OP

Alert

Funding spread now, next payment 14:00 UTC−0.0255%/8h

paid, last 24h−0.089%paid, last 5 days−0.086%to open and closeno order book

Long on Orderly Short on Coinbase International

The current rate is far above what this pair has been paying: over the last 5 days it paid -0.086% in total (about -6.9% 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	Orderly PERP_OP_USDC	0.1270	−0.0073	get 0.0073% / 8h	1h 47m	$7K	$53K	10x
Short	Coinbase International OP-PERP-INTX	0.1263	−0.0328	pay 0.0041% / 1h	47m 25s	$27K	$85K	50x

Funding history

latest

Range statsloading…

Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee OrderlybpFee Coinbase InternationalbpOrdersRate

Funding earned: −$53.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$69.62
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: −0.551%
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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Orderly and Coinbase International: 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
GMX OP/USD [OP-USDC]	L −0.1208% / S +0.0249%	1h	$13K	—	100x	as long as short
ApeX Omni OPUSDT	−0.0487%	1h	$45K	$704K	50x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0328%	1h	$27K	$85K	50x
Binance OPUSDT	−0.0152%	8h	$20.6M	$64.8M	75x	as long as short
Extended OP-USD	−0.0152%	1h	$101K	$217K	25x	as long as short
MEXC OP_USDT	−0.0152%	8h	$19.8M	$8.7M	300x	as long as short
Orderly PERP_OP_USDClong	−0.0073%	8h	$7K	$53K	10x
Variational Omni OP	−0.0062%	8h	$233K	$44K	—	as long as short
BloFin OP-USDT	−0.0033%	8h	$1.0M	$577K	75x	as long as short
dYdX OP-USD	0.0000%	1h	$39K	$10	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Deribit OP_USDC-PERPETUAL	0.0000%	1h	$48K	$220K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0001%	1h	$2K	—	150x	as long as short
Bybit OPUSDT	+0.0019%	8h	$17.9M	$27.1M	75x	as long as short
Injective OP/USDC PERP	+0.0033%	1h	$25K	$185K	12x	as long as short
Aevo OP-PERP	+0.0040%	1h	$4K	—	3x	as long as short
OKX OP-USDT-SWAP	+0.0071%	8h	$6.0M	$32.3M	50x	as long as short
SoDEX OP-USD	+0.0090%	1h	$163	$5K	5x	as long as short
Lighter OP	+0.0096%	1h	$367K	$743K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	$4.0M	$3.1M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	$200K	$434K	10x	as long as short
Gate OP_USDT	+0.0100%	8h	$1.8M	$1.7M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	$2.9M	$6.7M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$5.9M	$6.1M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	$132K	$166K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	$4K	$409K	10x	as long as short
HTX OP-USDT	+0.0100%	8h	$192K	$233K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0142%	1h	$784K	$662K	20x	as long as short
Reya OPRUSDPERP	+0.0430%	1h	$706	—	20x	as long as short