BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0200%/8h= +21.9% APRnext payment +$0.25 per $10,000 · paid last 24h −0.020%

Price spread now: Deribit against Backpack+0.011%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Backpack Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.011%, 7d avg −0.012%

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

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.023% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.012%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.010% in total (about -0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 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	787.84	0.0100	pay 0.0013% / 1h	8m 00s	$2.2M	$6.1M	40x
Short	Deribit BNB_USDC-PERPETUAL	787.93	0.0300	get 0.0037% / 1h	8m 00s	$1.5M	$145K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.011%Rate

Funding earned: $42
Price spread: +0.011% → −0.012%: $2.28
Slippage, 4 orders: −$11.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $15.9
Costs to cover: 0.284%
Break-even: 4.3 days

Slippage from Backpack: live order book, 1 min ago; Deribit: live order book, 1 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	5.4 bp −$5	8.5 bp −$85	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	3.49 bp	7.0 bp −$7	11.6 bp −$116	doesn't fit	doesn't fit

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 −0.0170% / S +0.0337%	1h	787.37	−0.060%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.67	−0.022%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.08	+0.030%	$850K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.37	−0.060%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.190%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0048%	8h	787.59	−0.032%	—	$22.3M	—	as long as short
Aster BNBUSDT	+0.0050%	8h	788.00	+0.020%	$6.1M	$18.8M	200x	as long as short
Binance BNBUSDT	+0.0060%	8h	788.01	+0.022%	$490.5M	$819.5M	75x	as long as short
MEXC BNB_USDT	+0.0060%	8h	788.70	+0.109%	$81.1M	$12.1M	200x	as long as short
dYdX BNB-USD	+0.0064%	1h	787.28	−0.071%	$160K	$62K	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0074%	8h	788.01	+0.022%	$68.9M	$51.1M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.46	−0.048%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.60	−0.031%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.25	−0.075%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.09	+0.032%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.60	−0.030%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.29	−0.070%	$138.6M	$74.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−0.081%	$53.6M	$113.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.60	−0.030%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.50	−0.043%	$37.9M	$59.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.08	−0.096%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.24	−0.076%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	787.84	long leg	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	787.00	−0.106%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.81	−0.003%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.40	−0.056%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.28	−0.071%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.44	−0.051%	$265K	$470K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.90	+0.007%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.60	−0.030%	$387K	$978K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.74	−0.013%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.04	+0.026%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.04	−0.101%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.45	−0.049%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0116%	8h	787.80	−0.005%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	787.80	−0.005%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0180%	8h	787.81	−0.004%	$17.7M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.35	−0.062%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0222%	1h	787.85	+0.001%	$639K	$831	10x	as long as short
GRVT BNB_USDT_Perp	+0.0228%	8h	788.01	+0.022%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	787.89	+0.006%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0300%	1h	787.93	+0.011%	$1.5M	$145K	25x
Reya BNBRUSDPERP	+0.0321%	1h	787.10	−0.094%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.57	−0.034%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0480%	1h	787.60	−0.030%	$67K	$39K	12x	as long as short