Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.007%

Price spread now: OKX against Backpack−0.088%46s7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.482% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 4 days (all we have)+0.116%+$12 · spread now −0.088%, 7d avg −0.025%

Together, before fees−0.110%−$11 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: OKX is 0.063% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.025%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack OP_USDC_PERP	0.1250	0.0100	pay 0.0013% / 1h	20m 21s	$110K	$222K	10x
Short	OKX OP-USDT-SWAP	0.1249	0.0100	get 0.0100% / 8h	6h 20m	$6.0M	$28.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.088%Rate

Funding earned: $0
Price spread: −0.088% → −0.025%: −$6.32
Slippage, 4 orders: −$28.18
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$54.5
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Backpack: live order book, 31 min ago; OKX: live order book, 1 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, 31 min ago	0.80 bp	12.6 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.40 bp	11.0 bp −$11	29.7 bp −$297	doesn't fit	doesn't fit

OP on 30 exchanges

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	−0.1934%	1h	0.1257	+0.544%	$35K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.0886% / S +0.0200%	1h	0.1249	−0.064%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0058%	8h	0.1249	−0.096%	$12K	$233K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1250	−0.037%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1251	+0.064%	$31K	$128K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	+0.078%	—	—	150x	as long as short
Extended OP-USD	+0.0024%	1h	0.1249	−0.114%	$102K	$579K	25x	as long as short
Binance OPUSDT	+0.0026%	8h	0.1249	−0.089%	$19.2M	$68.2M	75x	as long as short
MEXC OP_USDT	+0.0026%	8h	0.1249	−0.072%	$22.1M	$7.6M	300x	as long as short
GRVT OP_USDT_Perp	+0.0028%	8h	0.1251	+0.035%	$305K	$5.5M	10x	as long as short

Show all 30 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin OPUSDTM	+0.0072%	8h	0.1249	−0.096%	$2.9M	$5.8M	75x	as long as short
Variational Omni OP	+0.0072%	8h	0.1250	−0.040%	$221K	$46K	—	as long as short
Gate OP_USDT	+0.0074%	8h	0.1250	−0.032%	$2.0M	$1.4M	50x	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1248	−0.176%	$26K	$71K	50x	as long as short
Aevo OP-PERP	+0.0088%	1h	0.1250	−0.043%	$3K	$1K	3x	as long as short
Lighter OP	+0.0096%	1h	0.1250	−0.032%	$265K	$1.1M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1249	−0.080%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1251	+0.068%	$207K	$224K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	−0.112%	$18.1M	$25.8M	75x	as long as short
OKX OP-USDT-SWAPshort	+0.0100%	8h	0.1249	−0.088%	$6.0M	$28.7M	50x
Bitget OPUSDT	+0.0100%	8h	0.1250	−0.016%	$5.8M	$6.8M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1250	−0.016%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1250	long leg	$110K	$222K	10x
edgeX OPUSDC	+0.0100%	4h	0.1249	−0.107%	$4K	$1.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1248	−0.176%	$43K	$690K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	−0.016%	$201	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1252	+0.168%	$170K	$257K	50x	as long as short
BloFin OP-USDT	+0.0105%	8h	0.1248	−0.200%	$980K	$278K	75x	as long as short
Reya OPRUSDPERP	+0.0446%	1h	0.1249	−0.124%	$694	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0512%	1h	0.1251	+0.079%	$744K	$803K	20x	as long as short