OP

Alert

Funding spread now, next payment 17:00 UTC−0.0714%/8h

paid, last 24h−0.018%paid, last 7 days−0.018%to open and close $10k−$86

The current rate is far above what this pair has been paying: over the last 7 days it paid -0.018% in total (about -1.0% 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	Kraken Futures PF_OPUSD	0.1267	0.0470	pay 0.0059% / 1h	0m 31s	$787K	$677K	20x
Short	Bybit OPUSDT	0.1264	−0.0244	pay 0.0244% / 8h	7h 00m	$18.1M	$26.8M	75x

Funding history

latest

Range statsloading…

Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee BybitbpOrdersRate

Funding earned: −$149.95
Slippage, 4 orders: −$65.09
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$236.03
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 44 min ago; Bybit: live order book, 5 min ago.

Price risk

price view

Price gap now: −0.212%
Avg gap 7d: −0.142%

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 Kraken Futures live order book, 44 min ago	11.83 bp	32.6 bp −$33	102.1 bp −$1,021	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.18 bp	12.0 bp −$12	26.6 bp −$266	91.9 bp −$9,191	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	−0.0304%	1h	$22K	$83K	50x	as long as short
Bybit OPUSDTshort	−0.0244%	8h	$18.1M	$26.8M	75x
Variational Omni OP	−0.0135%	8h	$234K	$43K	—	as long as short
Orderly PERP_OP_USDC	−0.0073%	8h	$7K	$52K	10x	as long as short
Extended OP-USD	−0.0008%	1h	$101K	$208K	25x	as long as short
Binance OPUSDT	−0.0005%	8h	$20.6M	$67.5M	75x	as long as short
MEXC OP_USDT	−0.0005%	8h	$20.1M	$8.9M	300x	as long as short
dYdX OP-USD	0.0000%	1h	$39K	$10	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	$47K	$200K	25x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0018%	8h	$6.0M	$32.7M	50x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	$25K	$184K	12x	as long as short
Aevo OP-PERP	+0.0080%	1h	$4K	—	3x	as long as short
Lighter OP	+0.0096%	1h	$283K	$900K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	$3.9M	$3.3M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	$212K	$465K	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	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$6.0M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	$135K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	$10K	$379K	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	$45K	$712K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	$174	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	$180K	$266K	50x	as long as short
BloFin OP-USDT	+0.0114%	8h	$1.0M	$582K	75x	as long as short
Reya OPRUSDPERP	+0.0432%	1h	$703	—	20x	as long as short
Kraken Futures PF_OPUSDlong	+0.0470%	1h	$787K	$677K	20x