BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0381%/8h= −41.7% APRnext payment −$0.48 per $10,000 · paid last 24h −0.015%

Price spread now: Kraken Futures against Backpack−0.114%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now −0.114%, 7d avg −0.062%

Together, before fees−0.194%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Kraken Futures is 0.052% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.062%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.182% in total (about -9.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.48 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	Backpack BNB_USDC_PERP	801.02	0.0588	pay 0.0073% / 1h	14m 09s	$2.7M	$5.7M	40x
Short	Kraken Futures PF_BNBUSD	800.11	0.0207	get 0.0026% / 1h	14m 09s	$2.6M	$971K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.114%Rate

Funding earned: −$80
Price spread: −0.114% → −0.062%: −$5.2
Slippage, 4 orders: −$11.69
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$116.88
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Kraken Futures: 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 Backpack live order book, 5 min ago	0.06 bp	5.1 bp −$5	7.2 bp −$72	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	4.06 bp	9.6 bp −$10	11.4 bp −$114	27.7 bp −$2,771	98.1 bp −$49.0K

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	800.09	−0.116%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.55	−0.059%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.94	−0.010%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	800.90	−0.015%	$147K	$2.8M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	800.90	−0.015%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.17	−0.106%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0035%	8h	799.95	−0.134%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0059%	8h	800.17	−0.106%	—	$34.9M	—	as long as short
Bybit BNBUSDT	+0.0069%	8h	799.73	−0.161%	$139.2M	$79.8M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.47	−0.069%	$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	+0.019%	$610K	$995K	50x	as long as short
Aster BNBUSDT	+0.0097%	8h	800.75	−0.034%	$6.3M	$19.0M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.87	−0.144%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.38	−0.080%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.90	−0.140%	$54.6M	$115.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.50	−0.065%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	799.90	−0.140%	$35.7M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.99	−0.129%	$28.0M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.87	−0.144%	$80.9M	$26.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.22	+0.025%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.94	−0.010%	$161K	$443K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.11	−0.114%	$121K	$877K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.14	−0.110%	$387K	$527K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.31	−0.088%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.77	−0.031%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.30	−0.090%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.55	−0.058%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.76	−0.033%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.68	−0.167%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.20	−0.102%	$384K	$40K	10x	as long as short
Binance BNBUSDT	+0.0117%	8h	800.79	−0.029%	$503.0M	$817.9M	75x	as long as short
MEXC BNB_USDT	+0.0117%	8h	801.30	+0.035%	$83.3M	$13.8M	200x	as long as short
Phemex BNBUSDT	+0.0119%	8h	800.73	−0.036%	$70.0M	$51.8M	50x	as long as short
Phoenix BNB	+0.0155%	1h	801.63	+0.076%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0192%	1h	800.13	−0.112%	$71K	$48K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	800.54	−0.059%	$1.6M	$165K	25x	as long as short
Kraken Futures PF_BNBUSDshort	+0.0207%	1h	800.11	−0.114%	$2.6M	$971K	50x
BloFin BNB-USDT	+0.0237%	8h	800.50	−0.065%	$18.3M	$2.5M	75x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.508%	$19K	$789K	30x	as long as short
dYdX BNB-USD	+0.0314%	1h	799.94	−0.135%	$161K	$62K	10x	as long as short
Bulk BNB-USD	+0.0314%	1h	802.70	+0.209%	$652K	$21K	10x	as long as short
Hyperliquid BNB	+0.0318%	1h	801.12	+0.012%	$51.8M	$21.9M	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.37	−0.081%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	800.86	−0.020%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.76	−0.158%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERPlong	+0.0588%	1h	801.02	long leg	$2.7M	$5.7M	40x