Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0315%/8h= −34.5% APRpaid last 24h −0.037%

Price spread now: edgeX against Backpack+0.020%7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

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

costs, in and out, $10k−$260.256% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days+0.219%+$22 · spread now +0.020%, 7d avg −0.073%

Together, before fees+0.116%+ Points / potential airdropedgeX: Active · farm board+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.093% dearer against Backpack than usual: you sell high and buy low (spread +0.020% now, against its 7-day average of −0.073%): +$9 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.104% in total) that is about 6.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% 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	800.90	0.0415	pay 0.0052% / 1h	34m 40s	$2.7M	$5.7M	40x
Short	edgeX BNBUSDC	801.06	0.0100	get 0.0050% / 4h	34m 40s	$4.2M	$76.7M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$66.19
Price spread: +0.020% → −0.073%: $9.31
Slippage, 4 orders: −$6.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$82.46
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; edgeX: live order book, 4 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	8.5 bp −$85	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	2.50 bp	7.0 bp −$7	7.0 bp −$70	11.2 bp −$1,116	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	800.20	−0.087%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.76	−0.017%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	799.99	−0.113%	$2.6M	$968K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.99	+0.011%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	801.23	+0.041%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.10	−0.100%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0021%	8h	799.96	−0.118%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0045%	8h	800.06	−0.105%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0052%	8h	799.70	−0.150%	$138.8M	$78.4M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.022%	$607K	$994K	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	800.33	−0.071%	$2.8M	$4.1M	20x	as long as short
Aster BNBUSDT	+0.0096%	8h	800.62	−0.036%	$6.3M	$19.0M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.83	−0.134%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.24	−0.082%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.70	−0.150%	$54.5M	$113.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.40	−0.062%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	799.80	−0.137%	$35.8M	$57.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.85	−0.131%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.78	−0.140%	$79.3M	$27.4M	75x	as long as short
edgeX BNBUSDCshort	+0.0100%	4h	801.06	+0.020%	$4.2M	$76.7M	30x
ApeX Omni BNBUSDT	+0.0100%	1h	801.03	+0.016%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.26	−0.080%	$117K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.02	−0.110%	$387K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.24	−0.082%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.00	+0.013%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.20	−0.087%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.40	−0.063%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.64	−0.032%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.51	−0.173%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.17	−0.091%	$384K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0113%	8h	800.56	−0.042%	$70.0M	$50.8M	50x	as long as short
Kalshi KXBNBPERP	+0.0116%	8h	801.10	+0.025%	$110K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.00	+0.012%	$83.2M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0118%	8h	800.61	−0.036%	$500.1M	$816.3M	75x	as long as short
Phoenix BNB	+0.0127%	1h	800.81	−0.011%	$172K	$36K	10x	as long as short
Hyperliquid BNB	+0.0191%	1h	800.77	−0.016%	$51.9M	$21.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	800.41	−0.062%	$1.6M	$165K	25x	as long as short
Hibachi BNB/USDT-P	+0.0208%	1h	800.60	−0.037%	$70K	$44K	12x	as long as short
BloFin BNB-USDT	+0.0238%	8h	800.74	−0.020%	$18.2M	$2.5M	75x	as long as short
RISEx BNB/USDC	+0.0258%	1h	800.65	−0.031%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0305%	1h	801.82	+0.115%	$651K	$20K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.523%	$19K	$789K	30x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.08	+0.022%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.71	−0.148%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0405%	1h	800.10	−0.099%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0415%	1h	800.90	long leg	$2.7M	$5.7M	40x