Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h +0.019%
Price spread now: Backpack against Extended−0.010%7-day average +0.063% · 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−$71as in the Price arb table
costs, in and out, $10k−$640.642% of the position
Funding, last 7 days+0.200%+$20 on $10k
+Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.010%, 7d avg +0.063%
=Together, before fees+0.334%+ Points / potential airdropExtended: Active · farm board+$33 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.073% cheaper against Extended than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.063%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Extended OP-USD | 0.1240 | 0.0104 | pay 0.0013% / 1h | 24m 26s | $99K | $600K | 25x |
| Short | Backpack OP_USDC_PERP | 0.1240 | 0.0100 | get 0.0013% / 1h | 24m 26s | $114K | $221K | 10x |
Extended OP-USD
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Extended. 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
- −$0.84
- Price spread: −0.010% → +0.063%
- −$7.28
- Slippage, 4 orders
- −$49.22
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$72.33
- Costs to cover
- 0.642%
- Break-even
- never at this rate
Slippage from Extended: live order book, 13 min ago; Backpack: live order book, 14 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 Extended live order book, 13 min ago | 12.04 bp | 21.5 bp −$22 | 146.6 bp −$1,466 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 14 min ago | 2.01 bp | 9.7 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 | −0.1660% | 1h | 0.1235 | −0.413% | $34K | $63K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1164% / S +0.0246% | 1h | 0.1241 | +0.107% | $13K | — | 100x | as long as short |
| Orderly PERP_OP_USDC | −0.0054% | 8h | 0.1240 | −0.010% | $12K | $236K | 10x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1241 | +0.051% | $38K | $522 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1241 | +0.071% | $32K | $164K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1241 | +0.108% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0048% | 8h | 0.1240 | +0.008% | $220K | $47K | — | as long as short |
| KuCoin OPUSDTM | +0.0068% | 8h | 0.1239 | −0.090% | $2.8M | $6.1M | 75x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0080% | 1h | 0.1241 | +0.071% | $24K | $65K | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1241 | +0.079% | $287K | $1.1M | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Orderly PERP_OP_USDC
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
KuCoin OPUSDTM
Coinbase International OP-PERP-INTX
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1242 | +0.151% | $3.5M | $3.6M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1242 | +0.116% | $204K | $210K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1241 | +0.079% | $19.6M | $67.5M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1240 | −0.010% | $18.1M | $26.3M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1241 | +0.079% | $5.9M | $29.4M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1241 | +0.039% | $1.9M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1240 | +0.022% | $22.0M | $7.8M | 300x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1240 | −0.010% | $5.6M | $6.8M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1240 | +0.014% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1240 | −0.010% | $114K | $221K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1245 | +0.406% | $4K | $1.1M | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1244 | +0.342% | $313K | $5.4M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1243 | +0.232% | $43K | $698K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1240 | −0.002% | $210 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1244 | +0.281% | $165K | $259K | 50x | as long as short |
| Extended OP-USDlong | +0.0104% | 1h | 0.1240 | long leg | $99K | $600K | 25x | |
| Aevo OP-PERP | +0.0104% | 1h | 0.1240 | +0.014% | $3K | $1K | 3x | as long as short |
| Kraken Futures PF_OPUSD | +0.0166% | 1h | 0.1241 | +0.100% | $736K | $677K | 20x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1240 | −0.010% | $999K | $320K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0444% | 1h | 0.1241 | +0.043% | $690 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
Bitget OPUSDT
BingX OP-USDT
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Aevo OP-PERP
Kraken Futures PF_OPUSD
BloFin OP-USDT
Reya OPRUSDPERP