Settings8H · net · $10k
LanguageThe language of the site
ThemeDark, or a soft blue-grey
FundingPeriod funding rates are shown in
UnitsPercent or basis points
CostsCount taker fees and slippage in Net
SizePosition per leg used for Net and slippage
ExchangesWhich exchanges to include everywhere
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Funding arb · Price arb / Crypto

OP

All OP markets →
Backtest 30d
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
InjectiveOP/USDC PERP
0.1100+0.0680pay 0.0085% / 1h26m 20s$13K$130K10xLong Injective
SHORT
TxFlowOP-USDC
0.1098+0.0100get 0.0013% / 1h26m 20s$22K$122K50xShort TxFlow5% off
Price gap−0.218%298s
Funding gap−0.0580% /8h

Both sides work against this direction now: funding costs $17 a day on $10k and the gap is 0.088% under its 7d average. Swap the legs.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding−$93−0.0580% /8h now · paid −0.925% over the last 7D
Price—spread −0.218%298s now · prices read too far apart to compare
Costs−$840.842% of $10k · taker + slippage, in and out
Result—+ Points / potential airdropTxFlow: points · farm boardneeds both prices read together

Price and funding

1h · history
ENTRY / EXIT · 7D
Entry now—
Entry average—
Best entry—
Exit now—
Exit average—
Best exit—
Exit free—
PRICE SPREAD · 7D
Now−0.218%
Average—
Range—
Wider than now—
FUNDING SPREAD · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

OP on 30 exchanges

lowest funding first

Before you open

3 ok · 3 to watch
  • Watch: Thin at this size31.0 / 13.6 bp
    At $10k entering Injective costs 31.0 bp, fee and slippage, 2.3× TxFlow’s.
  • Note: Margin at max leverage$1,000 + $200
    Injective 10x, TxFlow 50x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
  • OK: Same payment interval1h / 1h
    Both legs pay at the same time.
    Next 24h at the current rates, on $10k a leg: −$17.40Long Injective: 24 payments, −$20.40; short TxFlow: 24 payments, +$3.00.
  • Watch: Prices read 5 min apart−0.218% vs −0.129%
    Part of this gap may be the market moving.
  • Watch: Long leg is thinner$13K vs $22K OI
    Injective sets your exit cost. Check its book before closing.
  • OK: Points on a legTxFlow points
    Volume here counts toward the points program.
  • OK: No KYC on either legInjective No · TxFlow No
    Both exchanges let you trade without ID.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned−0.0441%/8h × 21 periods−$92.52
Price spreadprices read too far apart to compare—
Slippage, 4 orderslive order books−$75.18
Fee Injective bp × 2 orders−$0.02
Fee TxFlow bp × 2 orders−$9.00
Net · 7 days · $10k−$176.72
price spread not counted: prices read too far apart
Costs to cover0.842%Break-evennever at this rate
Slippage: Injective: live order book, 47 min ago; TxFlow: live order book, 46 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGInjective22.7031.0 bp−$31doesn’t fitdoesn’t fitdoesn’t fit
SELL · SHORTTxFlow9.0713.6 bp−$1418.2 bp−$182118.8 bp−$11.9Kdoesn’t fit

Closing costs about the same again.

Alert

OP news

posts that mention OP, from every exchangeSearch all news →
10-14 12:02PhemexOther$OP got the first move. Now comes the harder part. Is capital rotating back into L2s, or is this a sharp bounce from beaten-down levels? Price is the headline. Follow-through is the test. Which side are you watching?👇 @Phemex_official on X ↗