OP

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0300%/8h= −32.8% APRnext payment −$0.37 per $10,000 · paid last 24h −0.101%

Price spread now: GMX against Backpack+0.046%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 GMX

What this pair did over the last

the charts below follow

Funding, last 4 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. GMX is 0.046% dearer against Backpack than usual: you sell high and buy low (spread +0.046% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1229	0.0100	pay 0.0013% / 1h	29m 03s	$112K	$209K	10x
Short	GMX OP/USD [OP-USDC]	0.1229	L −0.0886% / S +0.0200%	pay 0.0025% / 1h	29m 03s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$62.97
Price spread: +0.046% → 0.000%: $4.64
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$80.33
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 17 min ago; GMX: 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, 17 min ago	0.81 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 exchanges

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
GMX OP/USD [OP-USDC]short	L −0.0886% / S +0.0200%	1h	0.1229	+0.046%	$13K	—	100x
Deribit OP_USDC-PERPETUAL	−0.0563%	1h	0.1229	+0.008%	$30K	$113K	25x	as long as short
Hyperliquid OP	−0.0508%	1h	0.1229	−0.024%	$3.8M	$3.9M	5x	as long as short
MEXC OP_USDT	−0.0083%	8h	0.1229	+0.024%	$21.6M	$7.4M	300x	as long as short
Binance OPUSDT	−0.0082%	8h	0.1229	0.000%	$18.9M	$66.3M	75x	as long as short
Extended OP-USD	−0.0080%	1h	0.1229	−0.021%	$98K	$580K	25x	as long as short
Orderly PERP_OP_USDC	−0.0069%	8h	0.1229	+0.008%	$12K	$231K	10x	as long as short
Coinbase International OP-PERP-INTX	−0.0048%	1h	0.1229	+0.008%	$24K	$68K	50x	as long as short
Gate OP_USDT	−0.0035%	8h	0.1230	+0.049%	$1.9M	$1.4M	50x	as long as short
GRVT OP_USDT_Perp	−0.0007%	8h	0.1227	−0.125%	$304K	$5.8M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX OP-USD	0.0000%	1h	0.1230	+0.090%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1228	−0.097%	—	—	150x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1257	+2.287%	$35K	$67K	12x	as long as short
BloFin OP-USDT	+0.0037%	8h	0.1229	0.000%	$975K	$279K	75x	as long as short
Aevo OP-PERP	+0.0064%	1h	0.1229	+0.008%	$3K	$1K	3x	as long as short
Variational Omni OP	+0.0064%	8h	0.1228	−0.101%	$218K	$46K	—	as long as short
SoDEX OP-USD	+0.0071%	1h	0.1229	+0.041%	$199	$5K	5x	as long as short
Lighter OP	+0.0096%	1h	0.1230	+0.098%	$264K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1229	+0.018%	$204K	$211K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1229	0.000%	$17.7M	$24.6M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1229	+0.024%	$5.9M	$27.5M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1228	−0.073%	$2.8M	$5.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1230	+0.090%	$5.8M	$6.8M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1229	+0.008%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1229	long leg	$112K	$209K	10x
edgeX OPUSDC	+0.0100%	4h	0.1227	−0.135%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1229	+0.008%	$43K	$685K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1230	+0.122%	$167K	$262K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0157%	1h	0.1231	+0.158%	$731K	$736K	20x	as long as short
Reya OPRUSDPERP	+0.0447%	1h	0.1229	−0.003%	$683	—	20x	as long as short