Funding you earn now, next payment 05:00 UTC−0.0044%/8h= −4.8% APRnext payment −$0.05 per $10,000 · paid last 24h +0.072%
Price spread now: Kraken Futures against Backpack+0.158%7-day average +0.088% · you sell dearer than you buy
Net, funding: paid 7d − costs−$82as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$710.707% of the position
Funding, last 7 days−0.111%−$11 on $10k
+Price spread, last 4 days (all we have)0.000%$0 · spread now +0.158%, 7d avg +0.088%
=The price spread pays, funding is against you. Kraken Futures is 0.070% dearer against Backpack than usual: you sell high and buy low (spread +0.158% now, against its 7-day average of +0.088%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.4 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack OP_USDC_PERP | 0.1271 | 0.0100 | pay 0.0013% / 1h | 29m 20s | $118K | $207K | 10x |
| Short | Kraken Futures PF_OPUSD | 0.1273 | 0.0056 | get 0.0007% / 1h | 29m 20s | $781K | $555K | 20x |
Backpack OP_USDC_PERP
Kraken Futures PF_OPUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$9.14
- Price spread: +0.158% → +0.088%
- $7.03
- Slippage, 4 orders
- −$50.7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$72.81
- Costs to cover
- 0.707%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 24 min ago; Kraken Futures: live order book, 24 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, 24 min ago | 1.18 bp | 11.0 bp −$11 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 24 min ago | 6.27 bp | 25.2 bp −$25 | 74.8 bp −$748 | 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 | −0.1568% | 1h | 0.1264 | −0.535% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1270 | −0.068% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1271 | +0.004% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1270 | −0.063% | $42K | $138K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1270 | −0.063% | — | — | 150x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0032% | 1h | 0.1270 | −0.063% | $25K | $58K | 50x | as long as short |
| Variational Omni OP | +0.0047% | 8h | 0.1274 | +0.270% | $225K | $48K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1269 | −0.142% | $6K | $46K | 10x | as long as short |
| Kraken Futures PF_OPUSDshort | +0.0056% | 1h | 0.1273 | +0.158% | $781K | $555K | 20x | |
| OKX OP-USDT-SWAP | +0.0088% | 8h | 0.1269 | −0.126% | $6.2M | $28.6M | 50x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Coinbase International OP-PERP-INTX
Variational Omni OP
Orderly PERP_OP_USDC
OKX OP-USDT-SWAPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter OP | +0.0096% | 1h | 0.1271 | 0.000% | $276K | $945K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1271 | 0.000% | $3.7M | $2.8M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1271 | −0.011% | $212K | $216K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1270 | −0.102% | $20.6M | $61.0M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1269 | −0.157% | $18.7M | $24.9M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1270 | −0.039% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1270 | −0.094% | $21.3M | $7.3M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1269 | −0.142% | $2.8M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1269 | −0.142% | $5.8M | $6.5M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1270 | −0.063% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPlong | +0.0100% | 1h | 0.1271 | long leg | $118K | $207K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1272 | +0.088% | $4K | $387K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1273 | +0.196% | $318K | $5.0M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1272 | +0.094% | $44K | $708K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1272 | +0.071% | $189 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1273 | +0.181% | $172K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1269 | −0.133% | $102K | $391K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1270 | −0.102% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1275 | +0.354% | $1.0M | $282K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0442% | 1h | 0.1269 | −0.114% | $706 | — | 20x | as long as short |
Lighter OP
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDC
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Reya OPRUSDPERP