Funding you earn now, next payment 22:00 UTC−0.0584%/8h= −64.0% APRnext payment −$0.73 per $10,000 · paid last 24h −0.204%
Price spread now: Coinbase International against Kraken Futures−0.314%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.321%−$32 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Coinbase International is 0.314% cheaper against Kraken Futures than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.321% in total (about -16.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.73 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_OPUSD | 0.1284 | 0.0224 | pay 0.0028% / 1h | 8m 40s | $803K | $745K | 20x |
| Short | Coinbase International OP-PERP-INTX | 0.1280 | −0.0360 | pay 0.0045% / 1h | 8m 40s | $21K | $65K | 50x |
Kraken Futures PF_OPUSD
Coinbase International OP-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$122.68
- Price spread: −0.314% → 0.000%
- −$31.41
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$174.08
- Costs to cover
- 0.200%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: live order book, 10 min ago; Coinbase International: no order-book sample. 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 Kraken Futures live order book, 10 min ago | 8.20 bp | 33.6 bp −$34 | 121.0 bp −$1,210 | doesn't fit | doesn't fit |
| Sell Coinbase International no order-book sample | — | — | — | — | — |
Coinbase International: 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 | −0.1710% | 1h | 0.1274 | −0.781% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1283 | −0.055% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTXshort | −0.0360% | 1h | 0.1280 | −0.314% | $21K | $65K | 50x | |
| dYdX OP-USD | 0.0000% | 1h | 0.1284 | −0.017% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1283 | −0.080% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1283 | −0.080% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0062% | 8h | 0.1282 | −0.158% | $6K | $49K | 10x | as long as short |
| Variational Omni OP | +0.0063% | 8h | 0.1280 | −0.331% | $233K | $53K | — | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1284 | +0.021% | $291K | $923K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1284 | +0.029% | $4.2M | $2.9M | 5x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
Lighter OP
Hyperliquid OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1283 | −0.049% | $214K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1283 | −0.073% | $20.9M | $61.8M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1283 | −0.112% | $18.8M | $25.4M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1284 | −0.026% | $6.1M | $30.3M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1284 | −0.003% | $2.0M | $1.6M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1283 | −0.073% | $20.4M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1283 | −0.080% | $2.9M | $7.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1284 | −0.003% | $6.1M | $6.3M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1283 | −0.057% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1283 | −0.065% | $125K | $191K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1281 | −0.262% | $10K | $382K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1279 | −0.360% | $320K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1280 | −0.314% | $46K | $722K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1283 | −0.088% | $178 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1282 | −0.135% | $177K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1283 | −0.081% | $103K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1283 | −0.094% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1282 | −0.151% | $1.0M | $289K | 75x | as long as short |
| Kraken Futures PF_OPUSDlong | +0.0224% | 1h | 0.1284 | long leg | $803K | $745K | 20x | |
| Reya OPRUSDPERP | +0.0437% | 1h | 0.1283 | −0.085% | $713 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Reya OPRUSDPERP