Funding you earn now, next payment 22:00 UTC−0.0329%/8h= −36.1% APRnext payment −$0.41 per $10,000 · paid last 24h −0.096%
Price spread now: GMX against Backpack+0.136%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
The price spread pays, funding is against you. GMX is 0.136% dearer against Backpack than usual: you sell high and buy low (spread +0.136% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 33 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1266 | 0.0100 | pay 0.0013% / 1h | 24m 22s | $128K | $192K | 10x |
| Short | GMX OP/USD [OP-USDC] | 0.1268 | L −0.1066% / S +0.0229% | pay 0.0029% / 1h | 24m 22s | $13K | — | 100x |
Backpack OP_USDC_PERP
GMX OP/USD [OP-USDC]Funding history
latest
Range statsloading…
Price spread between the two exchanges
GMX against Backpack. 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
- −$69.15
- Price spread: +0.136% → 0.000%
- $13.59
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- −$77.56
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage unknown: Backpack: live order book, 63 min ago; GMX: no order-book sample. 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 Backpack live order book, 63 min ago | 1.60 bp | 10.7 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
GMX: 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 | −0.1658% | 1h | 0.1246 | −1.572% | $34K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC]short | L −0.1066% / S +0.0229% | 1h | 0.1268 | +0.136% | $13K | — | 100x | |
| Coinbase International OP-PERP-INTX | −0.0328% | 1h | 0.1243 | −1.809% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1269 | +0.245% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1267 | +0.087% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1268 | +0.166% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0034% | 8h | 0.1266 | +0.008% | $6K | $50K | 10x | as long as short |
| Variational Omni OP | +0.0039% | 8h | 0.1263 | −0.197% | $230K | $44K | — | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1269 | +0.253% | $272K | $907K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1269 | +0.276% | $4.1M | $3.0M | 5x | as long as short |
Injective OP/USDC PERP
Coinbase International OP-PERP-INTX
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
Lighter OP
Hyperliquid OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1268 | +0.148% | $213K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1268 | +0.141% | $20.5M | $62.6M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1267 | +0.095% | $18.5M | $25.3M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1266 | +0.008% | $5.9M | $29.9M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1268 | +0.134% | $1.8M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1268 | +0.134% | $20.2M | $7.3M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1267 | +0.087% | $2.9M | $7.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1267 | +0.087% | $6.0M | $6.2M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1268 | +0.126% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1266 | long leg | $128K | $192K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1259 | −0.583% | $10K | $377K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1262 | −0.307% | $312K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1258 | −0.624% | $45K | $719K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1265 | −0.032% | $174 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1266 | +0.008% | $175K | $234K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1266 | −0.010% | $101K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1267 | +0.068% | $4K | — | 3x | as long as short |
| Kraken Futures PF_OPUSD | +0.0136% | 1h | 0.1267 | +0.050% | $783K | $731K | 20x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1265 | −0.079% | $999K | $282K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0436% | 1h | 0.1267 | +0.096% | $705 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Kraken Futures PF_OPUSD
BloFin OP-USDT
Reya OPRUSDPERP