Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.047%

Price spread now: Backpack against OKX+0.084%7-day average +0.152% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

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

costs, in and out, $10k−$220.220% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.164%+$16 on $10k

Price spread, last 7 days+0.099%+$10 · spread now +0.084%, 7d avg +0.152%

Together, before fees+0.263%+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.068% cheaper against OKX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.152%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BNB-USDT-SWAP	788.00	0.0100	pay 0.0100% / 8h	3h 32m	$53.4M	$111.7M	50x
Short	Backpack BNB_USDC_PERP	788.66	0.0100	get 0.0013% / 1h	32m 34s	$2.2M	$6.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.084%Rate

Funding earned: $0
Price spread: +0.084% → +0.152%: −$6.81
Slippage, 4 orders: −$2.01
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$28.82
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from OKX: live order book, 1 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 OKX live order book, 1 min ago	0.63 bp	5.6 bp −$6	7.5 bp −$75	20.3 bp −$2,033	doesn't fit
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	788.20	+0.026%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.15	+0.019%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.54	+0.069%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	789.00	+0.127%	$126K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.81	+0.103%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.24	+0.030%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	788.63	+0.080%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.169%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0042%	8h	788.34	+0.043%	—	$22.4M	—	as long as short
MEXC BNB_USDT	+0.0049%	8h	789.20	+0.152%	$80.0M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0050%	8h	788.62	+0.079%	$492.0M	$798.8M	75x	as long as short
Phemex BNBUSDT	+0.0051%	8h	788.53	+0.067%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.287%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.77	+0.098%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.40	+0.050%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.34	+0.043%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.10	+0.013%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.90	+0.114%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.42	+0.053%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.10	+0.013%	$138.7M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAPlong	+0.0100%	8h	788.00	long leg	$53.4M	$111.7M	50x
Arcus BNB-USD	+0.0100%	1h	788.20	+0.025%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.15	+0.019%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.90	−0.013%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.96	−0.005%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERPshort	+0.0100%	1h	788.66	+0.084%	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	787.71	−0.037%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.41	+0.052%	$4.1M	$73.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.75	+0.095%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.15	+0.019%	$130K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.39	+0.050%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.90	+0.114%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.40	+0.051%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.30	+0.038%	$8.1M	$9.6M	75x	as long as short
dYdX BNB-USD	+0.0100%	1h	788.56	+0.071%	$160K	$64K	10x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.56	+0.071%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.78	−0.028%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.32	+0.040%	$379K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0170%	8h	788.91	+0.115%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0173%	8h	788.76	+0.097%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0219%	1h	788.52	+0.066%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.63	+0.080%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.74	+0.094%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	788.09	+0.012%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	788.27	+0.034%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.47	+0.060%	$1.1M	$893K	20x	as long as short