Funding you earn now, next payment 02:00 UTC−0.0007%/8h= −0.8% APRnext payment −$0.01 per $10,000 · paid last 24h +0.039%
Price spread now: Backpack against Phoenix−0.072%7-day average −0.029% · you buy dearer than you sell
Net, funding: paid 7d − costs−$45as in the Funding arb table
Net, price: spread back to 7d avg − costs−$43as in the Price arb table
costs, in and out, $10k−$390.388% of the position
Funding, last 7 days−0.065%−$7 on $10k
+Price spread, last 4 days (all we have)−0.178%−$18 · spread now −0.072%, 7d avg −0.029%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.043% cheaper against Phoenix than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.029%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BNB | 788.34 | 0.0107 | pay 0.0013% / 1h | 45m 31s | $169K | $35K | 10x |
| Short | Backpack BNB_USDC_PERP | 787.77 | 0.0100 | get 0.0013% / 1h | 45m 31s | $2.2M | $6.1M | 40x |
Phoenix BNB
Backpack BNB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Phoenix. 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
- −$1.55
- Price spread: −0.072% → −0.029%
- −$4.33
- Slippage, 4 orders
- −$21.79
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$44.68
- Costs to cover
- 0.388%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 11 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 Phoenix live order book, 11 min ago | 1.01 bp | 12.4 bp −$12 | 50.9 bp −$509 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 4 min ago | 0.06 bp | 8.9 bp −$9 | 11.5 bp −$115 | 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 −0.0167% / S +0.0335% | 1h | 787.97 | −0.047% | $46K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 787.81 | −0.067% | $4K | $239 | 25x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 788.83 | +0.062% | $852K | $3.2M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 787.93 | −0.053% | $9.6M | — | 150x | as long as short |
| Injective BNB/USDC PERP | +0.0033% | 1h | 805.09 | +2.125% | $19K | $789K | 30x | as long as short |
| Aster BNBUSDT | +0.0037% | 8h | 787.97 | −0.047% | $6.2M | $18.7M | 200x | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0048% | 1h | 787.61 | −0.093% | $617K | $1.8M | 50x | as long as short |
| BingX BNB-USDC | +0.0055% | 8h | 788.14 | −0.025% | — | $13.4M | — | as long as short |
| MEXC BNB_USDT | +0.0071% | 8h | 789.20 | +0.109% | $80.3M | $12.4M | 200x | as long as short |
| Phemex BNBUSDT | +0.0072% | 8h | 787.99 | −0.044% | $69.0M | $51.1M | 50x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Hotstuff BNB-PERP
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Injective BNB/USDC PERP
Aster BNBUSDT
Coinbase International BNB-PERP-INTX
BingX BNB-USDC
MEXC BNB_USDT
Phemex BNBUSDTShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance BNBUSDT | +0.0072% | 8h | 788.91 | +0.072% | $493.6M | $807.0M | 75x | as long as short |
| Variational Omni BNB | +0.0078% | 8h | 787.81 | −0.067% | $4.1M | $4.7M | — | as long as short |
| Kraken Futures PF_BNBUSD | +0.0091% | 1h | 787.42 | −0.117% | $2.5M | $1.2M | 50x | as long as short |
| Gate BNB_USDT | +0.0094% | 8h | 787.90 | −0.056% | $35.2M | $56.7M | 75x | as long as short |
| Lighter BNB | +0.0096% | 1h | 787.86 | −0.061% | $2.7M | $3.9M | 20x | as long as short |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 787.92 | −0.053% | $265K | $498K | 50x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 787.85 | −0.062% | $1.5M | $2.6M | 20x | as long as short |
| Hyperliquid BNB | +0.0100% | 1h | 789.02 | +0.086% | $51.7M | $18.4M | 10x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 787.88 | −0.058% | $1.2M | $909K | 20x | as long as short |
| Bybit BNBUSDT | +0.0100% | 8h | 788.16 | −0.023% | $138.6M | $77.4M | 75x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 788.20 | −0.018% | $53.4M | $112.4M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 788.40 | +0.008% | $52K | $130K | 10x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 788.11 | −0.029% | $27.7M | $10.3M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 788.15 | −0.024% | $76.8M | $30.0M | 75x | as long as short |
| Backpack BNB_USDC_PERPshort | +0.0100% | 1h | 787.77 | −0.072% | $2.2M | $6.1M | 40x | |
| edgeX BNBUSDC | +0.0100% | 4h | 788.59 | +0.032% | $4.1M | $76.8M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 789.14 | +0.101% | $159K | $439K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 788.14 | −0.025% | $137K | $944K | 10x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 788.12 | −0.028% | $31K | $12K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 788.71 | +0.047% | $12K | $1.6M | 50x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 787.97 | −0.047% | $8.1M | $9.1M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0103% | 8h | 788.73 | +0.049% | $77K | $17K | 50x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 787.80 | −0.069% | $1.8M | $5.9M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 787.93 | −0.052% | $378K | $110K | 10x | as long as short |
| Phoenix BNBlong | +0.0107% | 1h | 788.34 | long leg | $169K | $35K | 10x | |
| GRVT BNB_USDT_Perp | +0.0122% | 8h | 788.59 | +0.032% | $2.9M | $28.3M | 10x | as long as short |
| SoDEX BNB-USD | +0.0138% | 1h | 787.70 | −0.081% | $387K | $1.0M | 10x | as long as short |
| Kalshi KXBNBPERP | +0.0182% | 8h | 788.40 | +0.008% | $89K | $2.8M | 4.8x | as long as short |
| BloFin BNB-USDT | +0.0191% | 8h | 788.75 | +0.052% | — | $2.3M | 75x | as long as short |
| dYdX BNB-USD | +0.0243% | 1h | 787.60 | −0.094% | $159K | $63K | 10x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0300% | 1h | 788.45 | +0.014% | $1.5M | $152K | 25x | as long as short |
| 01 Exchange BNBUSD | +0.0304% | 1h | 788.85 | +0.065% | $28K | $4K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0328% | 1h | 788.05 | −0.037% | $6K | $3K | 40x | as long as short |
| RISEx BNB/USDC | +0.0361% | 1h | 788.56 | +0.028% | $1.1M | $1.0M | 20x | as long as short |
| Bulk BNB-USD | +0.0373% | 1h | 788.05 | −0.036% | $638K | $13K | 10x | as long as short |
| Hibachi BNB/USDT-P | +0.0576% | 1h | 788.46 | +0.015% | $67K | $38K | 12x | as long as short |
Binance BNBUSDT
Variational Omni BNB
Kraken Futures PF_BNBUSD
Gate BNB_USDT
Lighter BNB
Orderly PERP_BNB_USDC
Nado BNB-PERP
Hyperliquid BNB
Pacifica BNB
Bybit BNBUSDT
OKX BNB-USDT-SWAP
Arcus BNB-USD
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Derive BNB-PERP
SunX BNB-USDT
HTX BNB-USDT
Paradex BNB-USD-PERP
Extended BNB-USD
Aevo BNB-PERP
GRVT BNB_USDT_Perp
SoDEX BNB-USD
Kalshi KXBNBPERP
BloFin BNB-USDT
dYdX BNB-USD
Deribit BNB_USDC-PERPETUAL
01 Exchange BNBUSD
Reya BNBRUSDPERP
RISEx BNB/USDC
Bulk BNB-USD
Hibachi BNB/USDT-P