OP

Alert

Funding spread now, next payment 18:00 UTC−0.0227%/8h

paid, last 24h−0.033%paid, last 3 days−0.038%to open and closeno order book

Long on Hyperliquid Short on Variational Omni

The current rate is far above what this pair has been paying: over the last 3 days it paid -0.038% in total (about -4.6% 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	Hyperliquid OP	0.1241	0.0100	pay 0.0013% / 1h	40m 53s	$3.9M	$3.3M	5x
Short	Variational Omni OP	0.1250	−0.0127	pay 0.0127% / 8h	6h 40m	$231K	$42K	—

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee Variational OmnibpOrdersRate

Funding earned: −$47.73
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$56.73
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 2 min ago; Variational Omni: RFQ quote, 64 min ago. Net counts fees only.

Price risk

price view

Price gap now: +0.684%
Avg gap 7d: −0.066%

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 Hyperliquid live order book, 2 min ago	0.40 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 64 min ago	3.97 bp	doesn't fit	19.8 bp −$198	doesn't fit	doesn't fit

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 −0.1436% / S +0.0290%	1h	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	$21K	$74K	50x	as long as short
Variational Omni OPshort	−0.0127%	8h	$231K	$42K	—
Bybit OPUSDT	−0.0091%	8h	$17.7M	$26.2M	75x	as long as short
Orderly PERP_OP_USDC	−0.0069%	8h	$6K	$53K	10x	as long as short
dYdX OP-USD	0.0000%	1h	$38K	$10	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	$47K	$200K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	—	—	150x	as long as short
MEXC OP_USDT	+0.0005%	8h	$19.7M	$8.2M	300x	as long as short
Binance OPUSDT	+0.0005%	8h	$20.1M	$65.9M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
OKX OP-USDT-SWAP	+0.0007%	8h	$5.8M	$31.8M	50x	as long as short
Extended OP-USD	+0.0008%	1h	$99K	$207K	25x	as long as short
BloFin OP-USDT	+0.0021%	8h	$1.0M	$372K	75x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	$25K	$134K	12x	as long as short
Aevo OP-PERP	+0.0080%	1h	$4K	—	3x	as long as short
Lighter OP	+0.0096%	1h	$272K	$908K	15x	as long as short
Hyperliquid OPlong	+0.0100%	1h	$3.9M	$3.3M	5x
Aster OPUSDT	+0.0100%	8h	$206K	$226K	10x	as long as short
Gate OP_USDT	+0.0100%	8h	$1.8M	$1.4M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$5.9M	$6.2M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	$132K	$187K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	$9K	$382K	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	$45K	$713K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	$175K	$264K	50x	as long as short
Reya OPRUSDPERP	+0.0432%	1h	$691	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0617%	1h	$771K	$670K	20x	as long as short