OP

Alert

Funding spread now, next payment 16:00 UTC−0.0331%/8h

next payment, per $10,000−$0.41paid, last 24h−0.094%paid, last 3 days+0.002%to open and closeno order book

The current rate is far above what this pair has been paying: over the last 3 days it paid 0.002% in total (about 0.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.41 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	Reya OPRUSDPERP	0.1261	0.0431	pay 0.0054% / 1h	7m 04s	$701	—	20x
Short	Backpack OP_USDC_PERP	0.1262	0.0100	get 0.0013% / 1h	7m 04s	$133K	$180K	10x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee ReyabpFee BackpackbpOrdersRate

Funding earned: −$69.55
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$85.55
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Backpack: live order book, 43 min ago. Net counts fees only.

Price risk

price view

Price gap now: +0.092%
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 Reya no order-book sample	—	—	—	—	—
Sell Backpack live order book, 43 min ago	1.96 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit

Reya: 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 −0.1440% / S +0.0291%	1h	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0296%	1h	$22K	$90K	50x	as long as short
Extended OP-USD	−0.0088%	1h	$101K	$213K	25x	as long as short
Binance OPUSDT	−0.0086%	8h	$21.0M	$69.2M	75x	as long as short
MEXC OP_USDT	−0.0085%	8h	$20.1M	$8.8M	300x	as long as short
Orderly PERP_OP_USDC	−0.0077%	8h	$7K	$54K	10x	as long as short
Variational Omni OP	−0.0066%	8h	$231K	$46K	—	as long as short
dYdX OP-USD	0.0000%	1h	$39K	$10	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	$47K	$200K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	—	—	150x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bybit OPUSDT	+0.0028%	8h	$17.8M	$28.2M	75x	as long as short
BloFin OP-USDT	+0.0034%	8h	$1.1M	$585K	75x	as long as short
OKX OP-USDT-SWAP	+0.0040%	8h	$6.0M	$33.4M	50x	as long as short
Aevo OP-PERP	+0.0056%	1h	$4K	—	3x	as long as short
Lighter OP	+0.0096%	1h	$296K	$837K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	$3.9M	$3.3M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	$213K	$469K	10x	as long as short
Gate OP_USDT	+0.0100%	8h	$1.8M	$1.8M	50x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	$2.8M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	$5.9M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	—	$7.0M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	$133K	$180K	10x
edgeX OPUSDC	+0.0100%	4h	$10K	$377K	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	$45K	$714K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	$192	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	$181K	$277K	50x	as long as short
Kraken Futures PF_OPUSD	+0.0242%	1h	$783K	$672K	20x	as long as short
Injective OP/USDC PERP	+0.0248%	1h	$25K	$184K	12x	as long as short
Reya OPRUSDPERPlong	+0.0431%	1h	$701	—	20x