OP

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.07 per $10,000 · paid last 24h +0.133%

Price spread now: Backpack against Coinbase International+0.941%52s7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.474%+$47 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.941% dearer against Coinbase International than usual: you sell high and buy low (spread +0.941% now, against zero (this spread has no 7-day history yet)): +$94 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2 months. Mind the row above: over the last 7 days funding on this pair paid +0.474%, so the current rate has only just turned against you. The two prices were read 52 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	Coinbase International OP-PERP-INTX	0.1265	0.0152	pay 0.0019% / 1h	22m 19s	$24K	$70K	50x
Short	Backpack OP_USDC_PERP	0.1277	0.0100	get 0.0013% / 1h	22m 19s	$122K	$194K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.941%Rate

Funding earned: −$10.92
Price spread: +0.941% → 0.000%: $94.07
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $63.15
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Backpack: live order book, 41 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Backpack live order book, 41 min ago	1.58 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit

Coinbase International: 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	−0.1488%	1h	0.1260	−0.395%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1280	+1.191%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1280	+1.181%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	+1.186%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	+1.186%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0031%	8h	0.1279	+1.099%	$6.2M	$29.3M	50x	as long as short
Variational Omni OP	+0.0043%	8h	0.1267	+0.149%	$224K	$50K	—	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1279	+1.107%	$6K	$45K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1281	+1.257%	$283K	$936K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1281	+1.265%	$3.7M	$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	0.1281	+1.260%	$214K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1280	+1.166%	$20.7M	$60.4M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	+1.083%	$18.7M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	+1.209%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	+1.170%	$21.0M	$7.0M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1280	+1.186%	$2.9M	$6.7M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	+1.186%	$6.0M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1280	+1.162%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1277	+0.941%	$122K	$194K	10x
edgeX OPUSDC	+0.0100%	4h	0.1271	+0.444%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1267	+0.158%	$312K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1273	+0.632%	$44K	$706K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	+1.178%	$183	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	+1.217%	$177K	$216K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	+1.121%	$107K	$394K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1280	+1.160%	$4K	$1K	3x	as long as short
Coinbase International OP-PERP-INTXlong	+0.0152%	1h	0.1265	long leg	$24K	$70K	50x
BloFin OP-USDT	+0.0220%	8h	0.1277	+0.933%	$1.0M	$274K	75x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1279	+1.140%	$711	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0484%	1h	0.1282	+1.309%	$809K	$576K	20x	as long as short