OP

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0036%/8h= −3.9% APRnext payment −$0.04 per $10,000 · paid last 24h −0.064%

Price spread now: Backpack against Kraken Futures−0.120%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$790.788% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now −0.120%, 7d avg −0.086%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.034% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.086%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.157%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1265	0.0136	pay 0.0017% / 1h	14m 03s	$782K	$731K	20x
Short	Backpack OP_USDC_PERP	0.1264	0.0100	get 0.0013% / 1h	14m 03s	$125K	$194K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$7.51
Price spread: −0.120% → −0.086%: −$3.37
Slippage, 4 orders: −$58.85
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$89.72
Costs to cover: 0.788%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 9 min ago; Backpack: live order book, 9 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 Kraken Futures live order book, 9 min ago	15.78 bp	26.5 bp −$26	102.9 bp −$1,029	doesn't fit	doesn't fit
Sell Backpack live order book, 9 min ago	1.58 bp	11.5 bp −$11	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	−0.1658%	1h	0.1259	−0.499%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1066% / S +0.0229%	1h	0.1264	−0.071%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0328%	1h	0.1243	−1.763%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	−0.032%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1265	−0.025%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1265	−0.037%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0039%	8h	0.1264	−0.104%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0040%	8h	0.1264	−0.128%	$231K	$44K	—	as long as short
OKX OP-USDT-SWAP	+0.0088%	8h	0.1263	−0.151%	$5.9M	$29.9M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1265	−0.025%	$271K	$907K	15x	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	0.1265	+0.007%	$4.1M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	−0.084%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1263	−0.163%	$20.5M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1262	−0.254%	$18.4M	$25.4M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1264	−0.096%	$1.8M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1264	−0.080%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1263	−0.183%	$2.9M	$7.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1264	−0.104%	$6.0M	$6.3M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1264	−0.104%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERPshort	+0.0100%	1h	0.1264	−0.120%	$125K	$194K	10x
edgeX OPUSDC	+0.0100%	4h	0.1265	+0.009%	$8K	$381K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1265	−0.027%	$313K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	+0.054%	$45K	$720K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1264	−0.112%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1266	+0.054%	$175K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1263	−0.177%	$101K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	−0.032%	$4K	—	3x	as long as short
Kraken Futures PF_OPUSDlong	+0.0136%	1h	0.1265	long leg	$782K	$731K	20x
BloFin OP-USDT	+0.0220%	8h	0.1264	−0.072%	$1.0M	$282K	75x	as long as short
Reya OPRUSDPERP	+0.0436%	1h	0.1264	−0.120%	$703	—	20x	as long as short