BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0224%/8h= +24.6% APRnext payment +$0.28 per $10,000 · paid last 24h +0.041%

Price spread now: Backpack against Kraken Futures+0.066%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.206%+$21 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.066%, 7d avg +0.063%

Together, before fees+0.266%+$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BNBUSD	787.97	−0.0124	get 0.0016% / 1h	32m 07s	$2.5M	$1.2M	50x
Short	Backpack BNB_USDC_PERP	788.49	0.0100	get 0.0013% / 1h	32m 07s	$2.2M	$6.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.066%Rate

Funding earned: $47.1
Price spread: +0.066% → +0.063%: $0.2
Slippage, 4 orders: −$9.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $17.61
Costs to cover: 0.297%
Break-even: 4.4 days

Slippage from Kraken Futures: live order book, 2 min ago; Backpack: live order book, 2 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 Kraken Futures live order book, 2 min ago	3.05 bp	9.2 bp −$9	14.4 bp −$144	33.8 bp −$3,375	94.5 bp −$47.2K
Sell Backpack live order book, 2 min ago	0.06 bp	5.6 bp −$6	8.5 bp −$85	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 −0.0192% / S +0.0356%	1h	788.09	+0.015%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSDlong	−0.0124%	1h	787.97	long leg	$2.5M	$1.2M	50x
Hotstuff BNB-PERP	−0.0080%	1h	788.54	+0.072%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.81	+0.106%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.04	+0.009%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	788.59	+0.078%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.172%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0042%	8h	788.27	+0.038%	—	$22.4M	—	as long as short
MEXC BNB_USDT	+0.0049%	8h	789.00	+0.130%	$80.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0050%	8h	788.49	+0.066%	$491.7M	$798.9M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0050%	8h	788.62	+0.082%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.290%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.77	+0.101%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.28	+0.039%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.16	+0.024%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.10	+0.016%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.70	+0.092%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.42	+0.057%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.87	−0.013%	$138.6M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.90	−0.009%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.20	+0.029%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.05	+0.010%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.80	−0.022%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.75	−0.028%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERPshort	+0.0100%	1h	788.49	+0.066%	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	787.71	−0.033%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.41	+0.056%	$4.1M	$73.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.75	+0.099%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.92	−0.007%	$130K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.24	+0.034%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.74	+0.097%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.30	+0.041%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.30	+0.041%	$8.1M	$9.6M	75x	as long as short
dYdX BNB-USD	+0.0100%	1h	788.56	+0.074%	$160K	$64K	10x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.56	+0.074%	$77K	$17K	50x	as long as short
Kalshi KXBNBPERP	+0.0102%	8h	788.80	+0.105%	$126K	$2.7M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	787.77	−0.026%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.23	+0.032%	$379K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0170%	8h	788.91	+0.119%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0173%	8h	788.76	+0.100%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0219%	1h	788.52	+0.069%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.63	+0.083%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.53	+0.071%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	787.84	−0.017%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	788.24	+0.034%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.47	+0.063%	$1.1M	$893K	20x	as long as short