OP Funding Rate — live across 16 venues
25 DEX + 8 CEX · net of fees · updated continuously
Live annualized OP perpetual funding across all 16 venues Perpia tracks. Right now OP funding is positive on 9 and negative on 6, ranging from +11.4% on Extended to -88.4% on BackPack — a spread of 99.8%. The widest delta-neutral trade is long BackPack / short Binance at 95.3% net APR.
OP funding rate by venue
90 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| Extended | +11.4% | 1h |
| Binance | +10.9% | 8h |
| KuCoin | +10.9% | 8h |
| Bitget | +10.9% | 8h |
| MEXC | +10.9% | 8h |
| BingX | +10.9% | 8h |
| Aster | +10.9% | 8h |
| ApeX | +10.9% | 1h |
| OKX | +3.6% | 8h |
| dYdX | +0.0% | 1h |
| Gate.io | -10.7% | 8h |
| Variational | -22.5% | 8h |
| Bybit | -23.7% | 8h |
| Lighter | -55.2% | 8h |
| Hyperliquid | -75.2% | 1h |
| BackPack | -88.4% | 1h |
Rates annualized; updated ~every few minutes from live venue data.
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OP funding — FAQ
Is OP funding positive right now?
OP perpetual funding is positive on 9 of 16 venues Perpia tracks and negative on 6. The highest is +11.4% on Extended; the lowest is -88.4% on BackPack.
What is the best OP funding arbitrage right now?
Go long BackPack and short Binance for about 95.3% 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-rate arbitrage is delta-neutral: you go long the venue paying the most negative funding and short the one paying the most positive, so price moves cancel and you collect the spread. The catch is liquidity — a huge APR on a thin book caps at a few thousand dollars and often flips within hours. Perpia shows the max size after slippage and tracks whether a spread holds, so you filter instead of chasing the number.