Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Gate−0.048%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$760.764% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.287%+$29 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.048%, 7d avg +0.011%

Together, before fees+0.432%+$43 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 0.059% cheaper against Gate than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate OP_USDT	0.1263	0.0100	pay 0.0100% / 8h	6h 51m	$1.9M	$1.5M	50x
Short	Backpack OP_USDC_PERP	0.1262	0.0100	get 0.0013% / 1h	51m 48s	$122K	$197K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.048%Rate

Funding earned: $0
Price spread: −0.048% → +0.011%: −$5.89
Slippage, 4 orders: −$51.41
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$82.3
Costs to cover: 0.764%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Backpack: live order book, 16 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 Gate live order book, 1 min ago	5.15 bp	30.3 bp −$30	67.7 bp −$677	doesn't fit	doesn't fit
Sell Backpack live order book, 16 min ago	1.18 bp	12.0 bp −$12	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	−0.1535%	1h	0.1253	−0.776%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1262	−0.033%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.283%	$25K	$77K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	−0.095%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1263	+0.016%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1263	−0.009%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1262	−0.063%	$6K	$47K	10x	as long as short
Variational Omni OP	+0.0058%	8h	0.1251	−0.962%	$222K	$52K	—	as long as short
Lighter OP	+0.0096%	1h	0.1261	−0.119%	$281K	$946K	15x	as long as short
OKX OP-USDT-SWAP	+0.0099%	8h	0.1260	−0.238%	$6.1M	$30.0M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	−0.103%	$3.9M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1263	+0.021%	$211K	$231K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	−0.049%	$20.3M	$62.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1260	−0.206%	$18.3M	$26.2M	75x	as long as short
Gate OP_USDTlong	+0.0100%	8h	0.1263	long leg	$1.9M	$1.5M	50x
MEXC OP_USDT	+0.0100%	8h	0.1262	−0.040%	$20.5M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1262	−0.063%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	−0.063%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	−0.063%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1262	−0.048%	$122K	$197K	10x
edgeX OPUSDC	+0.0100%	4h	0.1262	−0.062%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1250	−0.983%	$310K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	−0.063%	$43K	$726K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1263	−0.016%	$162	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1263	+0.016%	$174K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.122%	$101K	$395K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	+0.002%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	−0.127%	$1.0M	$275K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1262	−0.032%	$702	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0461%	1h	0.1264	+0.096%	$798K	$618K	20x	as long as short