Funding you earn now, next payment 05:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.003%
Price spread now: BloFin against Backpack+0.424%66s7-day average +0.016% · you sell dearer than you buy
Net, funding: paid 7d − costs−$51as 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−$510.511% of the position
Funding, last 7 days+0.001%$0 on $10k
+Price spread, last 4 days (all we have)−0.170%−$17 · spread now +0.424%, 7d avg +0.016%
=Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.408% dearer against Backpack than usual: you sell high and buy low: +$41 more if the spread goes back to its 7-day average of +0.016%. The two prices were read 66 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 | Backpack OP_USDC_PERP | 0.1272 | 0.0100 | pay 0.0013% / 1h | 49m 33s | $122K | $202K | 10x |
| Short | BloFin OP-USDT | 0.1278 | 0.0220 | get 0.0220% / 8h | 3h 49m | $1.0M | $282K | 75x |
Backpack OP_USDC_PERP
BloFin OP-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BloFin against Backpack. 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
- $25.2
- Price spread: +0.424% → +0.016%
- $40.85
- Slippage, 4 orders
- −$29.07
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee BloFin: 6 bp × 2 orders
- −$12
- Net
- $14.98
- Costs to cover
- 0.511%
- Break-even
- 2.8 days
Slippage from Backpack: live order book, 4 min ago; BloFin: live order book, 3 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, 4 min ago | 1.18 bp | 11.0 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell BloFin live order book, 3 min ago | 7.03 bp | 14.9 bp −$15 | 31.9 bp −$319 | 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 | −0.1568% | 1h | 0.1271 | −0.102% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1274 | +0.154% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1273 | +0.063% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1274 | +0.134% | $42K | $138K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1275 | +0.185% | — | — | 150x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0032% | 1h | 0.1281 | +0.684% | $25K | $64K | 50x | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1275 | +0.212% | $6K | $45K | 10x | as long as short |
| Kraken Futures PF_OPUSD | +0.0056% | 1h | 0.1274 | +0.123% | $784K | $552K | 20x | as long as short |
| Variational Omni OP | +0.0060% | 8h | 0.1279 | +0.521% | $226K | $48K | — | as long as short |
| OKX OP-USDT-SWAP | +0.0075% | 8h | 0.1272 | −0.055% | $6.3M | $28.7M | 50x | 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
Coinbase International OP-PERP-INTX
Orderly PERP_OP_USDC
Kraken Futures PF_OPUSD
Variational Omni OP
OKX OP-USDT-SWAPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter OP | +0.0096% | 1h | 0.1273 | +0.016% | $280K | $942K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1274 | +0.126% | $3.7M | $2.8M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1274 | +0.140% | $213K | $216K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1271 | −0.070% | $20.6M | $60.7M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1271 | −0.102% | $18.7M | $24.9M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1273 | +0.031% | $2.0M | $1.4M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1272 | −0.016% | $21.4M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1272 | −0.024% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1272 | −0.024% | $5.9M | $6.5M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1272 | −0.031% | — | $6.3M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1272 | long leg | $122K | $202K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1273 | +0.082% | $4K | $388K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1276 | +0.309% | $319K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1274 | +0.134% | $44K | $711K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1273 | +0.094% | $200 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1276 | +0.267% | $173K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1271 | −0.098% | $102K | $393K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1274 | +0.116% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDTshort | +0.0220% | 8h | 0.1278 | +0.424% | $1.0M | $282K | 75x | |
| Reya OPRUSDPERP | +0.0441% | 1h | 0.1273 | +0.090% | $708 | — | 20x | as long as short |
Lighter OP
Hyperliquid OP
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
Reya OPRUSDPERP