Funding you earn now, next payment 04:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.033%
Price spread now: Backpack against Variational Omni+0.021%7-day average +0.042% · 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)+0.231%+$23 on $10k
+Price spread, last 4 days (all we have)−0.219%−$22 · spread now +0.021%, 7d avg +0.042%
=Together, before fees+0.012%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour
Funding pays, the price is against you. Backpack is 0.021% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.021% now, against its 7-day average of +0.042%). If the spread goes back, that is −$2 on $10k: about 37 hours of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.231% in total) that is about 7 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Variational Omni OP | 0.1263 | 0.0056 | pay 0.0056% / 8h | 4h 05m | $223K | $48K | — |
| Short | Backpack OP_USDC_PERP | 0.1263 | 0.0100 | get 0.0013% / 1h | 5m 18s | $120K | $200K | 10x |
Variational Omni OP
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Variational Omni. 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
- $9.25
- Price spread: +0.021% → +0.042%
- −$2.05
- Slippage, 4 orders
- no order book: not counted
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$2.8
- Costs to cover
- 0.100%
- Break-even
- 9.1 days
Slippage unknown: Variational Omni: RFQ quote, 54 min ago; Backpack: live order book, 53 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 Variational Omni RFQ quote, 54 min ago | 7.92 bp | doesn't fit | 23.8 bp −$238 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 53 min ago | 1.99 bp | 13.7 bp −$14 | 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 | −0.1607% | 1h | 0.1262 | −0.081% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1264 | +0.101% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1265 | +0.138% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1264 | +0.077% | $42K | $139K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1265 | +0.128% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1264 | +0.077% | $6K | $45K | 10x | as long as short |
| Variational Omni OPlong | +0.0056% | 8h | 0.1263 | long leg | $223K | $48K | — | |
| OKX OP-USDT-SWAP | +0.0064% | 8h | 0.1264 | +0.085% | $6.2M | $28.5M | 50x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1265 | +0.124% | $278K | $941K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1265 | +0.196% | $3.7M | $2.8M | 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
OKX OP-USDT-SWAP
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 | 0.1265 | +0.156% | $211K | $219K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1264 | +0.108% | $20.4M | $60.3M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1263 | +0.037% | $18.6M | $24.8M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1265 | +0.132% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1264 | +0.109% | $21.3M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1263 | −0.002% | $2.9M | $6.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1264 | +0.077% | $5.8M | $6.4M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1264 | +0.101% | — | $6.3M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1263 | +0.021% | $120K | $200K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1267 | +0.291% | $4K | $388K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1268 | +0.372% | $317K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1267 | +0.314% | $43K | $710K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1264 | +0.061% | $209 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1264 | +0.101% | $174K | $226K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1264 | +0.068% | $104K | $394K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1264 | +0.090% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0168% | 1h | 0.1262 | −0.081% | $24K | $63K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1268 | +0.370% | $1.0M | $280K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0348% | 1h | 0.1265 | +0.134% | $783K | $548K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0441% | 1h | 0.1264 | +0.048% | $703 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
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
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Kraken Futures PF_OPUSD
Reya OPRUSDPERP