Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0532%/8h= +58.3% APRpaid last 24h +0.014%

Price spread now: Backpack against Binance−0.015%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 7 days−0.013%−$1 · spread now −0.015%, 7d avg +0.038%

Together, before fees+0.146%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.053% cheaper against Binance than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.038%). If the spread goes back, that is −$5 on $10k: about 8 hours of funding at the current rate (+$16 a day). At the pace of the last 7 days (+0.160% in total) that is about 2.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.160% in total (about 8.3% 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	Binance BNBUSDT	806.40	0.0116	pay 0.0116% / 8h	1h 56m	$520.7M	$805.5M	75x
Short	Backpack BNB_USDC_PERP	806.28	0.0649	get 0.0081% / 1h	56m 46s	$3.0M	$5.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now −0.015%Rate

Funding earned: $111.81
Price spread: −0.015% → +0.038%: −$5.29
Slippage, 4 orders: −$1.74
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $84.78
Costs to cover: 0.217%
Break-even: 1.7 days

Slippage from Binance: live order book, 2 min ago; Backpack: 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 Binance live order book, 2 min ago	0.06 bp	5.3 bp −$5	7.1 bp −$71	16.9 bp −$1,694	doesn't fit
Sell Backpack live order book, 2 min ago	0.06 bp	6.2 bp −$6	8.9 bp −$89	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 −0.0195% / S +0.0371%	1h	804.54	−0.231%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	804.54	−0.231%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.06	−0.166%	$3.0M	$29.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	805.30	−0.136%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	804.40	−0.248%	$869K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	804.66	−0.215%	$9.8M	—	150x	as long as short
Hibachi BNB/USDT-P	+0.0008%	1h	804.62	−0.220%	$71K	$48K	12x	as long as short
Variational Omni BNB	+0.0047%	8h	804.12	−0.283%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0056%	8h	805.81	−0.073%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0080%	8h	805.40	−0.124%	$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	806.18	−0.028%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	804.54	−0.231%	$607K	$880K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.95	−0.304%	$1.4M	$2.8M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	806.60	+0.025%	$51.9M	$22.0M	10x	as long as short
Pacifica BNB	+0.0100%	1h	805.95	−0.056%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	805.50	−0.112%	$55.2M	$116.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	804.60	−0.223%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	805.60	−0.099%	$36.2M	$57.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	805.89	−0.063%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.51	−0.110%	$79.1M	$24.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	804.99	−0.175%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.23	−0.145%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	804.56	−0.228%	$116K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	804.84	−0.193%	$389K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	805.07	−0.165%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	804.87	−0.190%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	804.80	−0.198%	$396K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	805.27	−0.140%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	804.61	−0.222%	$8.2M	$7.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	806.29	−0.014%	$79K	$19K	50x	as long as short
Aster BNBUSDT	+0.0100%	8h	806.34	−0.007%	$6.4M	$18.8M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	805.24	−0.144%	$1.9M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	804.89	−0.187%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0116%	8h	806.60	+0.025%	$84.6M	$13.3M	200x	as long as short
Binance BNBUSDTlong	+0.0116%	8h	806.40	long leg	$520.7M	$805.5M	75x
Phoenix BNB	+0.0125%	1h	805.17	−0.153%	$173K	$35K	10x	as long as short
dYdX BNB-USD	+0.0140%	1h	805.79	−0.076%	$162K	$63K	10x	as long as short
Phemex BNBUSDT	+0.0140%	8h	804.93	−0.182%	$70.2M	$51.8M	50x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	804.83	−0.194%	$2.5M	$927K	50x	as long as short
BloFin BNB-USDT	+0.0236%	8h	805.52	−0.109%	$18.9M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0273%	1h	805.26	−0.141%	$650K	$14K	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.162%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	804.51	−0.234%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	804.28	−0.263%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0336%	1h	805.15	−0.155%	$28K	$1K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0649%	1h	806.28	−0.015%	$3.0M	$5.5M	40x