Funding you earn now, next payment 09:00 UTC−0.0206%/8h= −22.5% APRpaid last 24h −0.084%
Price spread now: Orderly against Kraken Futures−0.102%7-day average −0.096% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.137%−$14 on $10k
+Price spread, last 4 days (all we have)−0.067%−$7 · spread now −0.102%, 7d avg −0.096%
=The price spread sits at its 7-day average of −0.096%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.137% in total (about -7.1% a year). A funding rate is set anew for every payment. 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 | 0.1252 | 0.0155 | pay 0.0019% / 1h | 41m 39s | $746K | $676K | 20x |
| Short | Orderly PERP_OP_USDC | 0.1251 | −0.0051 | pay 0.0051% / 8h | 7h 41m | $12K | $235K | 10x |
Kraken Futures PF_OPUSD
Orderly PERP_OP_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$43.2
- Price spread: −0.102% → −0.096%
- −$0.63
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- −$59.83
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: live order book, 57 min ago; Orderly: 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, 57 min ago | 6.01 bp | 21.4 bp −$21 | 156.9 bp −$1,569 | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: 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 | −0.1328% | 1h | 0.1235 | −1.380% | $34K | $63K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1164% / S +0.0246% | 1h | 0.1252 | −0.017% | $13K | — | 100x | as long as short |
| Orderly PERP_OP_USDCshort | −0.0051% | 8h | 0.1251 | −0.102% | $12K | $235K | 10x | |
| dYdX OP-USD | 0.0000% | 1h | 0.1250 | −0.199% | $39K | $522 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1252 | −0.022% | $31K | $165K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1252 | −0.034% | — | — | 150x | as long as short |
| KuCoin OPUSDTM | +0.0016% | 8h | 0.1250 | −0.182% | $2.8M | $6.0M | 75x | as long as short |
| Bybit OPUSDT | +0.0040% | 8h | 0.1248 | −0.318% | $18.2M | $26.3M | 75x | as long as short |
| Variational Omni OP | +0.0071% | 8h | 0.1251 | −0.067% | $221K | $47K | — | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1250 | −0.190% | $288K | $1.1M | 15x | 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
KuCoin OPUSDTM
Bybit OPUSDT
Variational Omni OP
Lighter OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OP | +0.0100% | 1h | 0.1250 | −0.158% | $3.5M | $3.6M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1250 | −0.166% | $205K | $210K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1249 | −0.262% | $19.6M | $67.8M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1249 | −0.238% | $6.0M | $29.5M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1250 | −0.190% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1249 | −0.302% | $22.3M | $7.7M | 300x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1248 | −0.342% | $5.6M | $6.8M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1249 | −0.262% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1249 | −0.246% | $117K | $222K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1252 | −0.036% | $4K | $1.1M | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1251 | −0.075% | $311K | $5.3M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1253 | +0.058% | $43K | $694K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1251 | −0.118% | $193 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1252 | −0.062% | $166K | $259K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1248 | −0.317% | $100K | $612K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1251 | −0.095% | $3K | $1K | 3x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0112% | 1h | 0.1255 | +0.217% | $24K | $68K | 50x | as long as short |
| Kraken Futures PF_OPUSDlong | +0.0155% | 1h | 0.1252 | long leg | $746K | $676K | 20x | |
| BloFin OP-USDT | +0.0220% | 8h | 0.1252 | −0.062% | $994K | $325K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0445% | 1h | 0.1252 | −0.059% | $696 | — | 20x | as long as short |
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
Bitget OPUSDT
BingX OP-USDC
Backpack OP_USDC_PERP
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