OP

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h +0.029%

Price spread now: Backpack against gTrade (Gains Network)−0.118%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 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 0.118% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.118% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.1 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	gTrade (Gains Network) OP/USD	0.1247	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	58m 35s	—	—	150x
Short	Backpack OP_USDC_PERP	0.1246	0.0100	get 0.0013% / 1h	58m 35s	$127K	$196K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BackpackbpOrdersPrice spread, now −0.118%Rate

Funding earned: $20.06
Price spread: −0.118% → 0.000%: −$11.79
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$11.73
Costs to cover: 0.200%
Break-even: 11.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Backpack: live order book, 29 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Backpack live order book, 29 min ago	1.60 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): 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	−0.1658%	1h	0.1242	−0.415%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1247	−0.044%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1245	−0.174%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1246	−0.070%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1247	−0.014%	$43K	$194K	25x	as long as short
Variational Omni OP	+0.0001%	8h	0.1249	+0.152%	$227K	$44K	—	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1247	long leg	—	—	150x
Orderly PERP_OP_USDC	+0.0026%	8h	0.1247	−0.014%	$6K	$51K	10x	as long as short
OKX OP-USDT-SWAP	+0.0093%	8h	0.1245	−0.174%	$5.8M	$29.7M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1246	−0.070%	$266K	$899K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate OP_USDT	+0.0097%	8h	0.1245	−0.182%	$1.8M	$1.4M	50x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1247	−0.030%	$3.9M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1246	−0.077%	$210K	$242K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1245	−0.142%	$20.1M	$63.3M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1244	−0.222%	$18.4M	$25.7M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1245	−0.134%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1245	−0.174%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1246	−0.094%	$5.9M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1245	−0.174%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1246	−0.118%	$127K	$196K	10x
edgeX OPUSDC	+0.0100%	4h	0.1250	+0.262%	$9K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1249	+0.160%	$304K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	+0.307%	$45K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1246	−0.078%	$148	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1249	+0.107%	$178K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1245	−0.181%	$100K	$196K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1245	−0.145%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0138%	1h	0.1248	+0.041%	$771K	$752K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1246	−0.078%	$993K	$296K	75x	as long as short
Reya OPRUSDPERP	+0.0435%	1h	0.1246	−0.082%	$693	—	20x	as long as short