OP

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0212%/8h= −23.2% APRnext payment −$0.27 per $10,000 · paid last 24h −0.063%

Price spread now: Extended against Kraken Futures−0.275%7-day average −0.144% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$900.896% of the position

Long on Kraken Futures Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.275%, 7d avg −0.144%

Together, before fees+0.021%+ Points / potential airdropExtended: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Extended is 0.131% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.144%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.073% in total (about -3.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1238	0.0156	pay 0.0020% / 1h	47m 30s	$736K	$740K	20x
Short	Extended OP-USD	0.1235	−0.0056	pay 0.0007% / 1h	47m 30s	$99K	$581K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Kraken Futures. 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 Kraken FuturesbpFee ExtendedbpOrdersPrice spread, now −0.275%Rate

Funding earned: −$44.52
Price spread: −0.275% → −0.144%: −$13.08
Slippage, 4 orders: −$74.63
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$147.23
Costs to cover: 0.896%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 63 min ago; Extended: live order book, 63 min ago.

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, 63 min ago	8.02 bp	24.6 bp −$25	117.9 bp −$1,179	doesn't fit	doesn't fit
Sell Extended live order book, 63 min ago	12.04 bp	21.6 bp −$22	151.1 bp −$1,511	doesn't fit	doesn't fit

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 −0.0886% / S +0.0200%	1h	0.1237	−0.059%	$13K	—	100x	as long as short
Hyperliquid OP	−0.0569%	1h	0.1236	−0.179%	$3.8M	$3.9M	5x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0558%	1h	0.1236	−0.163%	$30K	$113K	25x	as long as short
SoDEX OP-USD	−0.0097%	1h	0.1236	−0.147%	$196	$5K	5x	as long as short
Orderly PERP_OP_USDC	−0.0059%	8h	0.1236	−0.163%	$12K	$232K	10x	as long as short
Extended OP-USDshort	−0.0056%	1h	0.1235	−0.275%	$99K	$581K	25x
Binance OPUSDT	−0.0054%	8h	0.1234	−0.289%	$19.1M	$65.9M	75x	as long as short
MEXC OP_USDT	−0.0054%	8h	0.1236	−0.171%	$21.8M	$7.3M	300x	as long as short
Gate OP_USDT	−0.0050%	8h	0.1235	−0.203%	$2.0M	$1.3M	50x	as long as short
Coinbase International OP-PERP-INTX	−0.0048%	1h	0.1236	−0.163%	$25K	$67K	50x	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	−0.0006%	8h	0.1242	+0.289%	$300K	$5.4M	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1237	−0.116%	$38K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1237	−0.114%	—	—	150x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	0.1257	+1.534%	$35K	$67K	12x	as long as short
Variational Omni OP	+0.0061%	8h	0.1239	+0.090%	$219K	$46K	—	as long as short
Aevo OP-PERP	+0.0072%	1h	0.1236	−0.122%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0072%	8h	0.1238	+0.023%	$982K	$280K	75x	as long as short
Lighter OP	+0.0096%	1h	0.1236	−0.122%	$262K	$1.1M	15x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1236	−0.156%	$205K	$210K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1234	−0.300%	$17.9M	$24.5M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1236	−0.147%	$5.9M	$27.5M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1236	−0.163%	$2.8M	$5.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1236	−0.163%	$5.8M	$6.7M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1236	−0.187%	—	$6.4M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1236	−0.138%	$108K	$201K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1239	+0.078%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1240	+0.160%	$43K	$689K	50x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1236	−0.155%	$168K	$255K	50x	as long as short
Kraken Futures PF_OPUSDlong	+0.0156%	1h	0.1238	long leg	$736K	$740K	20x
Reya OPRUSDPERP	+0.0446%	1h	0.1239	+0.099%	$689	—	20x	as long as short