OP

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h +0.029%

Price spread now: Backpack against gTrade (Gains Network)−0.276%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on gTrade (Gains Network)Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.276% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.276% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$28 on $10k: about 9.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) OP/USD	0.1228	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	48m 24s	—	—	150x
Short	Backpack OP_USDC_PERP	0.1225	0.0100	get 0.0013% / 1h	48m 24s	$110K	$217K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BackpackbpOrdersPrice spread, now −0.276%Rate

Funding earned: $20.06
Price spread: −0.276% → 0.000%: −$27.6
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.54
Costs to cover: 0.200%
Break-even: 16.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Backpack: live order book, 58 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Backpack live order book, 58 min ago	0.81 bp	10.9 bp −$11	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): 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]	L −0.1164% / S +0.0246%	1h	0.1228	−0.009%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0564%	1h	0.1228	−0.032%	$30K	$112K	25x	as long as short
Hyperliquid OP	−0.0521%	1h	0.1227	−0.129%	$3.9M	$3.9M	5x	as long as short
Extended OP-USD	−0.0144%	1h	0.1228	−0.039%	$98K	$667K	25x	as long as short
Binance OPUSDT	−0.0142%	8h	0.1228	−0.032%	$19.0M	$65.6M	75x	as long as short
MEXC OP_USDT	−0.0141%	8h	0.1227	−0.129%	$21.5M	$7.1M	300x	as long as short
Orderly PERP_OP_USDC	−0.0083%	8h	0.1228	−0.032%	$12K	$231K	10x	as long as short
Gate OP_USDT	−0.0074%	8h	0.1228	−0.040%	$1.9M	$1.3M	50x	as long as short
Coinbase International OP-PERP-INTX	−0.0056%	1h	0.1233	+0.375%	$24K	$68K	50x	as long as short
Kraken Futures PF_OPUSD	−0.0054%	1h	0.1229	+0.049%	$730K	$735K	20x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT OP_USDT_Perp	−0.0030%	8h	0.1226	−0.195%	$302K	$5.9M	10x	as long as short
BloFin OP-USDT	−0.0022%	8h	0.1224	−0.357%	$979K	$258K	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1230	+0.106%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USDlong	L +0.0004% / S −0.0004%	1h	0.1228	long leg	—	—	150x
Injective OP/USDC PERP	+0.0033%	1h	0.1231	+0.212%	$34K	$67K	12x	as long as short
Variational Omni OP	+0.0042%	8h	0.1226	−0.209%	$217K	$45K	—	as long as short
SoDEX OP-USD	+0.0046%	1h	0.1228	−0.024%	$191	$5K	5x	as long as short
Aevo OP-PERP	+0.0048%	1h	0.1229	+0.025%	$3K	$1K	3x	as long as short
KuCoin OPUSDTM	+0.0055%	8h	0.1228	−0.032%	$2.8M	$5.4M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1230	+0.123%	$251K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1227	−0.113%	$203K	$207K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1228	−0.040%	$17.8M	$24.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1229	+0.025%	$5.9M	$26.7M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1228	−0.032%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1228	−0.056%	—	$6.4M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1225	−0.276%	$110K	$217K	10x
edgeX OPUSDC	+0.0100%	4h	0.1225	−0.240%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1225	−0.276%	$42K	$687K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1224	−0.333%	$167K	$263K	50x	as long as short
Reya OPRUSDPERP	+0.0447%	1h	0.1226	−0.162%	$682	—	20x	as long as short