Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Backpack against HTX−0.141%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now −0.141%, 7d avg −0.023%

Together, before fees+0.119%+$12 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 0.117% cheaper against HTX than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX OP-USDT	0.1280	0.0100	pay 0.0100% / 8h	36m 42s	$177K	$236K	50x
Short	Backpack OP_USDC_PERP	0.1278	0.0100	get 0.0013% / 1h	36m 42s	$124K	$188K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.141%Rate

Funding earned: $0
Price spread: −0.141% → −0.023%: −$11.74
Slippage, 4 orders: −$34.32
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$68.06
Costs to cover: 0.563%
Break-even: never at this rate

Slippage from HTX: live order book, 40 min ago; Backpack: live order book, 41 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 HTX live order book, 40 min ago	5.85 bp	15.2 bp −$15	2650.7 bp −$26.5K	doesn't fit	doesn't fit
Sell Backpack live order book, 41 min ago	0.39 bp	11.8 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	−0.1633%	1h	0.1273	−0.508%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.038%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0532%	1h	0.1278	−0.117%	$42K	$171K	25x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1276	−0.274%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1278	−0.134%	$39K	$519	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1279	−0.002%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1278	−0.117%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1280	+0.058%	$234K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1278	−0.102%	$290K	$922K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1279	−0.070%	$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	0.1278	−0.102%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1277	−0.195%	$20.7M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1277	−0.227%	$18.5M	$25.8M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1277	−0.195%	$6.1M	$30.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1277	−0.164%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1277	−0.211%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1278	−0.117%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1278	−0.117%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1277	−0.195%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1278	−0.141%	$124K	$188K	10x
edgeX OPUSDC	+0.0100%	4h	0.1280	+0.010%	$9K	$383K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1282	+0.204%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	+0.039%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1278	−0.141%	$198	$6K	5x	as long as short
HTX OP-USDTlong	+0.0100%	8h	0.1280	long leg	$177K	$236K	50x
Extended OP-USD	+0.0104%	1h	0.1276	−0.240%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1278	−0.098%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1278	−0.094%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0357%	1h	0.1280	+0.027%	$800K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1279	−0.058%	$711	—	20x	as long as short