Funding you earn now, next payment 06:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.032%
Price spread now: Orderly against Backpack−0.072%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−0.266%−$27 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 −$3 a day on $10k at the current rate, and Orderly is 0.072% cheaper against Backpack than usual: you would sell low and buy high (−$7 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 | 0.1253 | 0.0100 | pay 0.0013% / 1h | 14m 42s | $105K | $215K | 10x |
| Short | Orderly PERP_OP_USDC | 0.1252 | 0.0003 | get 0.0003% / 8h | 2h 14m | $59K | $142K | 10x |
Backpack OP_USDC_PERP
Orderly PERP_OP_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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
- −$20.27
- Price spread: −0.072% → 0.000%
- −$7.18
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$43.45
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 33 min ago; Orderly: 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, 33 min ago | 2.75 bp | 11.6 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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 | −0.1583% | 1h | 0.1248 | −0.391% | $34K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1253 | +0.020% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1255 | +0.148% | $39K | $532 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1253 | +0.008% | $30K | $151K | 25x | as long as short |
| Orderly PERP_OP_USDCshort | +0.0003% | 8h | 0.1252 | −0.072% | $59K | $142K | 10x | |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1253 | +0.014% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0007% | 8h | 0.1250 | −0.212% | $222K | $46K | — | as long as short |
| Bybit OPUSDT | +0.0071% | 8h | 0.1254 | +0.112% | $18.4M | $25.6M | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0074% | 1h | 0.1254 | +0.124% | $755K | $630K | 20x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1255 | +0.168% | $288K | $1.0M | 15x | 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
Variational Omni OP
Bybit OPUSDT
Kraken Futures PF_OPUSD
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX OP-USDT-SWAP | +0.0099% | 8h | 0.1255 | +0.184% | $6.1M | $29.0M | 50x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1255 | +0.160% | $3.4M | $3.0M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1254 | +0.078% | $205K | $210K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1254 | +0.112% | $19.7M | $64.2M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1254 | +0.096% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1254 | +0.080% | $22.9M | $7.7M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1253 | +0.008% | $2.8M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1255 | +0.168% | $5.8M | $6.6M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1255 | +0.168% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1253 | long leg | $105K | $215K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1253 | +0.006% | $380K | $768K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1254 | +0.088% | $309K | $5.4M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1254 | +0.088% | $43K | $705K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1253 | 0.000% | $202 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1251 | −0.128% | $173K | $244K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1253 | +0.011% | $101K | $506K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1253 | −0.032% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0160% | 1h | 0.1243 | −0.790% | $26K | $59K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1253 | −0.032% | $986K | $306K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0443% | 1h | 0.1252 | −0.100% | $696 | — | 20x | as long as short |
OKX OP-USDT-SWAP
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDC
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