OP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0735%/8h= −80.5% APRnext payment −$0.92 per $10,000 · paid last 24h −0.216%

Price spread now: Coinbase International against Kraken Futures+0.916%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.338%−$34 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Coinbase International is 0.916% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.916% now, against zero (this spread has no 7-day history yet)): +$92 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 4.2 days. At the pace of the last 7 days (−0.338% in total) that is about 19 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.338% in total (about -17.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.92 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1267	0.0383	pay 0.0048% / 1h	3m 10s	$801K	$754K	20x
Short	Coinbase International OP-PERP-INTX	0.1279	−0.0352	pay 0.0044% / 1h	3m 10s	$25K	$77K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.916%Rate

Funding earned: −$154.33
Price spread: +0.916% → 0.000%: $91.6
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$82.73
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 5 min ago; Coinbase International: no order-book sample. 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 Kraken Futures live order book, 5 min ago	6.66 bp	32.5 bp −$33	180.8 bp −$1,808	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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 PERP	−0.1656%	1h	0.1266	−0.110%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1267	−0.013%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0352%	1h	0.1279	+0.916%	$25K	$77K	50x
dYdX OP-USD	0.0000%	1h	0.1267	−0.031%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1267	−0.031%	$42K	$163K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1267	−0.029%	—	—	150x	as long as short
Variational Omni OP	+0.0055%	8h	0.1270	+0.191%	$232K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1267	−0.031%	$6K	$47K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1267	−0.015%	$282K	$953K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1269	+0.095%	$4.0M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1267	+0.004%	$212K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1267	−0.067%	$20.5M	$62.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1265	−0.165%	$18.4M	$26.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1265	−0.157%	$6.2M	$30.0M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1267	−0.023%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1266	−0.133%	$20.0M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1266	−0.110%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1266	−0.110%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1265	−0.149%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1266	−0.110%	$122K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1277	+0.730%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1271	+0.251%	$314K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1271	+0.285%	$44K	$726K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1267	−0.023%	$173	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1267	+0.001%	$175K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1267	−0.038%	$107K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1267	−0.037%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1266	−0.078%	$1.0M	$274K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0383%	1h	0.1267	long leg	$801K	$754K	20x
Reya OPRUSDPERP	+0.0439%	1h	0.1266	−0.072%	$704	—	20x	as long as short