Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0494%/8h= −54.1% APRpaid last 24h −0.029%

Price spread now: Phemex against Backpack+0.005%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$250.255% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now +0.005%, 7d avg +0.015%

Together, before fees−0.274%−$27 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: −$15 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.207% in total (about -10.8% 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	Backpack BNB_USDC_PERP	802.94	0.0616	pay 0.0077% / 1h	20m 54s	$2.7M	$5.7M	40x
Short	Phemex BNBUSDT	802.98	0.0122	get 0.0122% / 8h	1h 20m	$70.2M	$51.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$103.78
Price spread: +0.005% → +0.015%: −$1
Slippage, 4 orders: −$3.48
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$130.26
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Phemex: live order book, 3 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, 3 min ago	0.06 bp	5.1 bp −$5	9.6 bp −$96	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.06 bp	6.3 bp −$6	6.8 bp −$68	10.9 bp −$1,089	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	802.56	−0.047%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.06	+0.015%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	801.96	−0.122%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	803.20	+0.032%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.86	−0.010%	$868K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.55	−0.049%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0039%	8h	800.35	−0.323%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0062%	8h	802.12	−0.102%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0076%	8h	801.70	−0.154%	$139.6M	$82.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	802.88	−0.007%	$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	−0.220%	$610K	$1.0M	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.31	−0.079%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.72	−0.027%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.80	−0.142%	$54.8M	$117.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.90	−0.005%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.15	−0.098%	$35.8M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.86	−0.135%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.95	−0.123%	$81.1M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.76	−0.147%	$4.2M	$77.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	801.51	−0.178%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.32	−0.077%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.50	−0.055%	$388K	$568K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.79	−0.019%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.21	+0.034%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.46	−0.060%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.08	+0.018%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0101%	8h	802.68	−0.032%	$6.4M	$19.1M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	801.59	−0.168%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.67	−0.033%	$386K	$40K	10x	as long as short
SoDEX BNB-USD	+0.0107%	1h	802.60	−0.042%	$395K	$1.0M	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	803.00	+0.007%	$83.5M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	802.69	−0.031%	$504.4M	$828.5M	75x	as long as short
Phemex BNBUSDTshort	+0.0122%	8h	802.98	+0.005%	$70.2M	$51.8M	50x
Phoenix BNB	+0.0155%	1h	802.83	−0.014%	$173K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	802.10	−0.104%	$71K	$48K	12x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	802.42	−0.065%	$2.6M	$978K	50x	as long as short
BloFin BNB-USDT	+0.0239%	8h	803.07	+0.016%	$18.3M	$2.6M	75x	as long as short
dYdX BNB-USD	+0.0253%	1h	802.64	−0.038%	$162K	$62K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	803.00	+0.007%	$1.6M	$165K	25x	as long as short
Hyperliquid BNB	+0.0307%	1h	802.95	+0.001%	$51.9M	$21.9M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.268%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	802.82	−0.015%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	803.27	+0.041%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	802.06	−0.109%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0354%	1h	801.59	−0.169%	$651K	$21K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0616%	1h	802.94	long leg	$2.7M	$5.7M	40x