
- $0.27
- Slippage, 4 orders
- −$25.77
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$46.5
- Costs to cover
- 0.468%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 42 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 Bybit live order book, 3 min ago | 1.17 bp | 14.1 bp −$14 | 29.2 bp −$292 | 93.1 bp −$9,313 | doesn't fit |
| Sell Backpack live order book, 42 min ago | 1.58 bp | 10.8 bp −$11 | 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 | −0.1488% | 1h | 0.1260 | −1.393% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1279 | +0.115% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1280 | +0.152% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1279 | +0.094% | $42K | $151K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1280 | +0.155% | — | — | 150x | as long as short |
| OKX OP-USDT-SWAP | +0.0032% | 8h | 0.1278 | −0.016% | $6.2M | $29.2M | 50x | as long as short |
| Variational Omni OP | +0.0049% | 8h | 0.1278 | +0.048% | $226K | $50K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0053% | 8h | 0.1280 | +0.172% | $6K | $45K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1280 | +0.196% | $283K | $936K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1279 | +0.078% | $3.7M | $2.9M | 5x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
OKX OP-USDT-SWAP
Variational Omni OP
Orderly PERP_OP_USDC
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 | +0.194% | $214K | $229K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1278 | +0.034% | $20.7M | $60.5M | 75x | as long as short |
| Bybit OPUSDTlong | +0.0100% | 8h | 0.1278 | long leg | $18.7M | $25.3M | 75x | |
| Gate OP_USDT | +0.0100% | 8h | 0.1279 | +0.094% | $2.0M | $1.6M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1279 | +0.094% | $21.1M | $7.0M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1279 | +0.094% | $2.9M | $6.7M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1278 | +0.016% | $6.0M | $6.5M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1279 | +0.094% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1278 | +0.055% | $122K | $194K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1271 | −0.562% | $4K | $387K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1277 | −0.074% | $314K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1277 | −0.063% | $44K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1279 | +0.070% | $185 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1281 | +0.235% | $177K | $216K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1278 | +0.018% | $107K | $394K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1279 | +0.129% | $4K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0152% | 1h | 0.1265 | −1.002% | $24K | $70K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1279 | +0.063% | $1.0M | $273K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0440% | 1h | 0.1280 | +0.198% | $712 | — | 20x | as long as short |
| Kraken Futures PF_OPUSD | +0.0485% | 1h | 0.1280 | +0.167% | $808K | $576K | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
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
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP
Kraken Futures PF_OPUSD