OP

Alert

Funding spread now, next payment 19:00 UTC−0.2387%/8h

next payment, per $10,000−$2.98paid, last 24h−0.067%paid, last 4 days−0.692%to open and close $10k−$157

Long on Kraken Futures Short on Injective

The current rate is far above what this pair has been paying: over the last 4 days it paid -0.692% in total (about -67.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.98 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	Kraken Futures PF_OPUSD	0.1238	0.0544	pay 0.0068% / 1h	12m 04s	$768K	$770K	20x
Short	Injective OP/USDC PERP	0.1230	−0.1842	pay 0.0230% / 1h	12m 04s	$34K	$86K	12x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee InjectivebpOrdersRate

Funding earned: −$501.21
Slippage, 4 orders: −$147.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$658.46
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 23 min ago; Injective: live order book, 88 min ago.

Price risk

price view

Price gap now: −0.608%
Avg gap 7d: −0.184%

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, 23 min ago	15.75 bp	25.2 bp −$25	99.6 bp −$996	doesn't fit	doesn't fit
Sell Injective live order book, 88 min ago	36.31 bp	36.3 bp −$36	doesn't fit	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
Injective OP/USDC PERPshort	−0.1842%	1h	$34K	$86K	12x
GMX OP/USD [OP-USDC]	L −0.1162% / S +0.0245%	1h	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0336%	1h	$21K	$68K	50x	as long as short
Variational Omni OP	−0.0087%	8h	$224K	$41K	—	as long as short
Orderly PERP_OP_USDC	−0.0032%	8h	$6K	$53K	10x	as long as short
dYdX OP-USD	0.0000%	1h	$38K	$437	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	$43K	$185K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0044%	8h	$5.7M	$30.2M	50x	as long as short
Gate OP_USDT	+0.0060%	8h	$1.8M	$1.5M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bybit OPUSDT	+0.0088%	8h	$17.9M	$26.5M	75x	as long as short
Lighter OP	+0.0096%	1h	$267K	$907K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	$3.8M	$3.1M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	$211K	$266K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	$19.6M	$65.0M	75x	as long as short
MEXC OP_USDT	+0.0100%	8h	$19.5M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	$3.0M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	—	$6.5M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	$127K	$197K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	$9K	$381K	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	$44K	$719K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	$186	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	$176K	$259K	50x	as long as short
Extended OP-USD	+0.0104%	1h	$99K	$206K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	$974K	$305K	75x	as long as short
Reya OPRUSDPERP	+0.0434%	1h	$686	—	20x	as long as short
Kraken Futures PF_OPUSDlong	+0.0544%	1h	$768K	$770K	20x