Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0312%/8h= −34.2% APRpaid last 24h −0.032%

Price spread now: SunX against Backpack−0.113%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$560.556% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.113%, 7d avg +0.022%

Together, before fees−0.059%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and SunX is 0.135% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.022%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.098% in total (about -5.1% 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	802.31	0.0412	pay 0.0051% / 1h	58m 53s	$2.7M	$5.7M	40x
Short	SunX BNB-USDT	801.40	0.0100	get 0.0100% / 8h	58m 53s	$13K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$65.49
Price spread: −0.113% → +0.022%: −$13.53
Slippage, 4 orders: −$37.64
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$134.67
Costs to cover: 0.556%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; SunX: live order book, 6 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	5.2 bp −$5	9.3 bp −$93	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	15.06 bp	23.4 bp −$23	30.5 bp −$305	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 −0.0201% / S +0.0372%	1h	800.94	−0.171%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.35	−0.120%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	801.15	−0.145%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.99	−0.165%	$3.0M	$28.4M	10x	as long as short
StandX BNB-USD	0.0000%	1h	802.01	−0.037%	$867K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.92	−0.173%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	800.04	−0.283%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	801.75	−0.070%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	801.17	−0.142%	$139.3M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.198%	$607K	$998K	50x	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	801.52	−0.098%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.48	−0.229%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.21	−0.137%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.40	−0.113%	$54.7M	$113.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.40	−0.113%	$53K	$134K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.15	−0.145%	$35.8M	$57.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.40	−0.113%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.30	−0.126%	$80.9M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.55	−0.219%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.56	−0.218%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.78	−0.191%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.99	−0.165%	$387K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.18	−0.141%	$32K	$5K	10x	as long as short
SunX BNB-USDTshort	+0.0100%	8h	801.40	−0.113%	$13K	$1.7M	50x
HTX BNB-USDT	+0.0100%	8h	800.97	−0.167%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.71	−0.075%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0100%	8h	802.20	−0.014%	$6.4M	$18.9M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	801.08	−0.154%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.34	−0.121%	$385K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0114%	8h	801.43	−0.110%	$70.1M	$51.0M	50x	as long as short
Kalshi KXBNBPERP	+0.0117%	8h	801.10	−0.151%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0119%	8h	802.60	+0.036%	$83.4M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	802.32	+0.001%	$502.1M	$819.0M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.77	−0.192%	$172K	$34K	10x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	800.59	−0.215%	$71K	$48K	12x	as long as short
BloFin BNB-USDT	+0.0241%	8h	801.83	−0.060%	$18.2M	$2.5M	75x	as long as short
SoDEX BNB-USD	+0.0247%	1h	801.30	−0.126%	$394K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	801.05	−0.157%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	−0.145%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	801.56	−0.093%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.346%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	800.45	−0.232%	$6K	$3K	40x	as long as short
Hyperliquid BNB	+0.0335%	1h	802.28	−0.004%	$51.9M	$21.6M	10x	as long as short
dYdX BNB-USD	+0.0369%	1h	800.88	−0.178%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0412%	1h	802.31	long leg	$2.7M	$5.7M	40x
01 Exchange BNBUSD	+0.0448%	1h	801.71	−0.075%	$28K	$1K	10x	as long as short