BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0296%/8h= +32.4% APRnext payment +$0.37 per $10,000 · paid last 24h +0.040%

Price spread now: Backpack against Polymarket Perps+0.157%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.131%+$13 on $10k

Price spread, last 3 days (all we have)−0.186%−$19 · spread now +0.157%, 7d avg +0.054%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Backpack is 0.102% dearer against Polymarket Perps than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.054%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.131% in total (about 6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.37 per $10,000. 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	Polymarket Perps BNB-USD	798.68	0.0100	pay 0.0013% / 1h	44m 20s	$118K	$874K	10x
Short	Backpack BNB_USDC_PERP	799.93	0.0396	get 0.0050% / 1h	44m 20s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.157%Rate

Funding earned: $62.19
Price spread: +0.157% → +0.054%: $10.22
Slippage, 4 orders: −$6.86
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $47.54
Costs to cover: 0.249%
Break-even: 1.6 days

Slippage from Polymarket Perps: live order book, 29 min ago; Backpack: live order book, 5 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 Polymarket Perps live order book, 29 min ago	2.38 bp	6.8 bp −$7	7.6 bp −$76	13.8 bp −$1,383	doesn't fit
Sell Backpack live order book, 5 min ago	0.06 bp	5.6 bp −$6	6.8 bp −$68	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 −0.0201% / S +0.0372%	1h	798.60	−0.010%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.43	−0.032%	$2.5M	$982K	50x	as long as short
Bybit BNBUSDT	−0.0094%	8h	798.30	−0.048%	$138.6M	$76.7M	75x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.55	+0.109%	$4K	$239	25x	as long as short
BingX BNB-USDC	−0.0049%	8h	798.83	+0.019%	—	$13.4M	—	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.33	−0.044%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.25	+0.071%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	799.13	+0.056%	$69.8M	$50.5M	50x	as long as short
Variational Omni BNB	+0.0006%	8h	797.73	−0.119%	$4.1M	$5.4M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.62	−0.007%	$9.7M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.803%	$19K	$789K	30x	as long as short
Gate BNB_USDT	+0.0039%	8h	798.40	−0.035%	$35.7M	$55.9M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.00	−0.085%	$601K	$981K	50x	as long as short
Aster BNBUSDT	+0.0068%	8h	799.25	+0.071%	$6.2M	$19.3M	200x	as long as short
Binance BNBUSDT	+0.0090%	8h	799.05	+0.047%	$496.4M	$813.7M	75x	as long as short
MEXC BNB_USDT	+0.0090%	8h	799.40	+0.090%	$83.1M	$13.5M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.80	+0.015%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.69	+0.001%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.90	+0.028%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.32	+0.080%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.40	−0.035%	$54.1M	$111.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.30	+0.078%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.77	+0.011%	$28.0M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.75	+0.009%	$78.8M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.20	−0.060%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.37	−0.039%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USDlong	+0.0100%	1h	798.68	long leg	$118K	$874K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	798.60	−0.010%	$386K	$471K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.68	0.000%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.08	+0.050%	$12K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.70	+0.003%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.90	+0.028%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.93	+0.157%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.13	−0.069%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.71	+0.004%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0118%	1h	798.39	−0.036%	$648K	$11K	10x	as long as short
Hibachi BNB/USDT-P	+0.0136%	1h	798.91	+0.029%	$70K	$34K	12x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.18	+0.063%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0156%	8h	799.30	+0.078%	$90K	$2.8M	4.8x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.97	+0.037%	$1.6M	$160K	25x	as long as short
BloFin BNB-USDT	+0.0210%	8h	799.34	+0.083%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	799.57	+0.111%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0316%	1h	798.68	0.000%	$161K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.16	−0.065%	$6K	$3K	40x	as long as short
Hyperliquid BNB	+0.0332%	1h	799.27	+0.074%	$53.1M	$20.9M	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0396%	1h	799.93	+0.157%	$2.7M	$5.7M	40x