OP

Alert

Funding spread now, next payment 19:00 UTC−0.0593%/8h

paid, last 24h−0.077%paid, last 5 days−0.129%to open and closeno order book

The current rate is far above what this pair has been paying: over the last 5 days it paid -0.129% in total (about -9.9% 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	0.1245	0.0541	pay 0.0068% / 1h	52m 06s	$772K	$784K	20x
Short	Orderly PERP_OP_USDC	0.1243	−0.0052	pay 0.0052% / 8h	5h 52m	$6K	$54K	10x

Funding history

latest

Range statsloading…

Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee OrderlybpOrdersRate

Funding earned: −$124.47
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$140.47
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 48 min ago; Orderly: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: −0.175%
Avg gap 7d: —

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, 48 min ago	9.25 bp	27.7 bp −$28	101.5 bp −$1,015	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 29 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Injective OP/USDC PERP	−0.1842%	1h	$34K	$86K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1436% / S +0.0290%	1h	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0336%	1h	$21K	$70K	50x	as long as short
Variational Omni OP	−0.0120%	8h	$224K	$42K	—	as long as short
Orderly PERP_OP_USDCshort	−0.0052%	8h	$6K	$54K	10x
dYdX OP-USD	0.0000%	1h	$38K	$10	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	$43K	$187K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	—	—	150x	as long as short
Bybit OPUSDT	+0.0014%	8h	$18.1M	$26.7M	75x	as long as short
OKX OP-USDT-SWAP	+0.0019%	8h	$5.7M	$31.2M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
MEXC OP_USDT	+0.0069%	8h	$19.7M	$7.3M	300x	as long as short
Extended OP-USD	+0.0072%	1h	$99K	$206K	25x	as long as short
Binance OPUSDT	+0.0072%	8h	$19.8M	$66.4M	75x	as long as short
Gate OP_USDT	+0.0075%	8h	$1.8M	$1.4M	50x	as long as short
Lighter OP	+0.0096%	1h	$268K	$904K	15x	as long as short
Aevo OP-PERP	+0.0096%	1h	$4K	—	3x	as long as short
Hyperliquid OP	+0.0100%	1h	$3.9M	$3.2M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	$212K	$268K	10x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$5.9M	$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	$128K	$200K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	$9K	$378K	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	$44K	$718K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	$206	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	$177K	$273K	50x	as long as short
BloFin OP-USDT	+0.0190%	8h	$1.0M	$321K	75x	as long as short
Reya OPRUSDPERP	+0.0433%	1h	$692	—	20x	as long as short
Kraken Futures PF_OPUSDlong	+0.0541%	1h	$772K	$784K	20x