Funding you earn now, next payment 22:00 UTC+0.0555%/8h= +60.7% APRpaid last 24h +0.015%
Price spread now: Backpack against Phemex+0.032%7-day average −0.016% · 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−$20as in the Price arb table
costs, in and out, $10k−$250.250% of the position
Funding, last 7 days+0.194%+$19 on $10k
+Price spread, last 3 days (all we have)+0.167%+$17 · spread now +0.032%, 7d avg −0.016%
=Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Backpack is 0.049% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.016%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.194% in total (about 10.1% 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 | Phemex BNBUSDT | 804.61 | 0.0114 | pay 0.0114% / 8h | 2h 57m | $70.2M | $51.7M | 50x |
| Short | Backpack BNB_USDC_PERP | 804.87 | 0.0669 | get 0.0084% / 1h | 57m 46s | $3.0M | $5.3M | 40x |
Phemex BNBUSDT
Backpack BNB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phemex. 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
- $116.48
- Price spread: +0.032% → −0.016%
- $4.88
- Slippage, 4 orders
- −$2.95
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $96.41
- Costs to cover
- 0.250%
- Break-even
- 1.2 days
Slippage from Phemex: live order book, 6 min ago; Backpack: live order book, 1 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 Phemex live order book, 6 min ago | 0.81 bp | 6.8 bp −$7 | 6.8 bp −$68 | 12.4 bp −$1,241 | doesn't fit |
| Sell Backpack live order book, 1 min ago | 0.06 bp | 5.2 bp −$5 | 9.5 bp −$95 | 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 −0.0195% / S +0.0371% | 1h | 804.07 | −0.068% | $49K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 805.02 | +0.051% | $4K | $1K | 25x | as long as short |
| GRVT BNB_USDT_Perp | 0.0000% | 8h | 804.89 | +0.035% | $3.0M | $30.3M | 10x | as long as short |
| Kalshi KXBNBPERP | 0.0000% | 8h | 805.10 | +0.061% | $110K | $2.6M | 4.8x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 804.96 | +0.043% | $870K | $3.0M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 804.22 | −0.049% | $9.8M | — | 150x | as long as short |
| Kraken Futures PF_BNBUSD | +0.0038% | 1h | 803.89 | −0.089% | $2.5M | $916K | 50x | as long as short |
| Variational Omni BNB | +0.0067% | 8h | 804.96 | +0.044% | $4.1M | $5.4M | — | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0088% | 1h | 805.24 | +0.078% | $609K | $902K | 50x | as long as short |
| Aster BNBUSDT | +0.0089% | 8h | 804.45 | −0.020% | $6.4M | $19.0M | 200x | 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
Coinbase International BNB-PERP-INTX
Aster BNBUSDTShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter BNB | +0.0096% | 1h | 804.10 | −0.063% | $2.8M | $4.2M | 20x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 804.38 | −0.028% | $1.4M | $2.8M | 20x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 803.93 | −0.084% | $1.2M | $923K | 20x | as long as short |
| Bybit BNBUSDT | +0.0100% | 8h | 803.26 | −0.168% | $139.1M | $83.3M | 75x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 803.50 | −0.138% | $55.0M | $115.7M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 804.90 | +0.036% | $52K | $191K | 10x | as long as short |
| Gate BNB_USDT | +0.0100% | 8h | 803.65 | −0.119% | $36.0M | $58.0M | 75x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 803.70 | −0.113% | $28.1M | $10.5M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 803.34 | −0.158% | $79.0M | $24.7M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 805.07 | +0.057% | $4.2M | $76.8M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 805.12 | +0.063% | $159K | $437K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 804.40 | −0.026% | $118K | $871K | 10x | as long as short |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 804.16 | −0.056% | $389K | $596K | 50x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 804.34 | −0.033% | $32K | $5K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 805.21 | +0.074% | $13K | $1.7M | 50x | as long as short |
| SoDEX BNB-USD | +0.0100% | 1h | 804.10 | −0.063% | $395K | $1.0M | 10x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 803.82 | −0.098% | $8.2M | $7.3M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 804.26 | −0.043% | $78K | $19K | 50x | as long as short |
| MEXC BNB_USDT | +0.0102% | 8h | 804.70 | +0.011% | $84.4M | $13.5M | 200x | as long as short |
| BingX BNB-USDT | +0.0102% | 8h | 803.95 | −0.082% | — | $34.5M | — | as long as short |
| Binance BNBUSDT | +0.0102% | 8h | 804.25 | −0.045% | $518.9M | $809.5M | 75x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 803.46 | −0.143% | $1.9M | $6.1M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 804.16 | −0.056% | $386K | $40K | 10x | as long as short |
| Phoenix BNB | +0.0110% | 1h | 805.39 | +0.097% | $173K | $35K | 10x | as long as short |
| Phemex BNBUSDTlong | +0.0114% | 8h | 804.61 | long leg | $70.2M | $51.7M | 50x | |
| Bulk BNB-USD | +0.0140% | 1h | 805.09 | +0.059% | $650K | $11K | 10x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0200% | 1h | 804.46 | −0.018% | $1.6M | $160K | 25x | as long as short |
| dYdX BNB-USD | +0.0208% | 1h | 803.90 | −0.088% | $170K | $55K | 10x | as long as short |
| RISEx BNB/USDC | +0.0209% | 1h | 804.99 | +0.047% | $1.1M | $1.4M | 20x | as long as short |
| Hyperliquid BNB | +0.0216% | 1h | 804.51 | −0.012% | $51.7M | $21.3M | 10x | as long as short |
| BloFin BNB-USDT | +0.0222% | 8h | 805.45 | +0.104% | $18.9M | $3.1M | 75x | as long as short |
| Hibachi BNB/USDT-P | +0.0240% | 1h | 805.02 | +0.051% | $71K | $49K | 12x | as long as short |
| 01 Exchange BNBUSD | +0.0312% | 1h | 805.31 | +0.087% | $28K | $1K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0335% | 1h | 804.09 | −0.064% | $6K | $3K | 40x | as long as short |
| Injective BNB/USDC PERP | +0.0353% | 1h | 804.92 | +0.039% | $19K | $526K | 30x | as long as short |
| Backpack BNB_USDC_PERPshort | +0.0669% | 1h | 804.87 | +0.032% | $3.0M | $5.3M | 40x |
Lighter BNB
Nado BNB-PERP
Pacifica BNB
Bybit BNBUSDT
OKX BNB-USDT-SWAP
Arcus BNB-USD
Gate BNB_USDT
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
MEXC BNB_USDT
BingX BNB-USDT
Binance BNBUSDT
Extended BNB-USD
Aevo BNB-PERP
Phoenix BNB
Bulk BNB-USD
Deribit BNB_USDC-PERPETUAL
dYdX BNB-USD
RISEx BNB/USDC
Hyperliquid BNB
BloFin BNB-USDT
Hibachi BNB/USDT-P
01 Exchange BNBUSD
Reya BNBRUSDPERP
Injective BNB/USDC PERP