OP

Alert

Funding spread now, next payment 14:00 UTC+0.0342%/8h

paid, last 24h+0.124%paid, last 5 days+0.146%to open and closeno order book

Long on Coinbase International Short on Bybit

The current rate is far above what this pair has been paying: over the last 5 days it paid 0.146% in total (about 11.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OP-PERP-INTX	0.1275	−0.0328	get 0.0041% / 1h	0m 01s	$28K	$85K	50x
Short	Bybit OPUSDT	0.1273	0.0014	get 0.0014% / 8h	1h 00m	$17.9M	$27.4M	75x

Funding history

latest

Range statsloading…

Funding on every exchange

click an exchange to add or hide it

latest

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee BybitbpOrdersRate

Funding earned: $71.74
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $50.74
Break-even: 2.0 days

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 5 min ago. Net counts fees only.

Price risk

price view

Price gap now: −0.118%
Avg gap 7d: —

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Coinbase International no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.39 bp	13.9 bp −$14	27.0 bp −$270	76.1 bp −$7,613	doesn't fit

Coinbase International: 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 29 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
GMX OP/USD [OP-USDC]	L −0.1469% / S +0.0291%	1h	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0535%	1h	$48K	$199K	25x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0328%	1h	$28K	$85K	50x
Extended OP-USD	−0.0136%	1h	$102K	$214K	25x	as long as short
Binance OPUSDT	−0.0135%	8h	$20.8M	$65.7M	75x	as long as short
MEXC OP_USDT	−0.0133%	8h	$20.2M	$9.0M	300x	as long as short
Orderly PERP_OP_USDC	−0.0082%	8h	$7K	$53K	10x	as long as short
Variational Omni OP	−0.0063%	8h	$236K	$45K	—	as long as short
BloFin OP-USDT	−0.0013%	8h	$1.0M	$583K	75x	as long as short
dYdX OP-USD	0.0000%	1h	$39K	$10	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
gTrade (Gains Network) OP/USD	L +0.0005% / S −0.0004%	1h	$1K	—	150x	as long as short
Bybit OPUSDTshort	+0.0014%	8h	$17.9M	$27.4M	75x
Injective OP/USDC PERP	+0.0033%	1h	$25K	$238K	12x	as long as short
Aevo OP-PERP	+0.0048%	1h	$4K	—	3x	as long as short
OKX OP-USDT-SWAP	+0.0049%	8h	$6.0M	$32.7M	50x	as long as short
Lighter OP	+0.0096%	1h	$299K	$826K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	$4.1M	$3.1M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	$201K	$433K	10x	as long as short
Gate OP_USDT	+0.0100%	8h	$1.8M	$1.7M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	$2.9M	$6.9M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$5.9M	$6.1M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	—	$6.7M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	$132K	$167K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	$10K	$416K	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	$46K	$715K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	$174	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	$191K	$244K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0142%	1h	$786K	$660K	20x	as long as short
Reya OPRUSDPERP	+0.0430%	1h	$709	—	20x	as long as short