Funding you earn now, next payment 08:00 UTC+0.0075%/8h= +8.2% APRnext payment +$0.75 per $10,000 · paid last 24h +0.024%
Price spread now: Bybit against Orderly−0.270%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.078%+$8 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Funding pays, the price is against you. Bybit is 0.270% cheaper against Orderly than usual: you would sell low and buy high (spread −0.270% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 12 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.078% in total) that is about 24 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_OP_USDC | 0.1259 | 0.0025 | pay 0.0025% / 8h | 2h 35m | $59K | $142K | 10x |
| Short | Bybit OPUSDT | 0.1256 | 0.0100 | get 0.0100% / 8h | 2h 35m | $18.6M | $25.4M | 75x |
Orderly PERP_OP_USDC
Bybit OPUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $15.72
- Price spread: −0.270% → 0.000%
- −$27.01
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$28.29
- Costs to cover
- 0.170%
- Break-even
- 19.6 days
Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 8 min ago. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
| Sell Bybit live order book, 8 min ago | 0.40 bp | 15.9 bp −$16 | 28.9 bp −$289 | 110.9 bp −$11.1K | doesn't fit |
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 30 venues
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 | |
|---|---|---|---|---|---|---|---|---|
| Injective OP/USDC PERP | −0.1583% | 1h | 0.1253 | −0.477% | $35K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1261 | +0.162% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1263 | +0.294% | $39K | $532 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1261 | +0.159% | $40K | $139K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1261 | +0.135% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDClong | +0.0025% | 8h | 0.1259 | long leg | $59K | $142K | 10x | |
| Variational Omni OP | +0.0030% | 8h | 0.1257 | −0.154% | $222K | $48K | — | as long as short |
| Kraken Futures PF_OPUSD | +0.0074% | 1h | 0.1262 | +0.204% | $758K | $624K | 20x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1261 | +0.175% | $291K | $987K | 15x | as long as short |
| OKX OP-USDT-SWAP | +0.0097% | 8h | 0.1256 | −0.214% | $6.2M | $28.7M | 50x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
Kraken Futures PF_OPUSD
Lighter OP
OKX OP-USDT-SWAPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1258 | −0.079% | $3.5M | $2.8M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1258 | −0.067% | $208K | $218K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1257 | −0.155% | $19.8M | $63.6M | 75x | as long as short |
| Bybit OPUSDTshort | +0.0100% | 8h | 0.1256 | −0.270% | $18.6M | $25.4M | 75x | |
| Gate OP_USDT | +0.0100% | 8h | 0.1258 | −0.040% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1259 | −0.016% | $23.0M | $7.6M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1260 | +0.079% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1259 | 0.000% | $5.8M | $6.6M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1258 | −0.040% | — | $6.6M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1258 | −0.071% | $106K | $215K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1256 | −0.259% | $380K | $769K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1259 | 0.000% | $319K | $5.2M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1258 | −0.079% | $43K | $703K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1260 | +0.111% | $192 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1260 | +0.103% | $173K | $236K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1260 | +0.041% | $101K | $505K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1260 | +0.079% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0160% | 1h | 0.1245 | −1.112% | $26K | $59K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1259 | +0.008% | $1.0M | $278K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0442% | 1h | 0.1261 | +0.184% | $701 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP