OP

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Backpack+0.133%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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. gTrade (Gains Network) is 0.133% dearer against Backpack than usual: you sell high and buy low (spread +0.133% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1268	0.0100	pay 0.0013% / 1h	21m 49s	$123K	$201K	10x
Short	gTrade (Gains Network) OP/USD	0.1270	L +0.0004% / S −0.0004%	get 0.0000% / 1h	21m 49s	—	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.133%Rate

Funding earned: −$20.17
Price spread: +0.133% → 0.000%: $13.33
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$26.85
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 36 min ago; gTrade (Gains Network): 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, 36 min ago	1.99 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	0.1267	−0.079%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1269	+0.089%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1269	+0.060%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1269	+0.079%	$42K	$140K	25x	as long as short
gTrade (Gains Network) OP/USDshort	L +0.0004% / S −0.0004%	1h	0.1270	+0.133%	—	—	150x
OKX OP-USDT-SWAP	+0.0050%	8h	0.1270	+0.142%	$6.2M	$28.6M	50x	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1269	+0.079%	$6K	$45K	10x	as long as short
Variational Omni OP	+0.0060%	8h	0.1270	+0.119%	$224K	$48K	—	as long as short
Lighter OP	+0.0096%	1h	0.1270	+0.134%	$279K	$941K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1270	+0.126%	$3.7M	$2.8M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1269	+0.081%	$212K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1270	+0.197%	$20.5M	$60.2M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1269	+0.110%	$18.6M	$24.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1271	+0.213%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1270	+0.181%	$21.4M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1268	0.000%	$2.9M	$6.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1269	+0.079%	$5.9M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1270	+0.166%	—	$6.3M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1268	long leg	$123K	$201K	10x
edgeX OPUSDC	+0.0100%	4h	0.1272	+0.354%	$4K	$385K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1271	+0.198%	$318K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1273	+0.394%	$44K	$711K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1269	+0.063%	$201	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1270	+0.150%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1270	+0.165%	$104K	$394K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1270	+0.118%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0168%	1h	0.1262	−0.473%	$24K	$63K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1270	+0.181%	$1.0M	$280K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0347%	1h	0.1269	+0.107%	$789K	$544K	20x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1269	+0.049%	$705	—	20x	as long as short