Funding you earn now, next payment 01:00 UTC+0.0195%/8h= +21.3% APRnext payment +$0.24 per $10,000 · paid last 24h +0.022%
Price spread now: Backpack against Deribit+0.045%7-day average +0.012% · you sell dearer than you buy
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$26as in the Price arb table
costs, in and out, $10k−$290.291% of the position
Funding, last 7 days+0.002%$0 on $10k
+Price spread, last 3 days (all we have)−0.008%−$1 · spread now +0.045%, 7d avg +0.012%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Backpack is 0.033% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.012%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.002% in total (about 0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.24 per $10,000. 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 | Deribit BNB_USDC-PERPETUAL | 798.64 | 0.0200 | pay 0.0025% / 1h | 46m 17s | $1.6M | $160K | 25x |
| Short | Backpack BNB_USDC_PERP | 799.00 | 0.0395 | get 0.0049% / 1h | 46m 17s | $2.7M | $5.7M | 40x |
Deribit BNB_USDC-PERPETUAL
Backpack BNB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $40.92
- Price spread: +0.045% → +0.012%
- $3.32
- Slippage, 4 orders
- −$12.13
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $15.1
- Costs to cover
- 0.291%
- Break-even
- 4.4 days
Slippage from Deribit: live order book, 3 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 Deribit live order book, 3 min ago | 3.26 bp | 9.9 bp −$10 | 16.4 bp −$164 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 3 min ago | 0.06 bp | 5.6 bp −$6 | 6.8 bp −$68 | 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 | 798.16 | −0.060% | $47K | — | 200x | as long as short |
| Kraken Futures PF_BNBUSD | −0.0121% | 1h | 798.10 | −0.068% | $2.5M | $979K | 50x | as long as short |
| Bybit BNBUSDT | −0.0095% | 8h | 797.80 | −0.105% | $138.5M | $77.0M | 75x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 798.80 | +0.020% | $4K | $239 | 25x | as long as short |
| BingX BNB-USDT | −0.0049% | 8h | 798.26 | −0.048% | — | $35.2M | — | as long as short |
| GRVT BNB_USDT_Perp | 0.0000% | 8h | 798.33 | −0.039% | $3.0M | $27.9M | 10x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 798.61 | −0.004% | $863K | $2.9M | 30x | as long as short |
| Variational Omni BNB | +0.0006% | 8h | 797.73 | −0.114% | $4.1M | $5.4M | — | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 798.13 | −0.063% | $9.7M | — | 150x | as long as short |
| Phemex BNBUSDT | +0.0013% | 8h | 798.78 | +0.018% | $69.8M | $50.5M | 50x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Kraken Futures PF_BNBUSD
Bybit BNBUSDT
Hotstuff BNB-PERP
BingX BNB-USDT
GRVT BNB_USDT_Perp
StandX BNB-USD
Variational Omni BNB
gTrade (Gains Network) BNB/USD
Phemex BNBUSDTShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate BNB_USDT | +0.0025% | 8h | 798.00 | −0.080% | $35.7M | $55.9M | 75x | as long as short |
| Injective BNB/USDC PERP | +0.0033% | 1h | 805.09 | +0.808% | $19K | $789K | 30x | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0048% | 1h | 798.00 | −0.080% | $601K | $986K | 50x | as long as short |
| Aster BNBUSDT | +0.0069% | 8h | 798.76 | +0.015% | $6.2M | $19.3M | 200x | as long as short |
| Binance BNBUSDT | +0.0091% | 8h | 798.78 | +0.017% | $496.2M | $815.8M | 75x | as long as short |
| MEXC BNB_USDT | +0.0091% | 8h | 799.00 | +0.045% | $83.0M | $13.5M | 200x | as long as short |
| Lighter BNB | +0.0096% | 1h | 798.49 | −0.019% | $2.8M | $4.0M | 20x | as long as short |
| Phoenix BNB | +0.0099% | 1h | 798.23 | −0.051% | $172K | $36K | 10x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 798.00 | −0.080% | $1.4M | $2.7M | 20x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 798.54 | −0.012% | $1.2M | $925K | 20x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 797.90 | −0.093% | $54.1M | $111.5M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 798.70 | +0.008% | $53K | $133K | 10x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 798.06 | −0.073% | $27.9M | $10.1M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 797.84 | −0.100% | $78.7M | $27.6M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 798.20 | −0.055% | $4.1M | $76.3M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 798.13 | −0.064% | $161K | $435K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 798.19 | −0.056% | $118K | $874K | 10x | as long as short |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 798.18 | −0.058% | $386K | $472K | 50x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 798.30 | −0.042% | $32K | $5K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 798.71 | +0.009% | $13K | $1.7M | 50x | as long as short |
| SoDEX BNB-USD | +0.0100% | 1h | 798.30 | −0.043% | $392K | $1.0M | 10x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 798.36 | −0.035% | $8.2M | $8.1M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 799.23 | +0.073% | $78K | $19K | 50x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 797.68 | −0.120% | $1.8M | $6.5M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 798.26 | −0.047% | $383K | $108K | 10x | as long as short |
| Bulk BNB-USD | +0.0118% | 1h | 798.39 | −0.031% | $648K | $11K | 10x | as long as short |
| Hibachi BNB/USDT-P | +0.0128% | 1h | 798.34 | −0.038% | $70K | $34K | 12x | as long as short |
| RISEx BNB/USDC | +0.0155% | 1h | 798.60 | −0.005% | $1.1M | $1.4M | 20x | as long as short |
| Kalshi KXBNBPERP | +0.0155% | 8h | 798.90 | +0.033% | $90K | $2.9M | 4.8x | as long as short |
| Deribit BNB_USDC-PERPETUALlong | +0.0200% | 1h | 798.64 | long leg | $1.6M | $160K | 25x | |
| BloFin BNB-USDT | +0.0211% | 8h | 798.80 | +0.020% | $18.1M | $2.5M | 75x | as long as short |
| 01 Exchange BNBUSD | +0.0216% | 1h | 799.04 | +0.050% | $28K | $1K | 10x | as long as short |
| dYdX BNB-USD | +0.0318% | 1h | 797.97 | −0.084% | $161K | $63K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0330% | 1h | 797.81 | −0.104% | $6K | $3K | 40x | as long as short |
| Hyperliquid BNB | +0.0347% | 1h | 799.01 | +0.046% | $53.1M | $20.9M | 10x | as long as short |
| Backpack BNB_USDC_PERPshort | +0.0395% | 1h | 799.00 | +0.045% | $2.7M | $5.7M | 40x |
Gate BNB_USDT
Injective BNB/USDC PERP
Coinbase International BNB-PERP-INTX
Aster BNBUSDT
Binance BNBUSDT
MEXC BNB_USDT
Lighter BNB
Phoenix BNB
Nado BNB-PERP
Pacifica BNB
OKX BNB-USDT-SWAP
Arcus BNB-USD
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Orderly PERP_BNB_USDC
Derive BNB-PERP
SunX BNB-USDT
SoDEX BNB-USD
HTX BNB-USDT
Paradex BNB-USD-PERP
Extended BNB-USD
Aevo BNB-PERP
Bulk BNB-USD
Hibachi BNB/USDT-P
RISEx BNB/USDC
Kalshi KXBNBPERP
BloFin BNB-USDT
01 Exchange BNBUSD
dYdX BNB-USD
Reya BNBRUSDPERP
Hyperliquid BNB