OP

Alert

Funding spread now, next payment 14:00 UTC+0.0428%/8h

next payment, per $10,000+$0.54paid, last 24h+0.119%paid, last 5 days+0.093%to open and closeno order book

Long on Coinbase International Short on Hyperliquid

The current rate is far above what this pair has been paying: over the last 5 days it paid 0.093% in total (about 7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.54 per $10,000. 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	0.1284	−0.0328	get 0.0041% / 1h	57m 10s	$28K	$87K	50x
Short	Hyperliquid OP	0.1289	0.0100	get 0.0013% / 1h	57m 10s	$4.1M	$3.0M	5x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee HyperliquidbpOrdersRate

Funding earned: $89.88
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $70.88
Break-even: 1.5 days

Slippage unknown: Coinbase International: no order-book sample; Hyperliquid: live order book, 6 min ago. Net counts fees only.

Price risk

price view

Price gap now: +0.389%
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 Hyperliquid live order book, 6 min ago	1.16 bp	8.6 bp −$9	doesn't fit	doesn't fit	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 −0.1208% / S +0.0249%	1h	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0526%	1h	$40K	$212K	25x	as long as short
Coinbase International OP-PERP-INTXlong	−0.0328%	1h	$28K	$87K	50x
Extended OP-USD	−0.0136%	1h	$103K	$217K	25x	as long as short
Binance OPUSDT	−0.0135%	8h	$20.9M	$63.8M	75x	as long as short
MEXC OP_USDT	−0.0133%	8h	$19.9M	$8.6M	300x	as long as short
Orderly PERP_OP_USDC	−0.0067%	8h	$7K	$51K	10x	as long as short
Variational Omni OP	−0.0060%	8h	$236K	$39K	—	as long as short
BloFin OP-USDT	−0.0015%	8h	$1.0M	$583K	75x	as long as short
SoDEX OP-USD	−0.0014%	1h	$173	$5K	5x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
dYdX OP-USD	0.0000%	1h	$40K	$10	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0005% / S −0.0004%	1h	$1K	—	150x	as long as short
Bybit OPUSDT	+0.0011%	8h	$18.2M	$26.8M	75x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	$25K	$185K	12x	as long as short
Aevo OP-PERP	+0.0048%	1h	$4K	—	3x	as long as short
OKX OP-USDT-SWAP	+0.0079%	8h	$6.3M	$31.8M	50x	as long as short
Hyperliquid OPshort	+0.0100%	1h	$4.1M	$3.0M	5x
Aster OPUSDT	+0.0100%	8h	$203K	$438K	10x	as long as short
Gate OP_USDT	+0.0100%	8h	$1.8M	$1.6M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	$3.0M	$6.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$6.0M	$6.1M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	—	$6.4M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	$134K	$161K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	$4K	$407K	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	$46K	$704K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	$191K	$228K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0141%	1h	$790K	$660K	20x	as long as short
Reya OPRUSDPERP	+0.0430%	1h	$716	—	20x	as long as short
Lighter OP	+0.0832%	1h	$371K	$738K	15x	as long as short