Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h −0.037%

Price spread now: KuCoin against Backpack−0.090%7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 7 days+0.270%+$27 · spread now −0.090%, 7d avg −0.138%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.048% dearer against Backpack than usual: you sell high and buy low (spread −0.090% now, against its 7-day average of −0.138%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.136% in total) that is about 2.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.136% in total (about -7.1% 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	799.00	0.0343	pay 0.0043% / 1h	6m 54s	$2.7M	$5.7M	40x
Short	KuCoin BNBUSDTM	798.28	0.0100	get 0.0100% / 8h	6m 54s	$28.0M	$10.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$51.09
Price spread: −0.090% → −0.138%: $4.8
Slippage, 4 orders: −$12.27
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$80.55
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; KuCoin: 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	5.1 bp −$5	9.7 bp −$97	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	0.63 bp	13.2 bp −$13	17.7 bp −$177	52.0 bp −$5,199	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	798.23	−0.097%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.65	−0.044%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.24	−0.095%	$2.5M	$974K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.60	−0.049%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.90	−0.013%	$863K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.26	−0.093%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0008%	8h	797.53	−0.183%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0033%	8h	798.30	−0.088%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0037%	8h	797.93	−0.134%	$138.5M	$76.9M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	798.14	−0.108%	$601K	$984K	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	+0.0080%	8h	798.76	−0.030%	$6.2M	$19.2M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.44	−0.070%	$2.8M	$4.1M	20x	as long as short
Phemex BNBUSDT	+0.0098%	8h	798.75	−0.031%	$69.9M	$50.6M	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	797.84	−0.145%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.55	−0.056%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.00	−0.125%	$54.3M	$112.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.50	−0.063%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	797.95	−0.131%	$35.7M	$58.6M	75x	as long as short
KuCoin BNBUSDTMshort	+0.0100%	8h	798.28	−0.090%	$28.0M	$10.2M	75x
Bitget BNBUSDT	+0.0100%	8h	797.91	−0.136%	$79.0M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.68	−0.040%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.23	+0.029%	$161K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.92	−0.135%	$116K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.08	−0.115%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.31	−0.086%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.83	−0.022%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.40	−0.075%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	798.57	−0.054%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.15	−0.107%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.95	−0.006%	$78K	$19K	50x	as long as short
MEXC BNB_USDT	+0.0101%	8h	799.20	+0.025%	$83.0M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0101%	8h	798.77	−0.029%	$497.5M	$818.0M	75x	as long as short
Extended BNB-USD	+0.0104%	1h	797.89	−0.138%	$1.7M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.33	−0.084%	$383K	$40K	10x	as long as short
Phoenix BNB	+0.0127%	1h	798.58	−0.053%	$172K	$36K	10x	as long as short
Kalshi KXBNBPERP	+0.0147%	8h	798.90	−0.013%	$90K	$2.9M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0160%	1h	798.62	−0.048%	$70K	$43K	12x	as long as short
Bulk BNB-USD	+0.0191%	1h	798.83	−0.022%	$649K	$17K	10x	as long as short
BloFin BNB-USDT	+0.0221%	8h	798.81	−0.024%	$18.1M	$2.5M	75x	as long as short
Hyperliquid BNB	+0.0236%	1h	799.10	+0.013%	$52.5M	$20.8M	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	798.16	−0.105%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	798.68	−0.040%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.762%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.87	−0.142%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0335%	1h	798.04	−0.121%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0343%	1h	799.00	long leg	$2.7M	$5.7M	40x