Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0439%/8h= −48.0% APRpaid last 24h −0.021%

Price spread now: Binance against Backpack+0.001%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.166%−$17 on $10k

Price spread, last 7 days+0.116%+$12 · spread now +0.001%, 7d avg −0.040%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.041% dearer against Backpack than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.040%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.166% in total) that is about 42 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.166% in total (about -8.7% 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	801.13	0.0558	pay 0.0070% / 1h	1m 58s	$2.7M	$5.7M	40x
Short	Binance BNBUSDT	801.14	0.0119	get 0.0119% / 8h	1h 01m	$501.1M	$818.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.001%Rate

Funding earned: −$92.14
Price spread: +0.001% → −0.040%: $4.14
Slippage, 4 orders: −$0.83
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$108.83
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Binance: live order book, 12 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	0.06 bp	5.2 bp −$5	9.3 bp −$93	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.06 bp	5.2 bp −$5	7.2 bp −$72	10.0 bp −$1,001	10.6 bp −$5,304

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 −0.0201% / S +0.0372%	1h	800.28	−0.106%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.72	−0.051%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.22	−0.113%	$3.0M	$28.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.94	−0.024%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.25	−0.109%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0028%	8h	798.74	−0.298%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	800.48	−0.081%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	800.10	−0.129%	$139.0M	$78.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.68	−0.057%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	800.11	−0.127%	$607K	$996K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0098%	8h	800.98	−0.019%	$6.4M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.89	−0.154%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.49	−0.080%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.10	−0.129%	$54.7M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.60	−0.066%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.15	−0.122%	$35.8M	$59.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.20	−0.116%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.22	−0.114%	$80.8M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.20	−0.116%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.21	−0.115%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.13	−0.125%	$121K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.32	−0.101%	$387K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.53	−0.075%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.86	−0.034%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.40	−0.091%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.23	−0.112%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.91	−0.028%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.05	−0.135%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.48	−0.082%	$385K	$40K	10x	as long as short
Kalshi KXBNBPERP	+0.0112%	8h	800.50	−0.079%	$110K	$2.9M	4.8x	as long as short
Phemex BNBUSDT	+0.0114%	8h	800.84	−0.036%	$70.0M	$51.1M	50x	as long as short
MEXC BNB_USDT	+0.0117%	8h	801.50	+0.046%	$83.3M	$13.9M	200x	as long as short
Binance BNBUSDTshort	+0.0119%	8h	801.14	+0.001%	$501.1M	$818.5M	75x
Phoenix BNB	+0.0155%	1h	800.03	−0.137%	$172K	$35K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0207%	1h	800.17	−0.120%	$2.6M	$965K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	800.91	−0.027%	$18.3M	$2.5M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	800.00	−0.142%	$71K	$48K	12x	as long as short
Bulk BNB-USD	+0.0298%	1h	800.20	−0.115%	$650K	$21K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.82	−0.039%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.494%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0317%	1h	801.08	−0.006%	$51.8M	$21.6M	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.46	−0.084%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.04	−0.011%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.77	−0.170%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0364%	1h	799.99	−0.143%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0558%	1h	801.13	long leg	$2.7M	$5.7M	40x