BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0550%/8h= −60.2% APRnext payment −$0.69 per $10,000 · paid last 24h −0.025%

Price spread now: Polymarket Perps against Backpack−0.134%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$12 on $10k

Price spread, last 3 days (all we have)+0.224%+$22 · spread now −0.134%, 7d avg −0.051%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Polymarket Perps is 0.083% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.115% in total (about -6.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.69 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	807.32	0.0650	pay 0.0081% / 1h	22m 11s	$3.0M	$5.5M	40x
Short	Polymarket Perps BNB-USD	806.24	0.0100	get 0.0013% / 1h	22m 11s	$119K	$868K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$115.5
Price spread: −0.134% → −0.051%: −$8.26
Slippage, 4 orders: −$6.98
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$148.73
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Polymarket Perps: live order book, 65 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, 2 min ago	0.06 bp	5.2 bp −$5	13.4 bp −$134	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 65 min ago	2.74 bp	8.0 bp −$8	8.3 bp −$83	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 −0.0195% / S +0.0371%	1h	806.33	−0.123%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.58	−0.092%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.40	−0.238%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.70	−0.077%	$113K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.99	−0.165%	$871K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.36	−0.119%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	806.34	−0.122%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0048%	8h	805.22	−0.260%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0054%	8h	806.45	−0.108%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0077%	8h	806.00	−0.164%	$139.8M	$82.5M	75x	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	+0.0088%	1h	804.80	−0.312%	$609K	$879K	50x	as long as short
Aster BNBUSDT	+0.0096%	8h	807.07	−0.031%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	806.65	−0.083%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	805.87	−0.179%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.32	−0.124%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.20	−0.139%	$55.2M	$115.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.50	−0.102%	$53K	$168K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.25	−0.133%	$36.1M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.19	−0.140%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	806.04	−0.159%	$79.3M	$24.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	805.49	−0.227%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.60	−0.213%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USDshort	+0.0100%	1h	806.24	−0.134%	$119K	$868K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	806.42	−0.111%	$390K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.57	−0.093%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	807.04	−0.034%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	806.90	−0.052%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.18	−0.141%	$8.2M	$7.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	806.91	−0.051%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	806.06	−0.157%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.42	−0.111%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0110%	8h	807.40	+0.010%	$84.7M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0112%	8h	807.07	−0.031%	$521.2M	$804.4M	75x	as long as short
Phemex BNBUSDT	+0.0124%	8h	807.02	−0.037%	$70.4M	$51.8M	50x	as long as short
Phoenix BNB	+0.0125%	1h	805.78	−0.191%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0184%	1h	807.05	−0.033%	$51.9M	$21.4M	10x	as long as short
Bulk BNB-USD	+0.0197%	1h	804.34	−0.369%	$650K	$11K	10x	as long as short
SoDEX BNB-USD	+0.0207%	1h	806.40	−0.114%	$396K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	806.35	−0.121%	$1.2M	$1.5M	20x	as long as short
BloFin BNB-USDT	+0.0231%	8h	806.77	−0.068%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	806.21	−0.138%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0253%	1h	805.64	−0.208%	$170K	$55K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	806.07	−0.155%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	807.09	−0.028%	$29K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.89	−0.301%	$19K	$627K	30x	as long as short
Backpack BNB_USDC_PERPlong	+0.0650%	1h	807.32	long leg	$3.0M	$5.5M	40x