OP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.030%

Price spread now: Backpack against dYdX−0.086%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Backpack is 0.086% cheaper against dYdX than usual: you would sell low and buy high (spread −0.086% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.9 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX OP-USD	0.1281	0	get 0.0000% / 1h	34m 19s	$40K	$519	10x
Short	Backpack OP_USDC_PERP	0.1280	0.0100	get 0.0013% / 1h	34m 19s	$125K	$189K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against dYdX. 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 dYdXbpFee BackpackbpOrdersPrice spread, now −0.086%Rate

Funding earned: $21
Price spread: −0.086% → 0.000%: −$8.59
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$7.59
Costs to cover: 0.200%
Break-even: 9.5 days

Slippage unknown: dYdX: no order-book sample; Backpack: live order book, 44 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 dYdX no order-book sample	—	—	—	—	—
Sell Backpack live order book, 44 min ago	0.39 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit

dYdX: 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	−0.1633%	1h	0.1273	−0.609%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.137%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0532%	1h	0.1278	−0.219%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.375%	$21K	$65K	50x	as long as short
dYdX OP-USDlong	0.0000%	1h	0.1281	long leg	$40K	$519	10x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1279	−0.123%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1279	−0.141%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1276	−0.351%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1281	+0.039%	$291K	$922K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1280	−0.086%	$4.1M	$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	0.1280	−0.051%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1278	−0.187%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1278	−0.242%	$18.5M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1278	−0.180%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	−0.101%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1279	−0.172%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	−0.141%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1279	−0.141%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1279	−0.141%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1280	−0.086%	$125K	$189K	10x
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.172%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	−0.219%	$319K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	−0.062%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	−0.094%	$198	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	−0.039%	$177K	$236K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1280	−0.099%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.152%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1280	−0.047%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1281	+0.038%	$802K	$746K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1278	−0.212%	$711	—	20x	as long as short