Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.049%

Price spread now: Derive against Backpack−0.027%48s7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.027% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	786.85	0.0100	pay 0.0013% / 1h	17m 25s	$2.2M	$6.1M	40x
Short	Derive BNB-PERP	786.64	0.0100	get 0.0013% / 1h	17m 25s	$31K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Backpack. 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 BackpackbpFee DerivebpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → 0.000%: −$2.71
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$18.71
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 2 min ago; Derive: no order-book sample. 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 Backpack live order book, 2 min ago	0.06 bp	5.8 bp −$6	9.8 bp −$98	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 −0.0192% / S +0.0356%	1h	786.23	−0.079%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.93	+0.010%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.37	+0.066%	$849K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.47	−0.048%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.318%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0037%	8h	786.81	−0.005%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDC	+0.0042%	8h	786.59	−0.033%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0055%	8h	787.13	+0.036%	$68.9M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0061%	8h	787.30	+0.057%	$80.4M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0061%	8h	787.10	+0.032%	$490.3M	$812.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	786.55	−0.038%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	785.85	−0.127%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.51	−0.043%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.53	−0.041%	$265K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.10	−0.095%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.08	+0.029%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.66	−0.025%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.40	−0.057%	$138.1M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.30	−0.070%	$53.4M	$112.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.70	−0.019%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.45	−0.051%	$36.7M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.14	−0.090%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.20	−0.083%	$76.1M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	786.85	long leg	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	785.81	−0.132%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.59	−0.034%	$4.1M	$75.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.98	+0.017%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.37	−0.061%	$131K	$951K	10x	as long as short
Derive BNB-PERPshort	+0.0100%	1h	786.64	−0.027%	$31K	$12K	10x
SunX BNB-USDT	+0.0100%	8h	786.99	+0.018%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.31	−0.069%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.90	+0.006%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.19	−0.083%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.60	−0.032%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	786.33	−0.066%	$169K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0128%	1h	786.70	−0.019%	$387K	$993K	10x	as long as short
Kalshi KXBNBPERP	+0.0142%	8h	786.80	−0.006%	$160K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0160%	1h	786.37	−0.061%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0180%	8h	787.41	+0.071%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0217%	8h	787.48	+0.080%	$2.9M	$29.5M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	786.92	+0.009%	$1.5M	$143K	25x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	787.25	+0.051%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	786.21	−0.082%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0341%	1h	785.39	−0.185%	$637K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0432%	1h	786.75	−0.013%	$1.1M	$901K	20x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	786.96	+0.014%	$67K	$39K	12x	as long as short