Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0575%/8h= −62.9% APRpaid last 24h −0.025%

Price spread now: HTX against Backpack−0.190%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now −0.190%, 7d avg −0.066%

Together, before fees−0.116%−$12 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 HTX is 0.123% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.066%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.094% in total (about -4.9% 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	804.57	0.0675	pay 0.0084% / 1h	36m 48s	$3.0M	$5.3M	40x
Short	HTX BNB-USDT	803.04	0.0100	get 0.0100% / 8h	2h 36m	$8.2M	$7.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$120.66
Price spread: −0.190% → −0.066%: −$12.32
Slippage, 4 orders: −$6.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$161.7
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; HTX: 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	5.3 bp −$5	8.7 bp −$87	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	1.41 bp	8.0 bp −$8	10.5 bp −$105	41.3 bp −$4,130	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 −0.0195% / S +0.0371%	1h	803.65	−0.115%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.88	−0.210%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.28	−0.160%	$3.0M	$29.7M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	804.10	−0.058%	$113K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.40	−0.145%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.65	−0.114%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	803.61	−0.119%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0055%	8h	802.35	−0.275%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0057%	8h	803.18	−0.173%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0078%	8h	802.60	−0.245%	$139.2M	$82.8M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0088%	1h	803.99	−0.072%	$608K	$878K	50x	as long as short
Aster BNBUSDT	+0.0088%	8h	803.81	−0.094%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	803.38	−0.148%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.55	−0.126%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	803.83	−0.092%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.90	−0.208%	$55.1M	$115.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.90	−0.083%	$52K	$161K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	803.00	−0.195%	$35.9M	$58.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.42	−0.143%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.74	−0.227%	$79.0M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.02	−0.193%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.43	−0.142%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.69	−0.109%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.74	−0.103%	$388K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	803.80	−0.096%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	804.34	−0.028%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	804.10	−0.058%	$1.6M	$165K	25x	as long as short
HTX BNB-USDTshort	+0.0100%	8h	803.04	−0.190%	$8.2M	$7.4M	75x
Paradex BNB-USD-PERP	+0.0100%	8h	804.44	−0.016%	$79K	$19K	50x	as long as short
MEXC BNB_USDT	+0.0103%	8h	804.10	−0.058%	$84.4M	$13.6M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	802.92	−0.206%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.89	−0.084%	$386K	$40K	10x	as long as short
Binance BNBUSDT	+0.0104%	8h	803.72	−0.105%	$518.4M	$803.0M	75x	as long as short
Phemex BNBUSDT	+0.0122%	8h	804.15	−0.052%	$70.1M	$51.7M	50x	as long as short
Phoenix BNB	+0.0125%	1h	803.30	−0.158%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0127%	1h	803.70	−0.108%	$395K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0147%	1h	803.72	−0.106%	$51.6M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0194%	1h	803.61	−0.119%	$649K	$11K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	804.04	−0.065%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0223%	8h	804.26	−0.039%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.90	−0.208%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0263%	1h	803.57	−0.125%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	804.66	+0.011%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	803.45	−0.139%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.044%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERPlong	+0.0675%	1h	804.57	long leg	$3.0M	$5.3M	40x