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% APRpaid last 24h 0.000%

Price spread now: HTX against Backpack+0.117%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$690.694% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 3 days (all we have)+0.100%+$10 · spread now +0.117%, 7d avg +0.024%

Together, before fees−0.039%−$4 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: HTX is 0.093% dearer against Backpack than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1279	0.0100	pay 0.0013% / 1h	19m 39s	$127K	$190K	10x
Short	HTX OP-USDT	0.1280	0.0100	get 0.0100% / 8h	1h 19m	$177K	$232K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.117%Rate

Funding earned: $0
Price spread: +0.117% → +0.024%: $9.34
Slippage, 4 orders: −$47.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$60.04
Costs to cover: 0.694%
Break-even: never at this rate

Slippage from Backpack: live order book, 63 min ago; HTX: live order book, 62 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, 63 min ago	1.58 bp	8.5 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 62 min ago	12.61 bp	24.2 bp −$24	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	0.1270	−0.704%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	+0.036%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1269	−0.782%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1280	+0.117%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1280	+0.078%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	+0.060%	—	—	150x	as long as short
Variational Omni OP	+0.0053%	8h	0.1278	−0.110%	$233K	$53K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1279	0.000%	$6K	$49K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1281	+0.156%	$281K	$910K	15x	as long as short
OKX OP-USDT-SWAP	+0.0099%	8h	0.1280	+0.070%	$6.0M	$30.2M	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	0.1282	+0.203%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1280	+0.093%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1280	+0.063%	$20.8M	$61.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	+0.016%	$18.8M	$25.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	+0.078%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	+0.055%	$20.1M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1279	0.000%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1281	+0.156%	$6.1M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1280	+0.078%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1279	long leg	$127K	$190K	10x
edgeX OPUSDC	+0.0100%	4h	0.1275	−0.307%	$11K	$380K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1276	−0.235%	$319K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1276	−0.235%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1279	+0.008%	$184	$6K	5x	as long as short
HTX OP-USDTshort	+0.0100%	8h	0.1280	+0.117%	$177K	$232K	50x
Extended OP-USD	+0.0104%	1h	0.1280	+0.074%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1279	+0.038%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1279	+0.008%	$1.0M	$288K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0225%	1h	0.1281	+0.124%	$800K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1279	+0.016%	$711	—	20x	as long as short