Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0667%/8h= −73.1% APRpaid last 24h −0.038%

Price spread now: Variational Omni against Backpack−0.341%7-day average −0.156% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.101%−$10 on $10k

Price spread, last 7 days+0.338%+$34 · spread now −0.341%, 7d avg −0.156%

Together, before fees+0.236%+ Points / potential airdropVariational Omni: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Variational Omni is 0.185% cheaper against Backpack than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.156%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.101% in total (about -11.3% 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	807.73	0.0715	pay 0.0089% / 1h	41m 19s	$3.0M	$5.5M	40x
Short	Variational Omni BNB	804.97	0.0048	get 0.0048% / 8h	1h 41m	$4.1M	$5.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.341%Rate

Funding earned: −$140.11
Price spread: −0.341% → −0.156%: −$18.49
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$168.6
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 3 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 3 min ago	0.06 bp	5.2 bp −$5	12.3 bp −$123	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.33 bp	doesn't fit	6.0 bp −$60	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	806.58	−0.142%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	807.49	−0.030%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.21	−0.189%	$3.0M	$29.2M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	807.50	−0.028%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.73	−0.124%	$872K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.69	−0.128%	$9.8M	—	150x	as long as short
Variational Omni BNBshort	+0.0048%	8h	804.97	−0.341%	$4.1M	$5.3M	—
BingX BNB-USDC	+0.0059%	8h	806.66	−0.132%	—	$13.3M	—	as long as short
Hibachi BNB/USDT-P	+0.0080%	1h	805.86	−0.231%	$71K	$48K	12x	as long as short
Bybit BNBUSDT	+0.0083%	8h	806.30	−0.177%	$139.6M	$81.1M	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	807.20	−0.066%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.271%	$608K	$881K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.71	−0.127%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	807.19	−0.067%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.40	−0.165%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	807.40	−0.041%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.65	−0.134%	$36.1M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.68	−0.130%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	806.52	−0.150%	$78.8M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.39	−0.166%	$4.2M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.49	−0.154%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.72	−0.125%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	806.43	−0.161%	$390K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	807.14	−0.074%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.36	−0.170%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.81	−0.114%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.66	−0.008%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	806.60	−0.140%	$1.9M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.77	−0.119%	$388K	$40K	10x	as long as short
Aster BNBUSDT	+0.0107%	8h	807.43	−0.037%	$6.4M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0120%	8h	807.70	−0.004%	$84.8M	$13.4M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	807.34	−0.048%	$521.5M	$803.4M	75x	as long as short
Phemex BNBUSDT	+0.0131%	8h	807.43	−0.037%	$70.5M	$51.7M	50x	as long as short
Phoenix BNB	+0.0155%	1h	807.20	−0.066%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0186%	1h	807.00	−0.090%	$397K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0204%	1h	807.58	−0.019%	$52.0M	$22.1M	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	806.81	−0.114%	$2.5M	$929K	50x	as long as short
dYdX BNB-USD	+0.0207%	1h	806.57	−0.143%	$163K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0241%	8h	806.53	−0.149%	$18.8M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0295%	1h	807.66	−0.009%	$652K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	807.40	−0.041%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.327%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	807.26	−0.058%	$1.1M	$1.5M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	806.41	−0.163%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0360%	1h	807.86	+0.016%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0715%	1h	807.73	long leg	$3.0M	$5.5M	40x