Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.027%
Price spread now: Backpack against OKX+0.518%56s7-day average +0.028% · 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—prices read too far apart to compare
costs, in and out, $10k−$490.493% of the position
Funding, last 7 days+0.221%+$22 on $10k
+Price spread, last 4 days (all we have)−0.503%−$50 · spread now +0.518%, 7d avg +0.028%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.490% dearer against OKX than usual: you sell high and buy low, +$49 on $10k if it goes back to its 7-day average of +0.028%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | OKX OP-USDT-SWAP | 0.1254 | 0.0096 | pay 0.0096% / 8h | 2h 43m | $6.2M | $28.5M | 50x |
| Short | Backpack OP_USDC_PERP | 0.1260 | 0.0100 | get 0.0013% / 1h | 43m 14s | $106K | $213K | 10x |
OKX OP-USDT-SWAP
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against OKX. 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
- $0.77
- Price spread: +0.518% → +0.028%
- $49
- Slippage, 4 orders
- −$29.34
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $0.43
- Costs to cover
- 0.493%
- Break-even
- 3.1 days
Slippage from OKX: live order book, 5 min ago; Backpack: live order book, 5 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 OKX live order book, 5 min ago | 0.39 bp | 13.3 bp −$13 | 30.5 bp −$305 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 5 min ago | 2.75 bp | 12.5 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 | −0.1583% | 1h | 0.1252 | −0.144% | $34K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1258 | +0.309% | $13K | — | 100x | as long as short |
| Deribit OP_USDC-PERPETUAL | −0.0546% | 1h | 0.1256 | +0.175% | $40K | $139K | 25x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1260 | +0.509% | $39K | $532 | 10x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1258 | +0.314% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0026% | 8h | 0.1260 | +0.473% | $223K | $48K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0039% | 8h | 0.1255 | +0.096% | $59K | $107K | 10x | as long as short |
| Kraken Futures PF_OPUSD | +0.0074% | 1h | 0.1259 | +0.381% | $764K | $590K | 20x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1255 | +0.120% | $283K | $980K | 15x | as long as short |
| OKX OP-USDT-SWAPlong | +0.0096% | 8h | 0.1254 | long leg | $6.2M | $28.5M | 50x |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Deribit OP_USDC-PERPETUAL
dYdX OP-USD
gTrade (Gains Network) OP/USD
Variational Omni OP
Orderly PERP_OP_USDC
Kraken Futures PF_OPUSD
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1260 | +0.494% | $3.7M | $2.7M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1257 | +0.237% | $210K | $216K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1255 | +0.080% | $20.3M | $62.9M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1253 | −0.088% | $18.6M | $25.4M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1258 | +0.351% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1258 | +0.375% | $21.4M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1259 | +0.415% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1257 | +0.255% | $5.8M | $6.6M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1257 | +0.255% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1260 | +0.518% | $106K | $213K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1271 | +1.341% | $385K | $769K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1255 | +0.103% | $310K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1258 | +0.335% | $43K | $705K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1256 | +0.167% | $202 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1256 | +0.199% | $171K | $234K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1255 | +0.124% | $101K | $505K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1255 | +0.136% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0160% | 1h | 0.1257 | +0.255% | $25K | $57K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1257 | +0.239% | $1.0M | $277K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0442% | 1h | 0.1259 | +0.395% | $700 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDC
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP