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 +0.020%

Price spread now: Backpack against GRVT−0.696%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$660.658% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now −0.696%, 7d avg +0.002%

Together, before fees+0.321%+ Points / potential airdropGRVT: Active · farm board+$32 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 0.698% cheaper against GRVT than usual: you would sell low and buy high, −$70 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT OP_USDT_Perp	0.1265	0.0100	pay 0.0100% / 8h	6h 56m	$313K	$5.1M	10x
Short	Backpack OP_USDC_PERP	0.1257	0.0100	get 0.0013% / 1h	56m 42s	$121K	$194K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.696%Rate

Funding earned: $0
Price spread: −0.696% → +0.002%: −$69.78
Slippage, 4 orders: −$46.85
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$135.62
Costs to cover: 0.658%
Break-even: never at this rate

Slippage from GRVT: live order book, 2 min ago; Backpack: live order book, 11 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 GRVT live order book, 2 min ago	3.96 bp	17.6 bp −$18	133.9 bp −$1,339	7359.4 bp −$735.9K	doesn't fit
Sell Backpack live order book, 11 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	0.1259	−0.506%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1260	−0.405%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.074%	$25K	$77K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1253	−0.997%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1260	−0.427%	$42K	$163K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.370%	—	—	150x	as long as short
Variational Omni OP	+0.0054%	8h	0.1265	−0.061%	$231K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1260	−0.427%	$6K	$47K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1255	−0.798%	$280K	$946K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1256	−0.751%	$3.9M	$3.0M	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	0.1258	−0.579%	$210K	$231K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1253	−0.991%	$20.2M	$62.2M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1251	−1.154%	$18.1M	$26.2M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1249	−1.288%	$6.1M	$29.7M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1251	−1.154%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1250	−1.201%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1252	−1.059%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1249	−1.296%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1250	−1.217%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1257	−0.696%	$121K	$194K	10x
edgeX OPUSDC	+0.0100%	4h	0.1264	−0.098%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perplong	+0.0100%	8h	0.1265	long leg	$313K	$5.1M	10x
ApeX Omni OPUSDT	+0.0100%	1h	0.1265	−0.032%	$43K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1258	−0.546%	$169	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.411%	$174K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1250	−1.254%	$100K	$395K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1260	−0.467%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.522%	$1.0M	$273K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1261	−0.378%	$701	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0463%	1h	0.1260	−0.390%	$795K	$746K	20x	as long as short