Funding you earn now, next payment 00:00 UTC−0.0338%/8h= −37.0% APRnext payment −$0.42 per $10,000 · paid last 24h −0.098%
Price spread now: Backpack against Reya+0.007%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$10 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Reya OPRUSDPERP | 0.1279 | 0.0438 | pay 0.0055% / 1h | 31m 48s | $711 | — | 20x |
| Short | Backpack OP_USDC_PERP | 0.1279 | 0.0100 | get 0.0013% / 1h | 31m 48s | $124K | $189K | 10x |
Reya OPRUSDPERP
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Reya. 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
- −$70.88
- Price spread: +0.007% → 0.000%
- $0.68
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$86.2
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Reya: no order-book sample; Backpack: live order book, 46 min ago. 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 Reya no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 46 min ago | 0.39 bp | 11.8 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
Reya: 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 | −0.1633% | 1h | 0.1274 | −0.392% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1279 | +0.022% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0344% | 1h | 0.1276 | −0.236% | $21K | $65K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1279 | +0.010% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1279 | −0.001% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1279 | +0.024% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0064% | 8h | 0.1278 | −0.079% | $6K | $50K | 10x | as long as short |
| Variational Omni OP | +0.0072% | 8h | 0.1276 | −0.212% | $234K | $54K | — | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1280 | +0.085% | $285K | $928K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1280 | +0.101% | $4.1M | $2.9M | 5x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
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 | 0.1280 | +0.058% | $214K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1279 | +0.004% | $20.7M | $61.8M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1278 | −0.064% | $18.5M | $25.8M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1278 | −0.048% | $6.1M | $30.5M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1280 | +0.046% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1280 | +0.062% | $20.2M | $7.3M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1279 | −0.001% | $2.9M | $7.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1280 | +0.077% | $6.1M | $6.3M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1280 | +0.077% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1279 | +0.007% | $124K | $189K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1279 | −0.033% | $9K | $383K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1278 | −0.079% | $319K | $5.0M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1277 | −0.157% | $46K | $721K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1279 | −0.032% | $196 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1280 | +0.046% | $177K | $235K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1279 | −0.029% | $102K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1279 | −0.002% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1278 | −0.048% | $1.0M | $291K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0357% | 1h | 0.1280 | +0.084% | $801K | $746K | 20x | as long as short |
| Reya OPRUSDPERPlong | +0.0438% | 1h | 0.1279 | long leg | $711 | — | 20x |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
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
BloFin OP-USDT
Kraken Futures PF_OPUSD