Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0342%/8h= −37.4% APRpaid last 24h −0.057%

Price spread now: BingX against Backpack−0.092%7-day average −0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

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

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 7 days+0.250%+$25 · spread now −0.092%, 7d avg −0.102%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.102%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.157% in total (about -8.2% 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	789.71	0.0391	pay 0.0049% / 1h	11m 04s	$2.7M	$5.7M	40x
Short	BingX BNB-USDT	788.98	0.0049	get 0.0049% / 8h	6h 11m	—	$34.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$71.72
Price spread: −0.092% → −0.102%: $0.99
Slippage, 4 orders: −$2.19
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$92.92
Costs to cover: 0.222%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; BingX: live order book, 13 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, 3 min ago	0.06 bp	6.2 bp −$6	10.2 bp −$102	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	0.13 bp	5.1 bp −$5	5.2 bp −$52	10.6 bp −$1,059	29.8 bp −$14.9K

BNB on 45 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 −0.0167% / S +0.0335%	1h	788.59	−0.142%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	788.97	−0.094%	$2.5M	$1.1M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.09	−0.079%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.59	−0.015%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.59	−0.141%	$9.6M	—	150x	as long as short
Aster BNBUSDT	+0.0030%	8h	789.59	−0.016%	$6.2M	$20.1M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.948%	$19K	$789K	30x	as long as short
Gate BNB_USDT	+0.0045%	8h	788.90	−0.103%	$35.2M	$57.4M	75x	as long as short
BingX BNB-USDTshort	+0.0049%	8h	788.98	−0.092%	—	$34.9M	—
Variational Omni BNB	+0.0050%	8h	788.61	−0.139%	$4.1M	$4.9M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0056%	1h	788.82	−0.113%	$619K	$1.9M	50x	as long as short
MEXC BNB_USDT	+0.0062%	8h	789.90	+0.024%	$80.3M	$13.1M	200x	as long as short
Phemex BNBUSDT	+0.0062%	8h	789.61	−0.013%	$69.0M	$50.7M	50x	as long as short
Binance BNBUSDT	+0.0063%	8h	789.41	−0.038%	$494.3M	$824.8M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0072%	8h	788.72	−0.126%	$2.9M	$28.6M	10x	as long as short
dYdX BNB-USD	+0.0081%	1h	788.84	−0.110%	$159K	$63K	10x	as long as short
Phoenix BNB	+0.0088%	1h	788.56	−0.146%	$169K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	789.25	−0.058%	$2.8M	$4.1M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.00	−0.090%	$381K	$409K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.35	−0.172%	$1.5M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.58	−0.016%	$51.7M	$19.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.82	−0.112%	$1.2M	$915K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.71	−0.127%	$139.0M	$79.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.60	−0.141%	$53.4M	$113.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.00	−0.090%	$52K	$135K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.77	−0.119%	$27.8M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.58	−0.143%	$77.7M	$29.9M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.20	−0.191%	$4.1M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.71	−0.127%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.57	−0.144%	$137K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.08	−0.080%	$31K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.33	−0.048%	$12K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.10	−0.077%	$388K	$998K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.64	−0.135%	$8.1M	$9.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	789.35	−0.045%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.67	−0.132%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.02	−0.087%	$379K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	789.11	−0.076%	$1.1M	$1.1M	20x	as long as short
Kalshi KXBNBPERP	+0.0163%	8h	789.10	−0.077%	$92K	$2.9M	4.8x	as long as short
Bulk BNB-USD	+0.0244%	1h	794.01	+0.545%	$643K	$13K	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	789.34	−0.047%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.54	−0.148%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERPlong	+0.0391%	1h	789.71	long leg	$2.7M	$5.7M	40x
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	789.50	−0.027%	$1.5M	$160K	25x	as long as short
Hibachi BNB/USDT-P	+0.0544%	1h	788.77	−0.119%	$68K	$39K	12x	as long as short