BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0344%/8h= +37.7% APRnext payment +$0.43 per $10,000 · paid last 24h −0.027%

Price spread now: Backpack against Hyperliquid−0.011%7-day average +0.103% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 7 days−0.017%−$2 · spread now −0.011%, 7d avg +0.103%

Together, before fees+0.076%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.115% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.103%). If the spread goes back, that is −$11 on $10k: about 27 hours of funding at the current rate (+$10 a day). At the pace of the last 7 days (+0.093% in total) that is about 8.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.093% in total (about 4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.43 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	Hyperliquid BNB	802.66	0.0298	pay 0.0037% / 1h	24m 55s	$51.9M	$22.3M	10x
Short	Backpack BNB_USDC_PERP	802.57	0.0642	get 0.0080% / 1h	24m 55s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.011%Rate

Funding earned: $72.24
Price spread: −0.011% → +0.103%: −$11.46
Slippage, 4 orders: −$3.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: $38.63
Costs to cover: 0.221%
Break-even: 3.3 days

Slippage from Hyperliquid: live order book, 9 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 Hyperliquid live order book, 9 min ago	0.50 bp	5.2 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.06 bp	6.7 bp −$7	8.2 bp −$82	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	801.66	−0.125%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.95	−0.213%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	801.71	−0.118%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.70	−0.120%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	801.64	−0.127%	$866K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.72	−0.118%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0039%	8h	800.35	−0.288%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0065%	8h	801.63	−0.128%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0078%	8h	801.60	−0.132%	$139.6M	$83.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	802.03	−0.078%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	−0.186%	$610K	$1.0M	50x	as long as short
Aster BNBUSDT	+0.0099%	8h	802.56	−0.013%	$6.4M	$19.2M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.64	−0.252%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.08	−0.196%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.80	−0.107%	$54.9M	$117.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.50	−0.145%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.60	−0.132%	$35.8M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.86	−0.100%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.78	−0.110%	$81.1M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.89	−0.097%	$4.2M	$77.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	801.93	−0.091%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.45	−0.151%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.66	−0.125%	$387K	$568K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.90	−0.095%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.34	−0.040%	$12K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.99	−0.208%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.36	−0.162%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	801.65	−0.126%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.75	−0.113%	$385K	$40K	10x	as long as short
SoDEX BNB-USD	+0.0116%	1h	801.90	−0.095%	$394K	$1.0M	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	803.00	+0.042%	$83.5M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	802.62	−0.005%	$504.5M	$829.3M	75x	as long as short
Phemex BNBUSDT	+0.0122%	8h	802.21	−0.056%	$70.1M	$51.7M	50x	as long as short
Phoenix BNB	+0.0155%	1h	801.68	−0.122%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0160%	1h	801.15	−0.188%	$71K	$48K	12x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.69	−0.120%	$2.6M	$983K	50x	as long as short
dYdX BNB-USD	+0.0212%	1h	800.59	−0.258%	$161K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0239%	8h	802.28	−0.047%	$18.4M	$2.6M	75x	as long as short
Hyperliquid BNBlong	+0.0298%	1h	802.66	long leg	$51.9M	$22.3M	10x
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	802.16	−0.062%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.303%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	801.48	−0.147%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	802.08	−0.072%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.23	−0.178%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0354%	1h	801.59	−0.134%	$651K	$21K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0642%	1h	802.57	−0.011%	$2.7M	$5.7M	40x