Funding you earn now, next payment 03:00 UTC−0.1588%/8h= −173.9% APRnext payment −$1.98 per $10,000 · paid last 24h −0.218%
Price spread now: Injective against Backpack−1.109%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−1.505%−$151 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and Injective is 1.109% cheaper against Backpack than usual: you would sell low and buy high (−$111 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1271 | 0.0100 | pay 0.0013% / 1h | 35m 13s | $121K | $195K | 10x |
| Short | Injective OP/USDC PERP | 0.1257 | −0.1488 | pay 0.0186% / 1h | 35m 13s | $35K | $58K | 12x |
Backpack OP_USDC_PERP
Injective OP/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$333.46
- Price spread: −1.109% → 0.000%
- −$110.93
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$454.41
- Costs to cover
- 0.100%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 28 min ago; Injective: 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, 28 min ago | 1.58 bp | 9.3 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: 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 PERPshort | −0.1488% | 1h | 0.1257 | −1.109% | $35K | $58K | 12x | |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1271 | +0.010% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1269 | −0.185% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1271 | −0.008% | $42K | $151K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1271 | −0.035% | — | — | 150x | as long as short |
| OKX OP-USDT-SWAP | +0.0037% | 8h | 0.1271 | −0.016% | $6.1M | $29.2M | 50x | as long as short |
| Variational Omni OP | +0.0049% | 8h | 0.1267 | −0.330% | $224K | $50K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1270 | −0.087% | $6K | $45K | 10x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1272 | +0.102% | $282K | $934K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1272 | +0.094% | $3.7M | $3.0M | 5x | as long as short |
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
OKX OP-USDT-SWAP
Variational Omni OP
Orderly PERP_OP_USDC
Lighter OP
Hyperliquid OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1271 | +0.005% | $212K | $229K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1271 | +0.024% | $20.6M | $60.5M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1271 | +0.008% | $18.5M | $25.3M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1271 | −0.008% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1272 | +0.063% | $20.9M | $7.0M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1271 | −0.008% | $2.9M | $6.7M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1271 | −0.008% | $5.9M | $6.5M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1271 | −0.008% | — | $6.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1271 | long leg | $121K | $195K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1264 | −0.530% | $4K | $389K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1266 | −0.390% | $312K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1266 | −0.401% | $43K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1271 | +0.016% | $184 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1271 | −0.016% | $175K | $216K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1270 | −0.065% | $101K | $389K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1271 | −0.020% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0152% | 1h | 0.1265 | −0.480% | $24K | $70K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1270 | −0.055% | $1.0M | $272K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0440% | 1h | 0.1271 | −0.044% | $706 | — | 20x | as long as short |
| Kraken Futures PF_OPUSD | +0.0488% | 1h | 0.1273 | +0.118% | $804K | $577K | 20x | as long as short |
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
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP
Kraken Futures PF_OPUSD