Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against ApeX Omni+0.142%7-day average −0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 3 days (all we have)−0.386%−$39 · spread now +0.142%, 7d avg −0.055%

Together, before fees−0.242%−$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.197% dearer against ApeX Omni than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni OPUSDT	0.1264	0.0100	pay 0.0013% / 1h	32m 26s	$45K	$722K	50x
Short	Backpack OP_USDC_PERP	0.1266	0.0100	get 0.0013% / 1h	32m 26s	$125K	$190K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee ApeX OmnibpFee BackpackbpOrdersPrice spread, now +0.142%Rate

Funding earned: $0
Price spread: +0.142% → −0.055%: $19.74
Slippage, 4 orders: −$40.25
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$40.51
Costs to cover: 0.602%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 51 min ago; Backpack: live order book, 51 min ago.

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 ApeX Omni live order book, 51 min ago	11.86 bp	20.4 bp −$20	120.0 bp −$1,200	doesn't fit	doesn't fit
Sell Backpack live order book, 51 min ago	1.58 bp	11.5 bp −$11	doesn't fit	doesn't fit	doesn't fit

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	−0.1710%	1h	0.1259	−0.396%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1266	+0.190%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1253	−0.870%	$21K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1267	+0.237%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1267	+0.237%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1267	+0.223%	—	—	150x	as long as short
Variational Omni OP	+0.0037%	8h	0.1262	−0.197%	$234K	$48K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1266	+0.158%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1267	+0.269%	$276K	$904K	15x	as long as short
OKX OP-USDT-SWAP	+0.0099%	8h	0.1269	+0.372%	$5.9M	$29.9M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1268	+0.332%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1267	+0.214%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1269	+0.364%	$20.6M	$62.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1268	+0.293%	$18.5M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	+0.459%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1268	+0.301%	$20.0M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1267	+0.237%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1269	+0.396%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1270	+0.467%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1266	+0.142%	$125K	$190K	10x
edgeX OPUSDC	+0.0100%	4h	0.1263	−0.045%	$11K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1265	+0.056%	$316K	$5.1M	10x	as long as short
ApeX Omni OPUSDTlong	+0.0100%	1h	0.1264	long leg	$45K	$722K	50x
SoDEX OP-USD	+0.0100%	1h	0.1266	+0.134%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1267	+0.222%	$175K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1270	+0.467%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	+0.198%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1267	+0.214%	$999K	$282K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0227%	1h	0.1267	+0.200%	$791K	$740K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1269	+0.394%	$706	—	20x	as long as short