Funding you earn now, next payment 07:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.027%
Price spread now: Backpack against OKX−0.032%7-day average +0.029% · you buy dearer than you sell
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$47as in the Price arb table
costs, in and out, $10k−$410.409% of the position
Funding, last 7 days+0.221%+$22 on $10k
+Price spread, last 4 days (all we have)+0.049%+$5 · spread now −0.032%, 7d avg +0.029%
=Funding pays, the price is against you. Backpack is 0.060% cheaper against OKX than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of +0.029%). If the spread goes back, that is −$6 on $10k: about 8.5 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.221% in total) that is about 46 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | OKX OP-USDT-SWAP | 0.1259 | 0.0076 | pay 0.0076% / 8h | 1h 34m | $6.1M | $29.6M | 50x |
| Short | Backpack OP_USDC_PERP | 0.1259 | 0.0100 | get 0.0013% / 1h | 34m 08s | $108K | $216K | 10x |
OKX OP-USDT-SWAP
Backpack OP_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against OKX. 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
- $5
- Price spread: −0.032% → +0.029%
- −$6.04
- Slippage, 4 orders
- −$20.89
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$41.93
- Costs to cover
- 0.409%
- Break-even
- 65.7 days
Slippage from OKX: live order book, 4 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 OKX live order book, 4 min ago | 0.40 bp | 11.9 bp −$12 | 31.4 bp −$314 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 9 min ago | 1.19 bp | 8.7 bp −$9 | 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 | −0.1760% | 1h | 0.1256 | −0.254% | $35K | $59K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.0898% / S +0.0202% | 1h | 0.1263 | +0.269% | $13K | — | 100x | as long as short |
| Deribit OP_USDC-PERPETUAL | −0.0544% | 1h | 0.1258 | −0.095% | $32K | $154K | 25x | as long as short |
| Orderly PERP_OP_USDC | −0.0045% | 8h | 0.1258 | −0.095% | $59K | $142K | 10x | as long as short |
| Kraken Futures PF_OPUSD | −0.0034% | 1h | 0.1260 | +0.065% | $754K | $652K | 20x | as long as short |
| Variational Omni OP | −0.0015% | 8h | 0.1262 | +0.256% | $223K | $46K | — | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1262 | +0.205% | $39K | $522 | 10x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1259 | −0.030% | — | — | 150x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0032% | 1h | 0.1262 | +0.222% | $24K | $64K | 50x | as long as short |
| Bybit OPUSDT | +0.0049% | 8h | 0.1258 | −0.064% | $18.5M | $26.0M | 75x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Deribit OP_USDC-PERPETUAL
Orderly PERP_OP_USDC
Kraken Futures PF_OPUSD
Variational Omni OP
dYdX OP-USD
gTrade (Gains Network) OP/USD
Coinbase International OP-PERP-INTX
Bybit OPUSDTShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin OPUSDTM | +0.0056% | 8h | 0.1258 | −0.095% | $2.8M | $6.3M | 75x | as long as short |
| OKX OP-USDT-SWAPlong | +0.0076% | 8h | 0.1259 | long leg | $6.1M | $29.6M | 50x | |
| Lighter OP | +0.0096% | 1h | 0.1260 | +0.064% | $276K | $1.1M | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1260 | +0.087% | $3.5M | $3.7M | 5x | as long as short |
| Aster OPUSDT | +0.0100% | 8h | 0.1260 | +0.082% | $209K | $218K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1259 | 0.000% | $19.9M | $66.5M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1259 | −0.008% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1258 | −0.056% | $22.9M | $7.7M | 300x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1259 | −0.016% | $5.7M | $6.8M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1260 | +0.064% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERPshort | +0.0100% | 1h | 0.1259 | −0.032% | $108K | $216K | 10x | |
| edgeX OPUSDC | +0.0100% | 4h | 0.1262 | +0.188% | $382K | $768K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1261 | +0.174% | $311K | $5.3M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1262 | +0.222% | $43K | $699K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1258 | −0.079% | $209 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1260 | +0.079% | $171K | $253K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1257 | −0.145% | $101K | $506K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1259 | −0.037% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1262 | +0.238% | $996K | $327K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0443% | 1h | 0.1258 | −0.120% | $699 | — | 20x | as long as short |
KuCoin OPUSDTM
Lighter OP
Hyperliquid OP
Aster OPUSDT
Binance OPUSDT
Gate OP_USDT
MEXC OP_USDT
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
BloFin OP-USDT
Reya OPRUSDPERP