Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h +0.015%

Price spread now: BloFin against Backpack−0.060%7-day average +0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now −0.060%, 7d avg +0.032%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BloFin is 0.092% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.032%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.053%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	802.31	0.0412	pay 0.0051% / 1h	58m 23s	$2.7M	$5.7M	40x
Short	BloFin BNB-USDT	801.83	0.0241	get 0.0241% / 8h	58m 23s	$18.2M	$2.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$35.9
Price spread: −0.060% → +0.032%: −$9.2
Slippage, 4 orders: −$1.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$68.75
Costs to cover: 0.237%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; BloFin: live order book, 6 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, 1 min ago	0.06 bp	5.3 bp −$5	9.5 bp −$95	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.25 bp	6.3 bp −$6	8.0 bp −$80	16.9 bp −$1,695	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 −0.0201% / S +0.0372%	1h	801.85	−0.057%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.08	−0.029%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	801.59	−0.090%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.99	−0.165%	$3.0M	$28.4M	10x	as long as short
StandX BNB-USD	0.0000%	1h	802.01	−0.037%	$867K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.90	−0.051%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	800.04	−0.283%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0052%	8h	802.03	−0.035%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	801.70	−0.076%	$139.3M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.198%	$607K	$998K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	802.05	−0.033%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	801.96	−0.043%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.00	−0.039%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.80	−0.064%	$54.8M	$113.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.50	+0.024%	$53K	$134K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.90	−0.051%	$35.8M	$57.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.03	−0.035%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.51	−0.100%	$79.7M	$27.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.55	−0.219%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.56	−0.218%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.24	−0.009%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.93	−0.047%	$388K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.07	−0.030%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.22	−0.011%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.97	−0.167%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.56	+0.031%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0100%	8h	802.58	+0.034%	$6.4M	$18.9M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	801.42	−0.111%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.18	−0.016%	$385K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0114%	8h	801.43	−0.110%	$70.1M	$51.0M	50x	as long as short
Kalshi KXBNBPERP	+0.0117%	8h	801.10	−0.151%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0120%	8h	803.00	+0.086%	$83.4M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	802.69	+0.047%	$502.3M	$819.1M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.77	−0.192%	$172K	$34K	10x	as long as short
BloFin BNB-USDTshort	+0.0241%	8h	801.83	−0.060%	$18.2M	$2.5M	75x
Hibachi BNB/USDT-P	+0.0248%	1h	801.14	−0.146%	$71K	$48K	12x	as long as short
RISEx BNB/USDC	+0.0258%	1h	802.33	+0.002%	$1.1M	$1.4M	20x	as long as short
SoDEX BNB-USD	+0.0287%	1h	801.90	−0.051%	$394K	$1.0M	10x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	−0.145%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	802.36	+0.006%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.346%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	801.83	−0.060%	$6K	$3K	40x	as long as short
Hyperliquid BNB	+0.0366%	1h	803.02	+0.088%	$52.0M	$21.6M	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0412%	1h	802.31	long leg	$2.7M	$5.7M	40x
01 Exchange BNBUSD	+0.0432%	1h	803.13	+0.102%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0465%	1h	801.56	−0.094%	$162K	$62K	10x	as long as short