OP Funding Rate — live across 15 venues

Compared across 15 supported venues · net of estimated fees · updated every few minutes

Live annualized OP perpetual funding across all 15 venues Perpia tracks. Right now OP funding is positive on 12 and negative on 3, ranging from +11.4% on Extended to -40.2% on Hyperliquid — a spread of 51.6%. The widest delta-neutral trade is long Hyperliquid / short MEXC at 48.2% net APR.

venues

paying positive

51.6%

funding spread

Best OP spread now

48.2%

net APR after fees

Long Hyperliquid→Short MEXC

size depends on live venue depth — see the real cap in the scanner

OP funding trend & liquidity

168h of history

51.1%

current gross APR

34.3%

24h average

12.6%

7-day average

$3.9M

pair OI · lower leg

$1.1M

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

OP funding rate history

30d · 6h buckets · 12 venues

55.3%0-106.7%

6 Aug5 Sep

OP — average across 12 venuesAsterBackPackExtendedHyperliquid

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: -5.1%. A break in a line means no data was recorded for that stretch, not a zero rate.

OP funding rate by venue

27 pairs scanned

Venue	Funding APR	Interval
Extended ↗	+11.4%	1h
MEXC ↗	+10.9%	8h
Binance ↗	+10.9%	8h
OKX ↗	+10.9%	8h
Gate.io ↗	+10.9%	8h
BingX ↗	+10.9%	8h
KuCoin ↗	+10.9%	8h
Bitget ↗	+10.9%	8h
Aster ↗	+10.9%	8h
ApeX ↗	+10.9%	1h
Bybit ↗	+9.9%	8h
Variational ↗	+9.6%	8h
Lighter ↗	-1.8%	8h
BackPack ↗	-25.8%	1h
Hyperliquid ↗	-40.2%	1h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Hyperliquid vs MEXC page.

OP arbitrage — 30-day backtest

long Hyperliquid · short MEXC

8.4%

backtested APR

+$69

historical net P&L on $10,000

0.02%

max drawdown

$10,000$10,069

30 days agostarting capital $10,000today

Over the last 30 days, holding long Hyperliquid / short MEXC would have produced 8.4% APR — versus the 48.2% the live spread implies right now (equity $10,000 → $10,069). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

Loading OP backtest…

OP funding — FAQ

Is OP funding positive right now?

OP perpetual funding is positive on 12 of 15 venues Perpia tracks and negative on 3. The highest is +11.4% on Extended; the lowest is -40.2% on Hyperliquid.

What is the best OP funding arbitrage right now?

Go long Hyperliquid and short MEXC for about 48.2% net APR after fees — the widest delta-neutral OP spread Perpia currently sees.

Which exchange has the highest OP funding rate?

Extended, at +11.4% annualized. Funding shifts continuously, so check the live table above before trading.

How OP funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to OP

Markets also quoted on both Hyperliquid and MEXC — the same two exchanges you would already have funded for the OP trade.

See every spread between them on the Hyperliquid vs MEXC page.

Open the live scanner →All funding rates Funding by exchange How we calculate this