Funding arb · Price arb /

OP

all OP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.008%

Price spread now: Bybit against Backpack−0.016%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$400.403% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

Price spread, last 4 days (all we have)+0.055%+$5 · spread now −0.016%, 7d avg −0.053%

Together, before fees−0.136%−$14 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: Bybit is 0.037% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1288	0.0100	pay 0.0013% / 1h	54m 51s	$125K	$189K	10x
Short	Bybit OPUSDT	0.1288	0.0100	get 0.0100% / 8h	54m 51s	$18.9M	$25.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Backpack. 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 BackpackbpFee BybitbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.053%: $3.74
Slippage, 4 orders: −$19.3
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36.56
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from Backpack: live order book, 23 min ago; Bybit: live order book, 4 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 Backpack live order book, 23 min ago	0.39 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.39 bp	8.5 bp −$9	20.7 bp −$207	90.9 bp −$9,088	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	−0.1633%	1h	0.1284	−0.318%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1290	+0.110%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1280	−0.629%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1289	+0.088%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1290	+0.148%	$43K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1290	+0.148%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0064%	8h	0.1289	+0.070%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0077%	8h	0.1288	+0.021%	$236K	$54K	—	as long as short
Lighter OP	+0.0096%	1h	0.1290	+0.155%	$291K	$919K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1290	+0.171%	$4.2M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1289	+0.044%	$215K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1288	+0.029%	$20.9M	$61.7M	75x	as long as short
Bybit OPUSDTshort	+0.0100%	8h	0.1288	−0.016%	$18.9M	$25.5M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1288	+0.023%	$6.1M	$30.5M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1289	+0.047%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1288	−0.039%	$20.6M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1288	−0.008%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1290	+0.148%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1288	+0.016%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1288	long leg	$125K	$189K	10x
edgeX OPUSDC	+0.0100%	4h	0.1287	−0.070%	$11K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1288	+0.007%	$322K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1288	−0.008%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1289	+0.078%	$184	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1291	+0.202%	$178K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1288	−0.002%	$103K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1290	+0.137%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1289	+0.070%	$1.0M	$291K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0354%	1h	0.1291	+0.210%	$807K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1290	+0.149%	$717	—	20x	as long as short