Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.067%
Price spread now: Backpack against Deribit+0.183%50s7-day average −0.007% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as 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−$610.610% of the position
Funding, last 7 days+0.423%+$42 on $10k
+Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.183%, 7d avg −0.007%
=Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.189% dearer against Deribit than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.007%. The two prices were read 50 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 | Deribit OP_USDC-PERPETUAL | 0.1260 | 0 | get 0.0000% / 1h | 10m 22s | $42K | $151K | 25x |
| Short | Backpack OP_USDC_PERP | 0.1262 | 0.0100 | get 0.0013% / 1h | 10m 22s | $124K | $202K | 10x |
Deribit OP_USDC-PERPETUAL
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. 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
- $21
- Price spread: +0.183% → −0.007%
- $18.91
- Slippage, 4 orders
- −$44.03
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$21.12
- Costs to cover
- 0.610%
- Break-even
- 14.0 days
Slippage from Deribit: live order book, 58 min ago; Backpack: live order book, 58 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 Deribit live order book, 58 min ago | 7.84 bp | 11.3 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Backpack live order book, 58 min ago | 1.18 bp | 12.0 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
OP on 29 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 | −0.1535% | 1h | 0.1255 | −0.397% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1260 | −0.001% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0184% | 1h | 0.1279 | +1.508% | $25K | $75K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1261 | +0.079% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUALlong | 0.0000% | 1h | 0.1260 | long leg | $42K | $151K | 25x | |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1260 | −0.025% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1259 | −0.079% | $6K | $47K | 10x | as long as short |
| Variational Omni OP | +0.0056% | 8h | 0.1261 | +0.082% | $224K | $49K | — | as long as short |
| OKX OP-USDT-SWAP | +0.0067% | 8h | 0.1259 | −0.087% | $6.1M | $29.6M | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1261 | +0.103% | $280K | $949K | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
dYdX OP-USD
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
OKX OP-USDT-SWAP
Lighter OPShow all 29 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1261 | +0.056% | $3.7M | $3.0M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1261 | +0.070% | $211K | $229K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1260 | −0.019% | $20.2M | $61.9M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1259 | −0.103% | $18.3M | $25.9M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1262 | +0.127% | $1.9M | $1.6M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1260 | 0.000% | $20.6M | $7.5M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1259 | −0.079% | $2.9M | $6.9M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1260 | 0.000% | $5.9M | $6.6M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1260 | −0.040% | — | $6.9M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1262 | +0.183% | $124K | $202K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1260 | +0.025% | $4K | $390K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1260 | −0.001% | $310K | $5.2M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1260 | 0.000% | $43K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1259 | −0.071% | $177 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1264 | +0.349% | $174K | $223K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1259 | −0.104% | $104K | $389K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1259 | −0.078% | $3K | $1K | 3x | as long as short |
| Reya OPRUSDPERP | +0.0439% | 1h | 0.1259 | −0.054% | $700 | — | 20x | as long as short |
| Kraken Futures PF_OPUSD | +0.0463% | 1h | 0.1261 | +0.091% | $796K | $588K | 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
Reya OPRUSDPERP
Kraken Futures PF_OPUSD