Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: ApeX Omni against Backpack+0.230%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now +0.230%, 7d avg +0.054%

Together, before fees−0.094%−$9 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: ApeX Omni is 0.176% dearer against Backpack than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1262	0.0100	pay 0.0013% / 1h	10m 24s	$125K	$194K	10x
Short	ApeX Omni OPUSDT	0.1265	0.0100	get 0.0013% / 1h	10m 24s	$45K	$720K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now +0.230%Rate

Funding earned: $0
Price spread: +0.230% → +0.054%: $17.56
Slippage, 4 orders: −$40.25
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$42.68
Costs to cover: 0.602%
Break-even: never at this rate

Slippage from Backpack: live order book, 13 min ago; ApeX Omni: live order book, 13 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 Backpack live order book, 13 min ago	1.58 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 13 min ago	11.86 bp	19.9 bp −$20	125.1 bp −$1,251	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	−0.1658%	1h	0.1254	−0.642%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1262	+0.017%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.513%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	+0.017%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	−0.008%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1262	+0.029%	—	—	150x	as long as short
Variational Omni OP	+0.0035%	8h	0.1260	−0.197%	$230K	$44K	—	as long as short
Orderly PERP_OP_USDC	+0.0040%	8h	0.1262	−0.008%	$6K	$50K	10x	as long as short
OKX OP-USDT-SWAP	+0.0091%	8h	0.1262	−0.024%	$5.9M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1263	+0.040%	$271K	$908K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1264	+0.143%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	−0.049%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1262	+0.017%	$20.5M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1261	−0.095%	$18.4M	$25.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	−0.040%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1263	+0.048%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.087%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1263	+0.071%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	−0.008%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1262	long leg	$125K	$194K	10x
edgeX OPUSDC	+0.0100%	4h	0.1264	+0.175%	$8K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1259	−0.246%	$311K	$5.1M	10x	as long as short
ApeX Omni OPUSDTshort	+0.0100%	1h	0.1265	+0.230%	$45K	$720K	50x
SoDEX OP-USD	+0.0100%	1h	0.1261	−0.079%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1261	−0.111%	$174K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.075%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	+0.032%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSD	+0.0136%	1h	0.1262	−0.006%	$781K	$732K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1262	−0.048%	$1.0M	$281K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1262	−0.003%	$702	—	20x	as long as short