Funding you earn now, next payment 06:00 UTC+0.1683%/8h= +184.3% APRnext payment +$2.10 per $10,000 · paid last 24h +0.277%
Price spread now: Backpack against Injective+0.775%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+1.506%+$151 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$50 a day on $10k at the current rate, and Backpack is 0.775% dearer against Injective than usual: you sell high and buy low: +$78 more if the spread goes back to zero (this spread has no 7-day history yet).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective OP/USDC PERP | 0.1238 | −0.1583 | get 0.0198% / 1h | 20m 16s | $34K | $59K | 12x |
| Short | Backpack OP_USDC_PERP | 0.1248 | 0.0100 | get 0.0013% / 1h | 20m 16s | $105K | $214K | 10x |
Injective OP/USDC PERP
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Injective. 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
- $353.39
- Price spread: +0.775% → 0.000%
- $77.54
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $420.92
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Injective: no order-book sample; Backpack: live order book, 28 min ago. 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 Injective no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 28 min ago | 2.75 bp | 12.5 bp −$12 | doesn't fit | doesn't fit | doesn't fit |
Injective: 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 PERPlong | −0.1583% | 1h | 0.1238 | long leg | $34K | $59K | 12x | |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1253 | +1.225% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1253 | +1.193% | $39K | $532 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1253 | +1.212% | $40K | $139K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1253 | +1.242% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0009% | 8h | 0.1252 | +1.131% | $59K | $142K | 10x | as long as short |
| Variational Omni OP | +0.0015% | 8h | 0.1247 | +0.746% | $221K | $45K | — | as long as short |
| Kraken Futures PF_OPUSD | +0.0074% | 1h | 0.1254 | +1.322% | $755K | $629K | 20x | as long as short |
| Bybit OPUSDT | +0.0086% | 8h | 0.1253 | +1.179% | $18.4M | $25.6M | 75x | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1253 | +1.195% | $278K | $1.0M | 15x | as long as short |
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
Kraken Futures PF_OPUSD
Bybit OPUSDT
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1253 | +1.212% | $3.3M | $2.9M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1253 | +1.219% | $205K | $210K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1253 | +1.212% | $19.6M | $64.1M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1253 | +1.236% | $6.2M | $28.9M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1253 | +1.179% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1253 | +1.212% | $22.9M | $7.7M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1252 | +1.131% | $2.9M | $6.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1252 | +1.131% | $5.8M | $6.6M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1253 | +1.212% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1248 | +0.775% | $105K | $214K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1242 | +0.345% | $376K | $767K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1244 | +0.463% | $307K | $5.4M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1240 | +0.162% | $43K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1252 | +1.155% | $202 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1252 | +1.155% | $173K | $240K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1252 | +1.133% | $101K | $506K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1252 | +1.149% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0160% | 1h | 0.1243 | +0.404% | $26K | $59K | 50x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1247 | +0.767% | $993K | $275K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0443% | 1h | 0.1252 | +1.154% | $696 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
OKX OP-USDT-SWAP
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
Coinbase International OP-PERP-INTX
BloFin OP-USDT
Reya OPRUSDPERP