Funding you earn now, next payment 02:00 UTC−0.0361%/8h= −39.5% APRnext payment −$0.45 per $10,000 · paid last 24h −0.048%
Price spread now: Injective against Backpack+1.324%48s7-day average −0.362% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.328%−$33 on $10k
+Price spread, last 3 days (all we have)−1.806%−$181 · spread now +1.324%, 7d avg −0.362%
=The price spread pays, funding is against you. Injective is 1.686% dearer against Backpack than usual: you sell high and buy low (spread +1.324% now, against its 7-day average of −0.362%): +$169 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 16 days. At the pace of the last 7 days (−0.328% in total) that is about 36 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BNB_USDC_PERP | 794.57 | 0.0394 | pay 0.0049% / 1h | 33m 15s | $2.7M | $5.7M | 40x |
| Short | Injective BNB/USDC PERP | 805.09 | 0.0033 | get 0.0004% / 1h | 33m 15s | $19K | $789K | 30x |
Backpack BNB_USDC_PERP
Injective BNB/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$75.77
- Price spread: +1.324% → −0.362%
- $168.58
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- $82.79
- Costs to cover
- 0.100%
- Break-even
- from the start
Slippage unknown: Backpack: live order book, 1 min ago; Injective: no order-book sample. Net counts fees only.
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 | 5.1 bp −$5 | 6.2 bp −$62 | doesn't fit | doesn't fit |
| Sell Injective no order-book sample | — | — | — | — | — |
Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 −0.0167% / S +0.0335% | 1h | 792.91 | −0.209% | $46K | — | 200x | as long as short |
| Kraken Futures PF_BNBUSD | −0.0132% | 1h | 792.78 | −0.225% | $2.5M | $1.0M | 50x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 794.21 | −0.045% | $4K | $239 | 25x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 793.47 | −0.138% | $857K | $3.1M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 792.87 | −0.214% | $9.7M | — | 150x | as long as short |
| Gate BNB_USDT | +0.0015% | 8h | 792.80 | −0.223% | $35.3M | $55.8M | 75x | as long as short |
| Variational Omni BNB | +0.0021% | 8h | 792.33 | −0.282% | $4.0M | $4.9M | — | as long as short |
| Injective BNB/USDC PERPshort | +0.0033% | 1h | 805.09 | +1.324% | $19K | $789K | 30x | |
| Aster BNBUSDT | +0.0035% | 8h | 793.43 | −0.143% | $6.1M | $19.8M | 200x | as long as short |
| GRVT BNB_USDT_Perp | +0.0045% | 8h | 793.31 | −0.159% | $3.0M | $28.8M | 10x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Kraken Futures PF_BNBUSD
Hotstuff BNB-PERP
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Gate BNB_USDT
Variational Omni BNB
Aster BNBUSDT
GRVT BNB_USDT_PerpShow all 45 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BNB-USDT | +0.0048% | 8h | 793.01 | −0.196% | — | $34.9M | — | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0056% | 1h | 791.17 | −0.428% | $607K | $1.1M | 50x | as long as short |
| dYdX BNB-USD | +0.0059% | 1h | 793.27 | −0.163% | $160K | $63K | 10x | as long as short |
| MEXC BNB_USDT | +0.0062% | 8h | 793.40 | −0.147% | $82.3M | $12.8M | 200x | as long as short |
| Binance BNBUSDT | +0.0063% | 8h | 793.49 | −0.137% | $493.7M | $813.7M | 75x | as long as short |
| Phemex BNBUSDT | +0.0067% | 8h | 793.38 | −0.150% | $69.4M | $50.7M | 50x | as long as short |
| Phoenix BNB | +0.0088% | 1h | 792.22 | −0.296% | $170K | $36K | 10x | as long as short |
| Lighter BNB | +0.0096% | 1h | 792.99 | −0.199% | $2.8M | $4.0M | 20x | as long as short |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 793.04 | −0.193% | $383K | $409K | 50x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 793.10 | −0.185% | $1.4M | $2.7M | 20x | as long as short |
| Hyperliquid BNB | +0.0100% | 1h | 793.38 | −0.150% | $52.0M | $19.8M | 10x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 793.08 | −0.187% | $1.2M | $926K | 20x | as long as short |
| Bybit BNBUSDT | +0.0100% | 8h | 792.82 | −0.220% | $138.3M | $76.5M | 75x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 792.80 | −0.223% | $53.1M | $110.5M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 793.00 | −0.198% | $52K | $134K | 10x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 792.73 | −0.232% | $27.7M | $10.1M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 792.74 | −0.230% | $77.2M | $28.3M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 793.22 | −0.171% | $4.1M | $77.1M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 793.21 | −0.171% | $159K | $436K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 792.80 | −0.223% | $111K | $888K | 10x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 793.10 | −0.184% | $32K | $9K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 793.60 | −0.122% | $13K | $1.6M | 50x | as long as short |
| SoDEX BNB-USD | +0.0100% | 1h | 793.10 | −0.185% | $390K | $995K | 10x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 792.54 | −0.255% | $8.1M | $8.8M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 793.29 | −0.161% | $77K | $17K | 50x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 792.59 | −0.249% | $1.7M | $5.9M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 792.93 | −0.206% | $381K | $110K | 10x | as long as short |
| RISEx BNB/USDC | +0.0131% | 1h | 792.88 | −0.212% | $1.1M | $1.3M | 20x | as long as short |
| Kalshi KXBNBPERP | +0.0163% | 8h | 793.50 | −0.135% | $111K | $2.8M | 4.8x | as long as short |
| Bulk BNB-USD | +0.0175% | 1h | 792.60 | −0.248% | $642K | $16K | 10x | as long as short |
| 01 Exchange BNBUSD | +0.0248% | 1h | 793.18 | −0.175% | $28K | $2K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0329% | 1h | 792.61 | −0.247% | $6K | $3K | 40x | as long as short |
| Backpack BNB_USDC_PERPlong | +0.0394% | 1h | 794.57 | long leg | $2.7M | $5.7M | 40x | |
| Deribit BNB_USDC-PERPETUAL | +0.0400% | 1h | 793.43 | −0.143% | $1.6M | $161K | 25x | as long as short |
| Hibachi BNB/USDT-P | +0.0528% | 1h | 793.73 | −0.106% | $68K | $38K | 12x | as long as short |
BingX BNB-USDT
Coinbase International BNB-PERP-INTX
dYdX BNB-USD
MEXC BNB_USDT
Binance BNBUSDT
Phemex BNBUSDT
Phoenix BNB
Lighter BNB
Orderly PERP_BNB_USDC
Nado BNB-PERP
Hyperliquid BNB
Pacifica BNB
Bybit BNBUSDT
OKX BNB-USDT-SWAP
Arcus BNB-USD
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Derive BNB-PERP
SunX BNB-USDT
SoDEX BNB-USD
HTX BNB-USDT
Paradex BNB-USD-PERP
Extended BNB-USD
Aevo BNB-PERP
RISEx BNB/USDC
Kalshi KXBNBPERP
Bulk BNB-USD
01 Exchange BNBUSD
Reya BNBRUSDPERP
Deribit BNB_USDC-PERPETUAL
Hibachi BNB/USDT-P