BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0348%/8h= −38.1% APRnext payment −$0.44 per $10,000 · paid last 24h −0.043%

Price spread now: Coinbase International against Backpack−0.241%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.222%−$22 on $10k

Price spread, last 3 days (all we have)+0.073%+$7 · spread now −0.241%, 7d avg −0.072%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.169% cheaper against Backpack than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.222% in total (about -11.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.44 per $10,000. 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	799.93	0.0396	pay 0.0050% / 1h	44m 42s	$2.7M	$5.7M	40x
Short	Coinbase International BNB-PERP-INTX	798.00	0.0048	get 0.0006% / 1h	44m 42s	$601K	$986K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.241%Rate

Funding earned: −$73.11
Price spread: −0.241% → −0.072%: −$16.93
Slippage, 4 orders: −$7.86
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$117.9
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Coinbase International: live order book, 29 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, 4 min ago	0.06 bp	5.1 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit
Sell Coinbase International live order book, 29 min ago	2.63 bp	7.6 bp −$8	12.4 bp −$124	doesn't fit	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	798.83	−0.138%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.72	−0.152%	$2.5M	$982K	50x	as long as short
Bybit BNBUSDT	−0.0094%	8h	798.70	−0.154%	$138.7M	$76.9M	75x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.55	−0.048%	$4K	$239	25x	as long as short
BingX BNB-USDT	−0.0049%	8h	799.19	−0.093%	—	$35.2M	—	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.33	−0.200%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.25	−0.085%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	799.46	−0.059%	$69.8M	$50.5M	50x	as long as short
Variational Omni BNB	+0.0006%	8h	797.73	−0.275%	$4.1M	$5.4M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.86	−0.134%	$9.7M	—	150x	as long as short

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	+0.645%	$19K	$789K	30x	as long as short
Gate BNB_USDT	+0.0039%	8h	798.90	−0.129%	$35.8M	$55.9M	75x	as long as short
Coinbase International BNB-PERP-INTXshort	+0.0048%	1h	798.00	−0.241%	$601K	$986K	50x
Aster BNBUSDT	+0.0068%	8h	799.76	−0.021%	$6.2M	$19.3M	200x	as long as short
Binance BNBUSDT	+0.0090%	8h	799.59	−0.043%	$496.7M	$814.6M	75x	as long as short
MEXC BNB_USDT	+0.0090%	8h	799.90	−0.004%	$83.2M	$13.5M	200x	as long as short
Lighter BNB	+0.0096%	1h	799.40	−0.066%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.69	−0.155%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.08	−0.232%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.32	−0.077%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.90	−0.129%	$54.1M	$111.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.30	−0.079%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.09	−0.105%	$28.0M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.75	−0.148%	$78.8M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.20	−0.217%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.37	−0.195%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.59	−0.168%	$118K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.91	−0.128%	$386K	$471K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.03	−0.113%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.43	−0.063%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.00	−0.116%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.08	−0.107%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.93	0.000%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.58	−0.168%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.91	−0.128%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0118%	1h	798.39	−0.192%	$648K	$11K	10x	as long as short
Hibachi BNB/USDT-P	+0.0136%	1h	798.23	−0.213%	$70K	$34K	12x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.18	−0.093%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0156%	8h	799.10	−0.104%	$90K	$2.9M	4.8x	as long as short
BloFin BNB-USDT	+0.0210%	8h	799.34	−0.074%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	799.57	−0.045%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	799.36	−0.071%	$1.6M	$160K	25x	as long as short
dYdX BNB-USD	+0.0316%	1h	798.68	−0.156%	$161K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.28	−0.206%	$6K	$3K	40x	as long as short
Hyperliquid BNB	+0.0339%	1h	799.91	−0.003%	$53.1M	$20.9M	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0396%	1h	799.93	long leg	$2.7M	$5.7M	40x