Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0558%/8h= −61.0% APRpaid last 24h −0.056%

Price spread now: GRVT against Backpack−0.113%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Backpack Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 7 days+0.221%+$22 · spread now −0.113%, 7d avg −0.034%

Together, before fees+0.100%+ Points / potential airdropGRVT: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and GRVT is 0.079% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.3% 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	801.13	0.0558	pay 0.0070% / 1h	1m 25s	$2.7M	$5.7M	40x
Short	GRVT BNB_USDT_Perp	800.22	0	get 0.0000% / 8h	1h 01m	$3.0M	$28.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$117.08
Price spread: −0.113% → −0.034%: −$7.91
Slippage, 4 orders: −$0.74
Fee Backpack: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$144.72
Costs to cover: 0.197%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; GRVT: live order book, 3 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, 3 min ago	0.06 bp	5.2 bp −$5	9.3 bp −$93	doesn't fit	doesn't fit
Sell GRVT live order book, 3 min ago	0.06 bp	4.6 bp −$5	5.0 bp −$50	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	800.39	−0.092%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.98	−0.019%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perpshort	0.0000%	8h	800.22	−0.113%	$3.0M	$28.5M	10x
StandX BNB-USD	0.0000%	1h	801.12	−0.001%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.43	−0.087%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0028%	8h	798.74	−0.298%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	800.54	−0.074%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	800.20	−0.116%	$139.1M	$78.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.77	−0.045%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	800.11	−0.127%	$607K	$996K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0098%	8h	801.18	+0.006%	$6.4M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.28	−0.106%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.67	−0.057%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.20	−0.116%	$54.7M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.80	−0.041%	$53K	$134K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.10	−0.129%	$35.8M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.42	−0.089%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.30	−0.104%	$80.8M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.55	−0.072%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.56	−0.071%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.46	−0.084%	$121K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.38	−0.094%	$387K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.61	−0.065%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.86	−0.034%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.40	−0.091%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.23	−0.112%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.10	−0.004%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.13	−0.125%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.59	−0.068%	$385K	$40K	10x	as long as short
Kalshi KXBNBPERP	+0.0112%	8h	800.50	−0.079%	$110K	$2.9M	4.8x	as long as short
Phemex BNBUSDT	+0.0114%	8h	800.84	−0.036%	$70.0M	$51.1M	50x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.50	+0.046%	$83.3M	$13.9M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	801.16	+0.004%	$501.1M	$818.3M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.77	−0.045%	$172K	$35K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0207%	1h	800.17	−0.120%	$2.6M	$965K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	800.91	−0.027%	$18.3M	$2.5M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	800.46	−0.084%	$71K	$48K	12x	as long as short
Bulk BNB-USD	+0.0298%	1h	800.20	−0.115%	$650K	$21K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.82	−0.039%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.494%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0317%	1h	801.28	+0.019%	$51.8M	$21.6M	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.72	−0.052%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.40	+0.034%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	800.10	−0.129%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0366%	1h	799.99	−0.143%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0558%	1h	801.13	long leg	$2.7M	$5.7M	40x