Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0603%/8h= +66.0% APRpaid last 24h +0.038%

Price spread now: Backpack against Variational Omni+0.277%7-day average +0.156% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.101%+$10 on $10k

Price spread, last 7 days−0.274%−$27 · spread now +0.277%, 7d avg +0.156%

Together, before fees−0.172%+ Points / potential airdropVariational Omni: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Backpack is 0.121% dearer against Variational Omni than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.156%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.101% in total (about 11.3% 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	Variational Omni BNB	800.35	0.0039	pay 0.0039% / 8h	1h 24m	$4.1M	$5.3M	—
Short	Backpack BNB_USDC_PERP	802.57	0.0642	get 0.0080% / 1h	24m 22s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.277%Rate

Funding earned: $126.6
Price spread: +0.277% → +0.156%: $12.1
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $128.7
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Backpack: live order book, 5 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 Variational Omni RFQ quote, 5 min ago	3.34 bp	doesn't fit	6.1 bp −$61	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.06 bp	6.7 bp −$7	8.2 bp −$82	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	801.76	+0.176%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.95	+0.075%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	801.71	+0.171%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.70	+0.169%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.10	+0.219%	$867K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.75	+0.175%	$9.7M	—	150x	as long as short
Variational Omni BNBlong	+0.0039%	8h	800.35	long leg	$4.1M	$5.3M	—
BingX BNB-USDT	+0.0065%	8h	801.85	+0.187%	—	$35.0M	—	as long as short
Bybit BNBUSDT	+0.0077%	8h	801.27	+0.115%	$139.6M	$83.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	802.37	+0.253%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	+0.102%	$610K	$1.0M	50x	as long as short
Aster BNBUSDT	+0.0099%	8h	802.28	+0.241%	$6.4M	$19.2M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	801.80	+0.181%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.22	+0.234%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.50	+0.144%	$54.8M	$117.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.10	+0.219%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.55	+0.150%	$35.8M	$58.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.55	+0.150%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.45	+0.137%	$81.0M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.89	+0.192%	$4.2M	$77.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	801.93	+0.197%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.66	+0.164%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.67	+0.165%	$387K	$568K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.90	+0.194%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.34	+0.248%	$12K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.99	+0.080%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.39	+0.255%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	801.40	+0.131%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.85	+0.187%	$385K	$40K	10x	as long as short
SoDEX BNB-USD	+0.0116%	1h	801.90	+0.194%	$394K	$1.0M	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	802.70	+0.294%	$83.5M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0118%	8h	802.38	+0.253%	$504.4M	$829.3M	75x	as long as short
Phemex BNBUSDT	+0.0122%	8h	802.21	+0.232%	$70.1M	$51.7M	50x	as long as short
Phoenix BNB	+0.0155%	1h	801.68	+0.166%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0168%	1h	801.65	+0.162%	$71K	$48K	12x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.69	+0.168%	$2.6M	$983K	50x	as long as short
dYdX BNB-USD	+0.0220%	1h	801.98	+0.203%	$162K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0239%	8h	802.28	+0.241%	$18.4M	$2.6M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	802.16	+0.226%	$1.6M	$165K	25x	as long as short
Hyperliquid BNB	+0.0300%	1h	802.62	+0.284%	$51.9M	$21.9M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.592%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	801.92	+0.196%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	802.37	+0.252%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.32	+0.121%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0354%	1h	801.59	+0.154%	$651K	$21K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0642%	1h	802.57	+0.277%	$2.7M	$5.7M	40x