Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0291%/8h= +31.8% APRpaid last 24h +0.053%

Price spread now: Backpack against Bybit+0.176%45s7-day average +0.152% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.244% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 7 days−0.292%−$29 · spread now +0.176%, 7d avg +0.152%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Backpack is 0.024% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.152%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BNBUSDT	788.32	0.0100	pay 0.0100% / 8h	6h 10m	$138.9M	$79.8M	75x
Short	Backpack BNB_USDC_PERP	789.71	0.0391	get 0.0049% / 1h	10m 18s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.176%Rate

Funding earned: $61.01
Price spread: +0.176% → +0.152%: $2.39
Slippage, 4 orders: −$3.35
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: $39.05
Costs to cover: 0.244%
Break-even: 2.5 days

Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 4 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 Bybit live order book, 4 min ago	0.63 bp	6.5 bp −$6	9.7 bp −$97	28.9 bp −$2,886	153.6 bp −$76.8K
Sell Backpack live order book, 4 min ago	0.06 bp	5.1 bp −$5	6.7 bp −$67	doesn't fit	doesn't fit

BNB on 45 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 −0.0167% / S +0.0335%	1h	788.26	−0.008%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	788.53	+0.027%	$2.5M	$1.1M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.17	+0.108%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.55	+0.156%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.35	+0.004%	$9.6M	—	150x	as long as short
Aster BNBUSDT	+0.0030%	8h	789.27	+0.121%	$6.2M	$20.1M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.127%	$19K	$789K	30x	as long as short
Gate BNB_USDT	+0.0047%	8h	788.35	+0.004%	$35.2M	$57.4M	75x	as long as short
BingX BNB-USDC	+0.0049%	8h	788.65	+0.042%	—	$13.4M	—	as long as short
Variational Omni BNB	+0.0050%	8h	788.61	+0.037%	$4.1M	$4.9M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0056%	1h	788.82	+0.063%	$619K	$1.9M	50x	as long as short
Phemex BNBUSDT	+0.0062%	8h	789.61	+0.164%	$69.0M	$50.7M	50x	as long as short
MEXC BNB_USDT	+0.0063%	8h	789.40	+0.137%	$80.2M	$13.1M	200x	as long as short
Binance BNBUSDT	+0.0064%	8h	789.01	+0.088%	$494.1M	$824.6M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0072%	8h	788.72	+0.050%	$2.9M	$28.6M	10x	as long as short
dYdX BNB-USD	+0.0083%	1h	788.84	+0.066%	$159K	$63K	10x	as long as short
Phoenix BNB	+0.0088%	1h	788.56	+0.030%	$169K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.74	+0.053%	$2.8M	$4.1M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.50	+0.023%	$381K	$409K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.40	+0.010%	$1.5M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.18	+0.109%	$51.7M	$19.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.85	+0.067%	$1.2M	$915K	20x	as long as short
Bybit BNBUSDTlong	+0.0100%	8h	788.32	long leg	$138.9M	$79.8M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	788.40	+0.010%	$53.4M	$113.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.90	+0.074%	$52K	$135K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.29	−0.004%	$27.8M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.24	−0.010%	$77.7M	$29.9M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.20	−0.015%	$4.1M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.71	+0.049%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.50	+0.023%	$137K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.64	+0.041%	$31K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.90	+0.073%	$12K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.60	+0.036%	$388K	$998K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.64	+0.041%	$8.1M	$9.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	789.27	+0.121%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.15	−0.021%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.59	+0.035%	$379K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	788.95	+0.080%	$1.1M	$1.1M	20x	as long as short
Kalshi KXBNBPERP	+0.0163%	8h	789.10	+0.099%	$92K	$2.9M	4.8x	as long as short
Bulk BNB-USD	+0.0244%	1h	794.01	+0.722%	$643K	$13K	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	789.20	+0.112%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.30	−0.003%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERPshort	+0.0391%	1h	789.71	+0.176%	$2.7M	$5.7M	40x
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	788.99	+0.085%	$1.5M	$160K	25x	as long as short
Hibachi BNB/USDT-P	+0.0544%	1h	788.77	+0.057%	$68K	$39K	12x	as long as short