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Funding arb · Price arb /

BNB

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.0007%/8h= +0.8% APRnext payment +$0.01 per $10,000 · paid last 24h −0.039%
Price spread now: Phoenix against Backpack+0.117%80s7-day average +0.029% · you sell dearer than you buy
Net, funding: paid 7d − costs−$32as 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−$390.388% of the position
Long on BackpackShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.065%+$7 on $10k
Price spread, last 4 days (all we have)+0.134%+$13 · spread now +0.117%, 7d avg +0.029%
Together, before fees+0.199%+$20 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.088% dearer against Backpack than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.029%. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack BNB_USDC_PERP787.770.0100pay 0.0013% / 1h45m 50s$2.2M$6.1M40x
ShortPhoenix BNB788.690.0107get 0.0013% / 1h45m 50s$169K$35K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix 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

Funding earned
$1.55
Price spread: +0.117% → +0.029%
$8.78
Slippage, 4 orders
−$21.79
Fee Backpack: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$28.46
Costs to cover
0.388%
Break-even
135.4 days
Slippage from Backpack: live order book, 3 min ago; Phoenix: live order book, 11 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 3 min ago0.06 bp5.1 bp −$57.8 bp −$78doesn't fitdoesn't fit
Sell Phoenix live order book, 11 min ago1.01 bp12.4 bp −$1243.2 bp −$432doesn't fitdoesn't fit

BNB on 46 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX BNB/USD [WBTC.b-USDC]L −0.0167% / S +0.0335%1h787.97+0.026%$46K—200xas long as short
Hotstuff BNB-PERP−0.0080%1h788.55+0.099%$4K$23925xas long as short
StandX BNB-USD0.0000%1h788.75+0.124%$852K$3.2M30xas long as short
gTrade (Gains Network) BNB/USDL +0.0008% / S −0.0007%1h787.93+0.020%$9.6M—150xas long as short
Injective BNB/USDC PERP+0.0033%1h805.09+2.199%$19K$789K30xas long as short
Aster BNBUSDT+0.0038%8h788.02+0.032%$6.2M$18.8M200xas long as short
Coinbase International BNB-PERP-INTX+0.0048%1h787.61−0.020%$617K$1.8M50xas long as short
BingX BNB-USDT+0.0055%8h787.54−0.029%—$34.4M—as long as short
MEXC BNB_USDT+0.0071%8h788.30+0.067%$80.2M$12.4M200xas long as short
Binance BNBUSDT+0.0072%8h787.99+0.027%$493.0M$807.4M75xas long as short
Show all 46 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex BNBUSDT+0.0072%8h787.99+0.028%$69.0M$51.1M50xas long as short
Variational Omni BNB+0.0078%8h787.81+0.005%$4.1M$4.7M—as long as short
Gate BNB_USDT+0.0090%8h787.30−0.060%$35.2M$56.7M75xas long as short
Kraken Futures PF_BNBUSD+0.0091%1h787.42−0.044%$2.5M$1.2M50xas long as short
Lighter BNB+0.0096%1h787.56−0.026%$2.7M$3.9M20xas long as short
Orderly PERP_BNB_USDC+0.0100%8h787.92+0.019%$265K$498K50xas long as short
Nado BNB-PERP+0.0100%1h787.50−0.034%$1.5M$2.6M20xas long as short
Hyperliquid BNB+0.0100%1h788.10+0.042%$51.7M$18.4M10xas long as short
Pacifica BNB+0.0100%1h787.94+0.022%$1.2M$909K20xas long as short
Bybit BNBUSDT+0.0100%8h787.40−0.047%$138.5M$77.4M75xas long as short
OKX BNB-USDT-SWAP+0.0100%8h787.20−0.072%$53.4M$112.3M50xas long as short
Arcus BNB-USD+0.0100%1h788.00+0.029%$52K$130K10xas long as short
KuCoin BNBUSDTM+0.0100%8h787.20−0.072%$27.7M$10.3M75xas long as short
Bitget BNBUSDT+0.0100%8h787.14−0.080%$76.7M$30.0M75xas long as short
Backpack BNB_USDC_PERPlong+0.0100%1h787.77long leg$2.2M$6.1M40x
edgeX BNBUSDC+0.0100%4h789.17+0.178%$4.1M$76.7M30xas long as short
ApeX Omni BNBUSDT+0.0100%1h789.14+0.174%$159K$439K50xas long as short
Polymarket Perps BNB-USD+0.0100%1h787.86+0.011%$137K$944K10xas long as short
Derive BNB-PERP+0.0100%1h788.12+0.045%$31K$12K10xas long as short
SunX BNB-USDT+0.0100%8h788.71+0.119%$12K$1.6M50xas long as short
HTX BNB-USDT+0.0100%8h787.97+0.025%$8.1M$9.1M75xas long as short
Paradex BNB-USD-PERP+0.0103%8h788.33+0.071%$77K$17K50xas long as short
Extended BNB-USD+0.0104%1h787.06−0.090%$1.8M$5.9M50xas long as short
Aevo BNB-PERP+0.0104%1h787.93+0.021%$378K$110K10xas long as short
Phoenix BNBshort+0.0107%1h788.69+0.117%$169K$35K10x
GRVT BNB_USDT_Perp+0.0120%8h790.69+0.371%$2.9M$28.1M10xas long as short
SoDEX BNB-USD+0.0138%1h787.70−0.009%$387K$1.0M10xas long as short
Kalshi KXBNBPERP+0.0182%8h788.40+0.080%$89K$2.8M4.8xas long as short
BloFin BNB-USDT+0.0191%8h788.75+0.124%—$2.3M75xas long as short
dYdX BNB-USD+0.0243%1h787.60−0.022%$159K$63K10xas long as short
Deribit BNB_USDC-PERPETUAL+0.0300%1h788.45+0.086%$1.5M$152K25xas long as short
01 Exchange BNBUSD+0.0304%1h788.42+0.083%$28K$4K10xas long as short
Reya BNBRUSDPERP+0.0328%1h787.75−0.002%$6K$3K40xas long as short
Bulk BNB-USD+0.0340%1h789.39+0.206%$639K$13K10xas long as short
RISEx BNB/USDC+0.0361%1h788.13+0.046%$1.1M$1.0M20xas long as short
Hibachi BNB/USDT-P+0.0576%1h788.46+0.087%$67K$38K12xas long as short