BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0362%/8h= −39.6% APRnext payment −$0.45 per $10,000 · paid last 24h +0.017%

Price spread now: Hyperliquid against Backpack−0.018%7-day average −0.099% · 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−$15as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.251%+$25 · spread now −0.018%, 7d avg −0.099%

Together, before fees+0.157%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.082% dearer against Backpack than usual: you sell high and buy low (spread −0.018% now, against its 7-day average of −0.099%): +$8 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.094% in total) that is about 6.1 days.

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; at this rate the next one is about −$0.45 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	793.77	0.0462	pay 0.0058% / 1h	53m 01s	$2.7M	$5.7M	40x
Short	Hyperliquid BNB	793.63	0.0100	get 0.0013% / 1h	53m 01s	$52.6M	$19.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$75.99
Price spread: −0.018% → −0.099%: $8.17
Slippage, 4 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$90.82
Costs to cover: 0.230%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Hyperliquid: live order book, 10 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	0.76 bp	5.8 bp −$6	8.2 bp −$82	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.13 bp	5.1 bp −$5	8.3 bp −$83	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 −0.0161% / S +0.0334%	1h	792.49	−0.162%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	792.59	−0.149%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	791.59	−0.275%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0034%	8h	792.80	−0.122%	$35.5M	$55.0M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	792.37	−0.176%	$3.0M	$28.1M	10x	as long as short
StandX BNB-USD	0.0000%	1h	792.60	−0.147%	$857K	$3.0M	30x	as long as short
Variational Omni BNB	+0.0006%	8h	791.53	−0.283%	$4.1M	$5.1M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	792.48	−0.162%	$9.7M	—	150x	as long as short
dYdX BNB-USD	+0.0008%	1h	791.77	−0.252%	$160K	$63K	10x	as long as short
Aster BNBUSDT	+0.0031%	8h	792.95	−0.103%	$6.1M	$19.9M	200x	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	+1.426%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0045%	8h	791.98	−0.226%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0048%	8h	793.00	−0.097%	$138.0M	$77.1M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	791.39	−0.300%	$607K	$1.1M	50x	as long as short
Binance BNBUSDT	+0.0062%	8h	793.84	+0.009%	$493.3M	$819.1M	75x	as long as short
Phemex BNBUSDT	+0.0062%	8h	793.08	−0.087%	$69.3M	$50.3M	50x	as long as short
MEXC BNB_USDT	+0.0062%	8h	793.40	−0.047%	$82.3M	$12.7M	200x	as long as short
Phoenix BNB	+0.0088%	1h	792.08	−0.213%	$170K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	792.74	−0.130%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	792.54	−0.155%	$383K	$468K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	791.55	−0.280%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNBshort	+0.0100%	1h	793.63	−0.018%	$52.6M	$19.8M	10x
Pacifica BNB	+0.0100%	1h	792.12	−0.207%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	793.00	−0.097%	$53.3M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	792.20	−0.198%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	792.45	−0.166%	$27.7M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	792.84	−0.117%	$77.4M	$28.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	794.42	+0.082%	$4.1M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	794.47	+0.088%	$160K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	792.30	−0.185%	$112K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	792.65	−0.141%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	793.11	−0.083%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	792.70	−0.135%	$390K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	792.00	−0.223%	$8.1M	$8.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	792.21	−0.196%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	792.16	−0.203%	$1.7M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	792.56	−0.153%	$381K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	792.35	−0.179%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0139%	1h	794.97	+0.151%	$646K	$10K	10x	as long as short
Kalshi KXBNBPERP	+0.0161%	8h	792.10	−0.210%	$94K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0182%	8h	793.14	−0.079%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	792.87	−0.113%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	793.05	−0.091%	$1.6M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	792.11	−0.209%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0432%	1h	791.46	−0.291%	$68K	$38K	12x	as long as short
Backpack BNB_USDC_PERPlong	+0.0462%	1h	793.77	long leg	$2.7M	$5.7M	40x