Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.030%
Price spread now: dYdX against Backpack+0.246%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 5 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
The price spread pays, funding is against you. dYdX is 0.246% dearer against Backpack than usual: you sell high and buy low (spread +0.246% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.2 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1258 | 0.0100 | pay 0.0013% / 1h | 41m 56s | $120K | $194K | 10x |
| Short | dYdX OP-USD | 0.1261 | 0 | get 0.0000% / 1h | 41m 56s | $39K | $519 | 10x |
Backpack OP_USDC_PERP
dYdX OP-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
dYdX 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
- −$21
- Price spread: +0.246% → 0.000%
- $24.64
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee dYdX: 5 bp × 2 orders
- −$10
- Net
- −$16.36
- Costs to cover
- 0.200%
- Break-even
- from the start
Slippage unknown: Backpack: live order book, 16 min ago; dYdX: no order-book sample. 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 Backpack live order book, 16 min ago | 1.99 bp | 9.5 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell dYdX no order-book sample | — | — | — | — | — |
dYdX: 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 | −0.1607% | 1h | 0.1258 | +0.008% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1259 | +0.099% | $13K | — | 100x | as long as short |
| dYdX OP-USDshort | 0.0000% | 1h | 0.1261 | +0.246% | $39K | $519 | 10x | |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1259 | +0.087% | $42K | $151K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1259 | +0.105% | — | — | 150x | as long as short |
| ApeX Omni OPUSDT | +0.0005% | 1h | 0.1259 | +0.087% | $43K | $709K | 50x | as long as short |
| OKX OP-USDT-SWAP | +0.0031% | 8h | 0.1259 | +0.064% | $6.2M | $28.7M | 50x | as long as short |
| Variational Omni OP | +0.0044% | 8h | 0.1262 | +0.303% | $223K | $49K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0053% | 8h | 0.1259 | +0.087% | $6K | $45K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1259 | +0.111% | $279K | $939K | 15x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
ApeX Omni OPUSDT
OKX OP-USDT-SWAP
Variational Omni OP
Orderly PERP_OP_USDC
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 | +0.143% | $3.7M | $3.0M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1260 | +0.142% | $210K | $219K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1259 | +0.072% | $20.4M | $60.9M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1258 | +0.016% | $18.5M | $25.2M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1259 | +0.087% | $2.0M | $1.4M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1259 | +0.072% | $21.1M | $7.1M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1258 | +0.008% | $2.9M | $6.6M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1259 | +0.087% | $5.8M | $6.5M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1259 | +0.087% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1258 | long leg | $120K | $194K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1260 | +0.194% | $4K | $389K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1259 | +0.087% | $317K | $5.1M | 10x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1258 | 0.000% | $200 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1260 | +0.183% | $173K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1258 | +0.036% | $101K | $391K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1258 | +0.008% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0168% | 1h | 0.1262 | +0.326% | $24K | $70K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1261 | +0.270% | $1.0M | $278K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0350% | 1h | 0.1259 | +0.063% | $786K | $572K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0441% | 1h | 0.1258 | +0.038% | $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
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