Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.056%

Price spread now: Bybit against Backpack−0.068%7-day average −0.154% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.228%−$23 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.068%, 7d avg −0.154%

Together, before fees−0.201%−$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.086% dearer against Backpack than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.154%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	791.54	0.0100	pay 0.0013% / 1h	32m 08s	$2.2M	$6.1M	40x
Short	Bybit BNBUSDT	791.00	0.0100	get 0.0100% / 8h	4h 32m	$139.1M	$74.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → −0.154%: $8.6
Slippage, 4 orders: −$3.41
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$15.8
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Bybit: 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	0.06 bp	5.1 bp −$5	8.4 bp −$84	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.63 bp	6.1 bp −$6	8.7 bp −$87	26.4 bp −$2,641	108.9 bp −$54.5K

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 −0.0185% / S +0.0350%	1h	791.01	−0.067%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	791.41	−0.016%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.31	−0.282%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	790.96	−0.074%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.712%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0043%	8h	791.74	+0.025%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0053%	8h	790.66	−0.111%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0063%	8h	791.74	+0.025%	$69.3M	$49.9M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.264%	$582K	$1.9M	50x	as long as short
MEXC BNB_USDT	+0.0065%	8h	792.10	+0.071%	$80.4M	$12.3M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0066%	8h	791.74	+0.026%	$494.2M	$788.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	791.24	−0.038%	$2.8M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	791.12	−0.053%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	790.80	−0.093%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	791.75	+0.027%	$52.0M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	791.24	−0.038%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDTshort	+0.0100%	8h	791.00	−0.068%	$139.1M	$74.6M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	791.00	−0.068%	$53.5M	$111.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	791.20	−0.043%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	791.05	−0.062%	$35.4M	$56.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	790.95	−0.075%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	790.80	−0.093%	$76.5M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	791.54	long leg	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	788.01	−0.446%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.56	−0.251%	$4.1M	$73.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.35	−0.277%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	790.95	−0.075%	$134K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	791.16	−0.049%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	791.62	+0.010%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	791.20	−0.043%	$389K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	791.11	−0.055%	$8.1M	$9.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	791.71	+0.022%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	790.59	−0.119%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	791.09	−0.057%	$380K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.61	−0.244%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0133%	1h	790.55	−0.125%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0139%	8h	789.87	−0.211%	$2.9M	$28.3M	10x	as long as short
Kalshi KXBNBPERP	+0.0180%	8h	791.60	+0.008%	$125K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0185%	8h	791.14	−0.051%	$18.1M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	791.65	+0.014%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0245%	1h	789.82	−0.217%	$640K	$9K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	791.10	−0.056%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	791.56	+0.002%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	790.65	−0.113%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0448%	1h	790.70	−0.106%	$68K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	791.36	−0.022%	$1.1M	$973K	20x	as long as short