Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0379%/8h= −41.5% APRpaid last 24h −0.043%

Price spread now: Aster against Backpack+0.009%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.189%−$19 on $10k

Price spread, last 7 days+0.305%+$30 · spread now +0.009%, 7d avg −0.037%

Together, before fees+0.116%+ Points / potential airdropAster: Stage 5 · farm board+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.046% dearer against Backpack than usual: you sell high and buy low (spread +0.009% now, against its 7-day average of −0.037%): +$5 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.189% in total) that is about 41 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.189% in total (about -9.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	793.50	0.0411	pay 0.0051% / 1h	51m 58s	$2.7M	$5.7M	40x
Short	Aster BNBUSDT	793.57	0.0032	get 0.0032% / 8h	6h 51m	$6.1M	$19.9M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee AsterbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$79.55
Price spread: +0.009% → −0.037%: $4.56
Slippage, 4 orders: −$4.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$97.23
Costs to cover: 0.222%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Aster: live order book, 2 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 Backpack live order book, 2 min ago	0.76 bp	5.8 bp −$6	8.2 bp −$82	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	0.63 bp	4.6 bp −$5	5.0 bp −$50	18.1 bp −$1,812	doesn't fit

BNB on 46 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
GMX BNB/USD [WBTC.b-USDC]	L −0.0161% / S +0.0334%	1h	792.77	−0.092%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	793.05	−0.057%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	793.70	+0.025%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0033%	8h	793.10	−0.050%	$35.5M	$55.1M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	792.37	−0.142%	$3.0M	$28.1M	10x	as long as short
StandX BNB-USD	0.0000%	1h	793.02	−0.060%	$857K	$3.0M	30x	as long as short
Variational Omni BNB	+0.0006%	8h	791.53	−0.249%	$4.1M	$5.1M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	792.71	−0.100%	$9.7M	—	150x	as long as short
dYdX BNB-USD	+0.0028%	1h	793.28	−0.028%	$160K	$63K	10x	as long as short
Aster BNBUSDTshort	+0.0032%	8h	793.57	+0.009%	$6.1M	$19.9M	200x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.461%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0040%	8h	793.21	−0.037%	—	$35.0M	—	as long as short
Phemex BNBUSDT	+0.0053%	8h	793.38	−0.015%	$69.3M	$50.4M	50x	as long as short
Bybit BNBUSDT	+0.0054%	8h	793.10	−0.050%	$138.0M	$77.2M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	791.39	−0.266%	$607K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0061%	8h	794.00	+0.063%	$82.3M	$12.7M	200x	as long as short
Binance BNBUSDT	+0.0062%	8h	793.81	+0.039%	$493.3M	$819.0M	75x	as long as short
Phoenix BNB	+0.0088%	1h	792.08	−0.179%	$170K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	793.06	−0.055%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	792.78	−0.091%	$383K	$468K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	793.10	−0.050%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	793.79	+0.037%	$52.6M	$19.8M	10x	as long as short
Pacifica BNB	+0.0100%	1h	793.46	−0.005%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	793.10	−0.050%	$53.3M	$111.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	793.20	−0.038%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	792.92	−0.073%	$27.7M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	793.00	−0.063%	$77.4M	$28.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	794.42	+0.116%	$4.1M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	794.47	+0.122%	$160K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	793.21	−0.037%	$112K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	792.91	−0.075%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	793.74	+0.030%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	793.10	−0.050%	$390K	$996K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	792.27	−0.155%	$8.1M	$8.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	793.71	+0.026%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	792.85	−0.082%	$1.7M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	792.84	−0.083%	$381K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	793.41	−0.012%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0139%	1h	794.97	+0.185%	$646K	$10K	10x	as long as short
Kalshi KXBNBPERP	+0.0161%	8h	792.20	−0.164%	$94K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0182%	8h	793.14	−0.045%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	793.78	+0.035%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	793.35	−0.019%	$1.6M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	792.81	−0.087%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERPlong	+0.0411%	1h	793.50	long leg	$2.7M	$5.7M	40x
Hibachi BNB/USDT-P	+0.0440%	1h	792.53	−0.122%	$68K	$38K	12x	as long as short