Live data
Optimism (OP) perpetual futures
Live funding rates, open interest, and measured trade costs for Optimism. 30 venues in the PerpFinder venue map list OP perps.
At a glance
This OP funding snapshot covers 4 venues: Bybit, Hyperliquid, dYdX, and Binance. It is the server-rendered page seed, not the venue total; the live funding panel below covers every venue that lists OP.
- Highest annualized funding
- +10.95%Bybit
- Executable spread
- 10.95% annualizedBybit vs dYdX
More
The highest executable annualized funding rate is +10.95% on Bybit, and the lowest is 0.00% on dYdX.
The executable spread between Bybit and dYdX is 10.95% annualized, from 3 venues that report open interest.
Bybit, Hyperliquid, and dYdX report $16.2m of open interest across the venues in this snapshot that publish it.
The OP price in this snapshot comes from Binance at $0.1053.
Generated from live venue feeds at
Funding rates
Annualized rates across exchanges
BinanceCEX
BybitCEX
HyperliquidDEX
dYdXDEXOpen interest
Per-exchange open interest
BybitHyperliquiddYdXLong/short ratio
Account-level positioning
Long/short ratios are published for BTC, ETH, SOL, and XRP only.
Cost comparison
Fee plus slippage for a $100K trade
The order-book cost engine measures BTC, ETH, SOL, XRP, BNB, DOGE and HYPE. OP is not measured. Live costs for the measured assets are on the cost comparison tool.
Where to Trade Optimism (OP) Perpetual Futures
27 of the 30 venues that list OP perps have a PerpFinder review page. The table compares fees, leverage, and features for those 27.
| Venue | Maker | Taker | Max leverage | Rating | Trade |
|---|---|---|---|---|---|
| 0.015% | 0.045% | 40x | 9.2 | OP → | |
| 0.010% | 0.050% | 50x | 9.0 | OP → | |
| 0.04% or 0.06% when opening and again when closing; rate depends on whether the action improves or worsens pool imbalance | 100x | 8.5 | OP → | ||
| 0.035% when opening and again when closing; BTC and ETH review rate; other pairs can use different fees and spreads | 1000x | 8.0 | OP → | ||
| 0.010% | 0.035% | 50x | 8.0 | OP → | |
| 0.020% | 0.050% | 100x | 8.0 | OP → | |
| 0.010% | 0.020% | 100x | 7.8 | OP → | |
| Free | 0.030% | 50x | 7.8 | OP → | |
| -0.010% | 0.017% | 1000x | 7.8 | OP → | |
| 0.050% | 0.080% | 20x | 7.5 | OP → | |
| Free | 0.040% | 100x | 7.5 | OP → | |
| 0.012% | 0.038% | 100x | 7.5 | OP → | |
| Free | 0.000% | 50x | 7.5 | OP → | |
| Free | 0.000% | 50x | 7.5 | OP → | |
| 0.03% when opening and again when closing; Regular Tier 0 fee for each executed position increase or decrease. Volume tiers can lower it. Price impact and funding are separate. | 100x | 7.5 | OP → | ||
| 0.01% or 0.045% when opening and again when closing; crypto standard perps; 0.01% improves the open-interest balance, 0.045% worsens it; forex, commodity and equity markets are 0% and Upside Perps use profit sharing | 100x | 7.0 | OP → | ||
| 0.045% or 0.055% when opening and again when closing; VIP Tier 0; 0.045% when an executed open, increase, close, or decrease improves long-short open-interest balance, and 0.055% when it worsens that balance | 100x | 7.0 | OP → | ||
| Free | 0.025% | 100x | 7.0 | OP → | |
| -0.000% | 0.045% | 50x | 7.0 | OP → | |
| 0.04% or 0.06% when opening and again when closing; rate depends on whether the action improves or worsens the long and short balance | 100x | 6.5 | OP → | ||
| 0.020% | 0.050% | 100x | 6.5 | OP → | |
| 0.020% | 0.050% | 50x | 6.5 | OP → | |
| 0.015% | 0.040% | 50x | 6.5 | OP → | |
| 0.010% | 0.040% | 40x | 6.5 | OP → | |
| Free | 0.045% | 50x | 6.5 | OP → | |
| 0.010% | 0.035% | 100x | 6.0 | OP → | |
| 0.020% | 0.050% | 100x | 6.0 | OP → | |
Market Overview
OP perps trade as a direct expression of the Optimism ecosystem's competitive position against Arbitrum and Base. The asset has a distinct unlock schedule, a governance structure that makes treasury decisions public in advance, and an expanding set of OP Stack chains whose collective success feeds into OP token demand. Each of these creates distinct and observable trading signals.
Liquidity and venue selection
OP perps are listed on Binance, Bybit, OKX, and Hyperliquid. Kwenta once operated on OP Mainnet through Synthetix infrastructure, but it is discontinued and does not rank as a live venue.
A thinner book widens the spread during a volatile session, so check depth for your exact notional with the cost comparison tool. Use limit orders for OP positions above $100k notional.
Funding and governance-driven OI
OP's governance is conducted through the Optimism Collective, with major votes on treasury grants and protocol parameters published publicly before voting opens. Governance votes that release ecosystem funds change expected OP supply, so traders open positions before the result.
The OP Stack narrative is the longer-term funding driver. Each new chain built on the OP Stack (Base, Zora, Mode, and others) adds to the argument for OP as a governance and fee-capture token. When a high-profile team announces an OP Stack chain, OP funding turns positive as traders price in the demand scenario.
Unlock calendar risk
OP has one of the more front-loaded unlock schedules among major L2 tokens. CoinGecko's OP page tracks the vesting timeline. Large unlocks have historically created multi-day selling pressure that overrides positive funding from governance catalysts. OP long positions held through major unlock windows carry structural headwinds.
Monitor the ARB/OP pair trade spread with the funding rates tool. Check /perps for current venue rankings by volume.
Trading Tips for Optimism Perps
OP has a significant token unlock schedule — check upcoming unlock dates before opening long-term positions. OP/ARB pair trades are popular among sophisticated traders, and OP tends to outperform when new chains adopt the OP Stack.
Frequently Asked Questions — Optimism (OP)
What is the current OP perpetual futures funding rate?
The live Optimism (OP) funding-rate panel updates every 2 minutes. It shows annualized rates for each exchange that lists OP perps. A positive rate means long traders pay short traders, while a negative rate means shorts pay longs.
Which exchange has the lowest OP perp trading fees?
Among 21 tracked OP venues with comparable order-book schedules, Paradex lists the lowest taker fee at 0.000%. Lighter lists 0.000%. 6 position-fee venues are excluded from this maker/taker result. Use the cost comparison for total cost.
How does Optimism open interest compare across exchanges?
The Optimism (OP) open-interest chart shows the total value of outstanding OP derivative contracts on each exchange. Rising open interest indicates new capital entering the market, while declining OI suggests positions are being closed.
What does the OP long/short ratio indicate?
The Optimism long/short ratio shows the balance between traders betting on price increases (longs) versus decreases (shorts) across exchanges. An extreme ratio in either direction can signal potential reversals as crowded positioning often leads to liquidation cascades.
Where can I trade OP perpetual futures?
Optimism (OP) perps are listed on 27 exchanges, including Hyperliquid, dYdX, GMX, Gains Network, and Bluefin, plus 22 more. The "Where to Trade Optimism (OP) Perpetual Futures" section compares fees and leverage limits and gives a direct trading link for each venue.
Category: Layer 2 · Data updates every 2 minutes · All rates shown are annualized