Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.001%
Price spread now: Backpack against Lighter+0.040%7-day average −0.041% · you sell dearer than you buy
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs−$35as in the Price arb table
costs, in and out, $10k−$430.427% of the position
Funding, last 7 days+0.159%+$16 on $10k
+Price spread, last 4 days (all we have)−0.043%−$4 · spread now +0.040%, 7d avg −0.041%
=Together, before fees+0.116%+ Points / potential airdropLighter: Season 3 · farm board+$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 0.080% dearer against Lighter than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.041%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter OP | 0.1253 | 0.0096 | pay 0.0012% / 1h | 7m 50s | $275K | $1.1M | 15x |
| Short | Backpack OP_USDC_PERP | 0.1254 | 0.0100 | get 0.0013% / 1h | 7m 50s | $115K | $220K | 10x |
Lighter OP
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. 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
- $0.84
- Price spread: +0.040% → −0.041%
- $8.04
- Slippage, 4 orders
- −$32.67
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$33.78
- Costs to cover
- 0.427%
- Break-even
- 288.5 days
Slippage from Lighter: live order book, 3 min ago; Backpack: live order book, 35 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 Lighter live order book, 3 min ago | 4.38 bp | 14.7 bp −$15 | 48.1 bp −$481 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 35 min ago | 1.19 bp | 8.7 bp −$9 | 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 | −0.1760% | 1h | 0.1248 | −0.415% | $34K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.0898% / S +0.0202% | 1h | 0.1254 | +0.090% | $13K | — | 100x | as long as short |
| Orderly PERP_OP_USDC | −0.0055% | 8h | 0.1254 | +0.064% | $12K | $236K | 10x | as long as short |
| Kraken Futures PF_OPUSD | −0.0034% | 1h | 0.1255 | +0.106% | $754K | $665K | 20x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1254 | +0.056% | $39K | $522 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1254 | +0.064% | $32K | $154K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1254 | +0.085% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0011% | 8h | 0.1253 | +0.021% | $221K | $46K | — | as long as short |
| Coinbase International OP-PERP-INTX | +0.0032% | 1h | 0.1253 | −0.016% | $24K | $65K | 50x | as long as short |
| KuCoin OPUSDTM | +0.0077% | 8h | 0.1253 | −0.016% | $2.8M | $6.2M | 75x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Orderly PERP_OP_USDC
Kraken Futures PF_OPUSD
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
Coinbase International OP-PERP-INTX
KuCoin OPUSDTMShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter OPlong | +0.0096% | 1h | 0.1253 | long leg | $275K | $1.1M | 15x | |
| Hyperliquid OP | +0.0100% | 1h | 0.1253 | +0.024% | $3.5M | $3.7M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1254 | +0.052% | $206K | $210K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1252 | −0.058% | $19.8M | $67.0M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1252 | −0.064% | $18.4M | $26.1M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1253 | −0.040% | $6.1M | $29.5M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1254 | +0.048% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1253 | −0.040% | $22.4M | $8.0M | 300x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1253 | −0.016% | $5.7M | $6.9M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1253 | 0.000% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1254 | +0.040% | $115K | $220K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1254 | +0.089% | $4K | $1.1M | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1254 | +0.065% | $310K | $5.2M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1255 | +0.144% | $43K | $698K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1254 | +0.048% | $201 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1254 | +0.080% | $168K | $255K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1252 | −0.066% | $102K | $505K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1254 | +0.053% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1255 | +0.120% | $992K | $324K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0444% | 1h | 0.1253 | +0.022% | $697 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
Bitget OPUSDT
BingX OP-USDT
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