Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.047%

Price spread now: OKX against Backpack−0.053%7-day average −0.148% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

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

costs, in and out, $10k−$240.243% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.164%−$16 on $10k

Price spread, last 7 days+0.009%+$1 · spread now −0.053%, 7d avg −0.148%

Together, before fees−0.154%−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.094% dearer against Backpack than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.148%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	789.72	0.0100	pay 0.0013% / 1h	23m 53s	$2.2M	$6.1M	40x
Short	OKX BNB-USDT-SWAP	789.30	0.0100	get 0.0100% / 8h	4h 23m	$53.4M	$111.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.053%Rate

Funding earned: $0
Price spread: −0.053% → −0.148%: $9.43
Slippage, 4 orders: −$4.28
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$14.85
Costs to cover: 0.243%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; OKX: 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	5.8 bp −$6	9.1 bp −$91	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.63 bp	5.6 bp −$6	7.9 bp −$79	21.7 bp −$2,170	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 −0.0187% / S +0.0351%	1h	789.27	−0.057%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.89	+0.022%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.60	−0.015%	$852K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.29	−0.054%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.946%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0040%	8h	789.87	+0.019%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0053%	8h	789.46	−0.033%	—	$34.4M	—	as long as short
Phemex BNBUSDT	+0.0063%	8h	789.94	+0.028%	$69.1M	$49.9M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.034%	$582K	$1.9M	50x	as long as short
Binance BNBUSDT	+0.0064%	8h	789.96	+0.030%	$493.3M	$790.6M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0065%	8h	790.20	+0.061%	$80.2M	$12.4M	200x	as long as short
Lighter BNB	+0.0096%	1h	789.47	−0.032%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.36	−0.046%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.45	−0.034%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.94	+0.028%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.52	−0.025%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.30	−0.053%	$138.8M	$74.5M	75x	as long as short
OKX BNB-USDT-SWAPshort	+0.0100%	8h	789.30	−0.053%	$53.4M	$111.3M	50x
Arcus BNB-USD	+0.0100%	1h	789.60	−0.015%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.30	−0.053%	$35.5M	$57.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.26	−0.058%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.06	−0.084%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	789.72	long leg	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	789.00	−0.091%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.13	+0.051%	$4.1M	$73.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.94	+0.028%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.19	−0.067%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.43	−0.036%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.96	+0.031%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.50	−0.028%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.38	−0.043%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	790.13	+0.052%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.04	−0.085%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.23	−0.062%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	791.77	+0.260%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0134%	1h	789.35	−0.047%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0145%	8h	790.08	+0.046%	$2.9M	$28.5M	10x	as long as short
Kalshi KXBNBPERP	+0.0178%	8h	790.10	+0.048%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0185%	8h	790.17	+0.057%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.052%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.94	+0.028%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.28	−0.056%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.76	+0.006%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	789.05	−0.085%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	789.56	−0.020%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.56	−0.020%	$1.1M	$967K	20x	as long as short