OP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1934%/8h= −211.8% APRnext payment −$2.42 per $10,000 · paid last 24h −0.196%

Price spread now: Injective against Kraken Futures−0.553%63s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−1.322%−$132 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 −$58 a day on $10k at the current rate, and Injective is 0.553% cheaper against Kraken Futures than usual: you would sell low and buy high (−$55 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.322% in total (about -68.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.42 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	0.1281	0.0225	pay 0.0028% / 1h	9m 38s	$801K	$745K	20x
Short	Injective OP/USDC PERP	0.1274	−0.1710	pay 0.0214% / 1h	9m 38s	$35K	$58K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 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 Kraken FuturesbpFee InjectivebpOrdersPrice spread, now −0.553%Rate

Funding earned: −$406.21
Price spread: −0.553% → 0.000%: −$55.32
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$471.54
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 9 min ago; Injective: 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, 9 min ago	8.20 bp	33.6 bp −$34	121.0 bp −$1,210	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.1710%	1h	0.1274	−0.553%	$35K	$58K	12x
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.129%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1280	−0.085%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1283	+0.135%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	−0.085%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.085%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0063%	8h	0.1279	−0.163%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1280	−0.102%	$233K	$53K	—	as long as short
Lighter OP	+0.0096%	1h	0.1283	+0.165%	$290K	$923K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1283	+0.134%	$4.2M	$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	0.1283	+0.130%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1282	+0.103%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1282	+0.095%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1283	+0.126%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1282	+0.071%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1282	+0.095%	$20.4M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1281	−0.007%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1283	+0.149%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1283	+0.149%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.139%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1281	−0.032%	$10K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.131%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1280	−0.085%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	−0.116%	$178	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1280	−0.124%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1282	+0.086%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	−0.176%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1280	−0.046%	$1.0M	$299K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0225%	1h	0.1281	long leg	$801K	$745K	20x
Reya OPRUSDPERP	+0.0437%	1h	0.1283	+0.145%	$713	—	20x	as long as short