Question 1

Which exchange has the highest OP funding rate right now?

Accepted Answer

HTX shows the highest OP funding at +109.18% annualized. A high positive rate means shorts get paid, so this is the venue to short OP when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.

Question 2

Which exchange is best to long OP for funding?

Accepted Answer

Backpack has the lowest OP funding at -25.92% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.

Question 3

What is the best OP funding-arbitrage pair?

Accepted Answer

The widest spread is long Backpack / short HTX at about 135.1% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does OP funding settle?

Accepted Answer

OP funding settles on different schedules by venue (1h, 4h, 8h). Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.

Question 5

Is OP funding positive or negative?

Accepted Answer

OP funding is mixed across venues, ranging -25.92% to +109.18% APR — which is exactly what creates the cross-exchange arbitrage opportunity.

Question 6

What is the current OP perpetual swap funding rate?

Accepted Answer

The current OP perpetual swap funding rate ranges from -25.92% to +109.18% annualized depending on the exchange — Backpack is lowest and HTX is highest right now. There is no single OP funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.

Question 7

What is the aggregated OP funding rate across exchanges?

Accepted Answer

Aggregated across the 34 venues ORBIT tracks, OP funding currently spans -25.92% to +109.18% APR, a spread of 135.1 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.

Question 8

How do I read the OP 8h funding rate versus the annualized rate?

Accepted Answer

Venues that settle OP every 8 hours quote the per-payment rate, which is charged three times a day. Multiply an 8h rate by 3 to get the daily figure and by 1,095 to annualize it. ORBIT converts every venue — 1h, 4h and 8h alike — to a common APR so an 8h rate and a 1h rate can be compared directly.

Exchange	Funding APR↓	Interval	Open Interest↕	Mark Price↕
HTXBest Short	+109.18%	8h	$215K	$0.1294
Crypto.com	+88.09%	1h	$70K	$0.129
OKX	+10.96%	8h	$5.8M	$0.129
Hyperliquid	+10.96%	1h	$1.7M	$0.1292
BingX	+10.96%	8h	$3.6M	$0.1292
Bitget	+10.96%	8h	$6.2M	$0.129
Gate.io	+10.96%	8h	$2.5M	$0.1289
KuCoin	+10.96%	8h	$2.6M	$0.129
Aster	+10.96%	8h	$221K	$0.1289
ApeX	+10.96%	1h	$43K	$0.1289
edgeX V2	+10.96%	4h	$4K	$0.1291
Bullpen	+10.96%	1h	$1.7M	$0.1292
SoDEX	+10.96%	1h	$0K	$0.129
Bitunix	+10.96%	8h	—	$0.129
dreamcash	+10.96%	1h	$1.7M	$0.1292
Ventuals	+10.96%	1h	$1.7M	$0.1292
Lighter	+10.52%	1h	$165K	$0.129
Hotcoin	+10.35%	8h	$1.3M	$0.129
WOOFi Pro	+9.68%	8h	$9K	$0.1288
WEEX	+8.92%	8h	$6.8M	$0.129
CoinW	+8.92%	8h	—	$0.1288
Extended	+8.77%	1h	$23K	$0.1289
Pionex	+8.76%	8h	$97K	$0.1292
LBank	+8.38%	8h	—	$0.129
Binance Futures	+8.14%	8h	$16.9M	$0.129
Toobit	+8.14%	8h	$559K	$0.1292
MEXC	+8.11%	8h	$20.3M	$0.1292
BloFin	+7.42%	8h	$864K	$0.129
Bybit	+3.85%	8h	$19.5M	$0.1288
dYdX	+0.00%	1h	$40K	$0.129
Variational	-1.39%	8h	$175K	$0.1289
grvt	-2.41%	8h	$311K	$0.129
TxFlow	-17.18%	1h	$11K	$0.1288
BackpackBest Long	-25.92%	1h	$170K	$0.1294

OP Perpetual Swap Funding Rate by Exchange

How OP funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

OP funding rates explained

Frequently asked questions