Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0477%/8h= +52.2% APRpaid last 24h −0.022%

Price spread now: Backpack against BloFin+0.098%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 3 days (all we have)+0.001%$0 · spread now +0.098%, 7d avg −0.033%

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

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.131% dearer against BloFin than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.033%. Mind the row above: over the last 7 days funding on this pair cost −0.060%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.060% in total (about -3.1% 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	BloFin BNB-USDT	806.74	0.0237	pay 0.0237% / 8h	1h 54m	$18.8M	$3.1M	75x
Short	Backpack BNB_USDC_PERP	807.53	0.0714	get 0.0089% / 1h	54m 31s	$3.0M	$5.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.098%Rate

Funding earned: $100.11
Price spread: +0.098% → −0.033%: $13.13
Slippage, 4 orders: −$2.15
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $89.09
Costs to cover: 0.241%
Break-even: 0.8 days

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 5 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 BloFin live order book, 4 min ago	0.25 bp	6.7 bp −$7	8.8 bp −$88	15.1 bp −$1,514	doesn't fit
Sell Backpack live order book, 5 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	805.73	−0.125%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.97	+0.029%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	804.83	−0.237%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.30	−0.055%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.22	−0.064%	$871K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	805.76	−0.121%	$9.8M	—	150x	as long as short
Hibachi BNB/USDT-P	+0.0024%	1h	806.43	−0.038%	$71K	$48K	12x	as long as short
Variational Omni BNB	+0.0044%	8h	805.28	−0.181%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0056%	8h	805.86	−0.109%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0081%	8h	805.50	−0.154%	$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	806.73	−0.001%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.76	−0.121%	$608K	$882K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.15	−0.073%	$1.5M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.68	−0.007%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	805.70	−0.129%	$55.2M	$116.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.80	+0.007%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	805.80	−0.117%	$36.2M	$57.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	805.70	−0.129%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	806.04	−0.087%	$79.1M	$24.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	804.99	−0.217%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.61	−0.264%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.00	−0.092%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	805.80	−0.117%	$389K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.30	−0.054%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.55	−0.023%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	806.58	−0.020%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.18	−0.069%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.03	+0.036%	$79K	$19K	50x	as long as short
Aster BNBUSDT	+0.0103%	8h	806.99	+0.031%	$6.4M	$18.8M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	805.97	−0.096%	$1.9M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.34	−0.050%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0117%	8h	807.10	+0.045%	$84.7M	$13.3M	200x	as long as short
Binance BNBUSDT	+0.0118%	8h	806.44	−0.037%	$520.7M	$805.8M	75x	as long as short
Phoenix BNB	+0.0125%	1h	805.95	−0.098%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0133%	1h	806.64	−0.012%	$51.9M	$22.0M	10x	as long as short
Phemex BNBUSDT	+0.0139%	8h	807.08	+0.042%	$70.4M	$51.9M	50x	as long as short
dYdX BNB-USD	+0.0144%	1h	806.44	−0.037%	$163K	$63K	10x	as long as short
SoDEX BNB-USD	+0.0202%	1h	806.20	−0.067%	$397K	$1.0M	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	806.17	−0.071%	$2.5M	$932K	50x	as long as short
BloFin BNB-USDTlong	+0.0237%	8h	806.74	long leg	$18.8M	$3.1M	75x
Bulk BNB-USD	+0.0273%	1h	805.26	−0.183%	$650K	$14K	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.205%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	806.66	−0.010%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	805.68	−0.131%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0360%	1h	807.31	+0.071%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0714%	1h	807.53	+0.098%	$3.0M	$5.5M	40x