Funding you earn now, next payment 22:00 UTC+0.0587%/8h= +64.3% APRpaid last 24h +0.025%
Price spread now: Backpack against Orderly+0.108%7-day average +0.020% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.091%+$9 on $10k
+Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.108%, 7d avg +0.020%
=Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Backpack is 0.089% dearer against Orderly than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.020%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.091% in total (about 4.8% a year). A funding rate is set anew for every payment. 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 | Orderly PERP_BNB_USDC | 802.95 | 0.0100 | pay 0.0100% / 8h | 2h 40m | $388K | $593K | 50x |
| Short | Backpack BNB_USDC_PERP | 803.82 | 0.0687 | get 0.0086% / 1h | 40m 41s | $3.0M | $5.3M | 40x |
Orderly PERP_BNB_USDC
Backpack BNB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Orderly. 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
- $123.24
- Price spread: +0.108% → +0.020%
- $8.88
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $116.12
- Costs to cover
- 0.160%
- Break-even
- 0.4 days
Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 3 min ago. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
| Sell Backpack live order book, 3 min ago | 0.06 bp | 5.6 bp −$6 | 7.6 bp −$76 | doesn't fit | doesn't fit |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 −0.0195% / S +0.0371% | 1h | 802.87 | −0.010% | $48K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 803.57 | +0.077% | $4K | $1K | 25x | as long as short |
| GRVT BNB_USDT_Perp | 0.0000% | 8h | 803.09 | +0.017% | $3.0M | $30.0M | 10x | as long as short |
| Kalshi KXBNBPERP | 0.0000% | 8h | 803.20 | +0.031% | $122K | $2.5M | 4.8x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 803.92 | +0.121% | $869K | $3.0M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 802.88 | −0.009% | $9.8M | — | 150x | as long as short |
| Kraken Futures PF_BNBUSD | +0.0038% | 1h | 803.05 | +0.013% | $2.5M | $910K | 50x | as long as short |
| Variational Omni BNB | +0.0059% | 8h | 802.25 | −0.087% | $4.1M | $5.3M | — | as long as short |
| BingX BNB-USDC | +0.0068% | 8h | 802.86 | −0.011% | — | $13.3M | — | as long as short |
| Bybit BNBUSDT | +0.0083% | 8h | 802.40 | −0.068% | $138.7M | $82.6M | 75x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Hotstuff BNB-PERP
GRVT BNB_USDT_Perp
Kalshi KXBNBPERP
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Kraken Futures PF_BNBUSD
Variational Omni BNB
BingX BNB-USDC
Bybit BNBUSDTShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster BNBUSDT | +0.0087% | 8h | 803.49 | +0.067% | $6.4M | $18.8M | 200x | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0088% | 1h | 803.99 | +0.130% | $608K | $880K | 50x | as long as short |
| Lighter BNB | +0.0096% | 1h | 803.10 | +0.018% | $2.8M | $4.2M | 20x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 802.56 | −0.048% | $1.4M | $2.8M | 20x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 803.13 | +0.022% | $1.2M | $923K | 20x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 802.70 | −0.031% | $55.1M | $115.4M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 803.00 | +0.006% | $52K | $161K | 10x | as long as short |
| Gate BNB_USDT | +0.0100% | 8h | 802.55 | −0.050% | $35.9M | $58.4M | 75x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 802.69 | −0.032% | $28.1M | $10.5M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 802.48 | −0.059% | $79.0M | $24.5M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 803.30 | +0.043% | $4.2M | $77.0M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 803.22 | +0.034% | $158K | $437K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 802.74 | −0.026% | $118K | $868K | 10x | as long as short |
| Orderly PERP_BNB_USDClong | +0.0100% | 8h | 802.95 | long leg | $388K | $593K | 50x | |
| Derive BNB-PERP | +0.0100% | 1h | 803.04 | +0.011% | $32K | $5K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 803.49 | +0.067% | $13K | $1.7M | 50x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0100% | 1h | 803.42 | +0.059% | $1.6M | $165K | 25x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 802.91 | −0.005% | $8.2M | $7.4M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 803.56 | +0.076% | $78K | $19K | 50x | as long as short |
| MEXC BNB_USDT | +0.0103% | 8h | 803.70 | +0.093% | $84.5M | $13.5M | 200x | as long as short |
| Binance BNBUSDT | +0.0104% | 8h | 803.41 | +0.057% | $518.1M | $803.6M | 75x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 802.57 | −0.047% | $1.9M | $6.1M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 803.17 | +0.027% | $386K | $40K | 10x | as long as short |
| SoDEX BNB-USD | +0.0114% | 1h | 802.90 | −0.006% | $395K | $1.0M | 10x | as long as short |
| Phemex BNBUSDT | +0.0119% | 8h | 803.49 | +0.067% | $70.1M | $51.7M | 50x | as long as short |
| Phoenix BNB | +0.0125% | 1h | 803.50 | +0.068% | $173K | $35K | 10x | as long as short |
| Hyperliquid BNB | +0.0153% | 1h | 803.47 | +0.065% | $51.6M | $21.3M | 10x | as long as short |
| Bulk BNB-USD | +0.0194% | 1h | 803.61 | +0.082% | $649K | $11K | 10x | as long as short |
| RISEx BNB/USDC | +0.0209% | 1h | 803.27 | +0.040% | $1.1M | $1.4M | 20x | as long as short |
| BloFin BNB-USDT | +0.0224% | 8h | 803.58 | +0.078% | $18.8M | $3.0M | 75x | as long as short |
| Hibachi BNB/USDT-P | +0.0248% | 1h | 803.38 | +0.054% | $71K | $49K | 12x | as long as short |
| dYdX BNB-USD | +0.0251% | 1h | 803.00 | +0.006% | $170K | $55K | 10x | as long as short |
| 01 Exchange BNBUSD | +0.0320% | 1h | 803.55 | +0.075% | $28K | $1K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0334% | 1h | 802.63 | −0.039% | $6K | $3K | 40x | as long as short |
| Injective BNB/USDC PERP | +0.0353% | 1h | 804.92 | +0.245% | $19K | $526K | 30x | as long as short |
| Backpack BNB_USDC_PERPshort | +0.0687% | 1h | 803.82 | +0.108% | $3.0M | $5.3M | 40x |
Aster BNBUSDT
Coinbase International BNB-PERP-INTX
Lighter BNB
Nado BNB-PERP
Pacifica BNB
OKX BNB-USDT-SWAP
Arcus BNB-USD
Gate BNB_USDT
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Derive BNB-PERP
SunX BNB-USDT
Deribit BNB_USDC-PERPETUAL
HTX BNB-USDT
Paradex BNB-USD-PERP
MEXC BNB_USDT
Binance BNBUSDT
Extended BNB-USD
Aevo BNB-PERP
SoDEX BNB-USD
Phemex BNBUSDT
Phoenix BNB
Hyperliquid BNB
Bulk BNB-USD
RISEx BNB/USDC
BloFin BNB-USDT
Hibachi BNB/USDT-P
dYdX BNB-USD
01 Exchange BNBUSD
Reya BNBRUSDPERP
Injective BNB/USDC PERP