Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0656%/8h= +71.8% APRpaid last 24h +0.030%

Price spread now: Backpack against BingX+0.133%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 7 days−0.201%−$20 · spread now +0.133%, 7d avg +0.131%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.131%, so right now this pair is about funding alone: +$20 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.138% in total (about 7.2% 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	BingX BNB-USDC	806.66	0.0059	pay 0.0059% / 8h	1h 41m	—	$13.3M	—
Short	Backpack BNB_USDC_PERP	807.73	0.0715	get 0.0089% / 1h	41m 26s	$3.0M	$5.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.133%Rate

Funding earned: $137.74
Price spread: +0.133% → +0.131%: $0.15
Slippage, 4 orders: −$3.98
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $113.91
Costs to cover: 0.240%
Break-even: 1.2 days

Slippage from BingX: live order book, 12 min ago; Backpack: live order book, 3 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 BingX live order book, 12 min ago	0.31 bp	6.4 bp −$6	7.8 bp −$78	16.4 bp −$1,640	55.3 bp −$27.7K
Sell Backpack live order book, 3 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	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	−0.009%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	807.49	+0.103%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.21	−0.056%	$3.0M	$29.2M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	807.50	+0.104%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.73	+0.009%	$872K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.69	+0.004%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0048%	8h	804.97	−0.209%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDClong	+0.0059%	8h	806.66	long leg	—	$13.3M	—
Hibachi BNB/USDT-P	+0.0080%	1h	805.86	−0.099%	$71K	$48K	12x	as long as short
Bybit BNBUSDT	+0.0083%	8h	806.30	−0.045%	$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	+0.067%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.139%	$608K	$881K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.71	+0.006%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	807.19	+0.066%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.40	−0.032%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	807.40	+0.092%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.65	−0.001%	$36.1M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.68	+0.002%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	806.52	−0.017%	$78.8M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.39	−0.034%	$4.2M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.49	−0.021%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.72	+0.007%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	806.43	−0.029%	$390K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	807.14	+0.059%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.36	−0.038%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.81	+0.018%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.66	+0.124%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	806.60	−0.008%	$1.9M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.77	+0.013%	$388K	$40K	10x	as long as short
Aster BNBUSDT	+0.0107%	8h	807.43	+0.095%	$6.4M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0120%	8h	807.70	+0.129%	$84.8M	$13.4M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	807.34	+0.084%	$521.5M	$803.4M	75x	as long as short
Phemex BNBUSDT	+0.0131%	8h	807.43	+0.095%	$70.5M	$51.7M	50x	as long as short
Phoenix BNB	+0.0155%	1h	807.20	+0.067%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0186%	1h	807.00	+0.042%	$397K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0204%	1h	807.58	+0.114%	$52.0M	$22.1M	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	806.81	+0.019%	$2.5M	$929K	50x	as long as short
dYdX BNB-USD	+0.0207%	1h	806.57	−0.011%	$163K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0241%	8h	806.53	−0.016%	$18.8M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0295%	1h	807.66	+0.124%	$652K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	807.40	+0.091%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.195%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	807.26	+0.075%	$1.1M	$1.5M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	806.41	−0.031%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0360%	1h	807.86	+0.149%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0715%	1h	807.73	+0.133%	$3.0M	$5.5M	40x