Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0614%/8h= −67.2% APRpaid last 24h −0.025%

Price spread now: OKX against Backpack−0.264%56s7-day average −0.146% · 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—prices read too far apart to compare

costs, in and out, $10k−$230.232% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 7 days+0.183%+$18 · spread now −0.264%, 7d avg −0.146%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and OKX is 0.118% cheaper against Backpack than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.146%). Swap the legs. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.145% in total (about -7.5% 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	807.53	0.0714	pay 0.0089% / 1h	54m 20s	$3.0M	$5.5M	40x
Short	OKX BNB-USDT-SWAP	805.40	0.0100	get 0.0100% / 8h	1h 54m	$55.2M	$116.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.264%Rate

Funding earned: −$128.96
Price spread: −0.264% → −0.146%: −$11.81
Slippage, 4 orders: −$3.21
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$163.97
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; OKX: live order book, 5 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, 5 min ago	0.06 bp	5.1 bp −$5	10.2 bp −$102	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.62 bp	5.6 bp −$6	8.1 bp −$81	18.6 bp −$1,865	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	805.73	−0.222%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.97	−0.069%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	804.83	−0.334%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.50	−0.128%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.22	−0.162%	$871K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	805.76	−0.219%	$9.8M	—	150x	as long as short
Hibachi BNB/USDT-P	+0.0024%	1h	806.43	−0.136%	$71K	$48K	12x	as long as short
Variational Omni BNB	+0.0044%	8h	805.28	−0.278%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0056%	8h	805.93	−0.198%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0081%	8h	805.30	−0.276%	$139.4M	$82.0M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	805.79	−0.216%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.76	−0.219%	$608K	$882K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.15	−0.171%	$1.5M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.68	−0.105%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAPshort	+0.0100%	8h	805.40	−0.264%	$55.2M	$116.3M	50x
Arcus BNB-USD	+0.0100%	1h	806.80	−0.090%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	805.80	−0.214%	$36.2M	$57.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	805.70	−0.227%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.82	−0.212%	$79.1M	$24.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	804.99	−0.315%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.61	−0.362%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.00	−0.189%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	805.80	−0.214%	$389K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.03	−0.186%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.99	−0.067%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	806.19	−0.166%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	805.88	−0.204%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.03	−0.062%	$79K	$19K	50x	as long as short
Aster BNBUSDT	+0.0103%	8h	806.36	−0.145%	$6.4M	$18.8M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	805.37	−0.268%	$1.9M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	805.93	−0.198%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0117%	8h	806.50	−0.128%	$84.6M	$13.3M	200x	as long as short
Binance BNBUSDT	+0.0118%	8h	806.19	−0.166%	$520.6M	$805.8M	75x	as long as short
Phoenix BNB	+0.0125%	1h	805.95	−0.196%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0133%	1h	806.64	−0.110%	$51.9M	$22.0M	10x	as long as short
Phemex BNBUSDT	+0.0139%	8h	806.28	−0.155%	$70.4M	$51.9M	50x	as long as short
dYdX BNB-USD	+0.0144%	1h	806.44	−0.135%	$163K	$63K	10x	as long as short
SoDEX BNB-USD	+0.0194%	1h	805.80	−0.214%	$396K	$1.0M	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	805.59	−0.240%	$2.5M	$932K	50x	as long as short
BloFin BNB-USDT	+0.0237%	8h	806.74	−0.098%	$18.8M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0273%	1h	805.26	−0.281%	$650K	$14K	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.302%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	806.66	−0.108%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	805.68	−0.229%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0360%	1h	807.31	−0.027%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0714%	1h	807.53	long leg	$3.0M	$5.5M	40x