Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.027%

Price spread now: Backpack against Binance+0.006%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.172%+$17 on $10k

Price spread, last 7 days−0.262%−$26 · spread now +0.006%, 7d avg +0.040%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.033% cheaper against Binance than usual: you would sell low and buy high (spread +0.006% now, against its 7-day average of +0.040%). If the spread goes back, that is −$3 on $10k: about 15 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.172% in total) that is about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BNBUSDT	799.38	0.0095	pay 0.0095% / 8h	7h 57m	$497.3M	$818.4M	75x
Short	Backpack BNB_USDC_PERP	799.43	0.0267	get 0.0033% / 1h	57m 25s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.006%Rate

Funding earned: $36.14
Price spread: +0.006% → +0.040%: −$3.32
Slippage, 4 orders: −$1.38
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $11.44
Costs to cover: 0.214%
Break-even: 4.8 days

Slippage from Binance: live order book, 1 min ago; Backpack: live order book, 2 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 Binance live order book, 1 min ago	0.06 bp	5.5 bp −$5	6.4 bp −$64	15.3 bp −$1,526	doesn't fit
Sell Backpack live order book, 2 min ago	0.06 bp	5.5 bp −$5	9.5 bp −$95	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 −0.0201% / S +0.0372%	1h	798.85	−0.066%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.59	−0.099%	$2.5M	$977K	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.09	−0.036%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0019%	8h	798.55	−0.104%	$35.7M	$55.6M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.73	+0.044%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.39	+0.001%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	799.24	−0.017%	$69.9M	$50.7M	50x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.83	−0.068%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	798.84	−0.067%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0030%	8h	798.82	−0.070%	—	$35.2M	—	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.715%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.68	−0.087%	$602K	$985K	50x	as long as short
Bybit BNBUSDT	+0.0062%	8h	798.40	−0.122%	$138.7M	$76.8M	75x	as long as short
Aster BNBUSDT	+0.0074%	8h	799.28	−0.012%	$6.2M	$19.3M	200x	as long as short
MEXC BNB_USDT	+0.0095%	8h	799.60	+0.028%	$83.1M	$13.5M	200x	as long as short
Binance BNBUSDTlong	+0.0095%	8h	799.38	long leg	$497.3M	$818.4M	75x
Lighter BNB	+0.0096%	1h	798.83	−0.069%	$2.8M	$4.0M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.48	−0.113%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.76	−0.077%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.40	−0.122%	$54.4M	$112.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.10	−0.035%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.70	−0.085%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.46	−0.115%	$78.8M	$27.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.62	+0.031%	$4.2M	$76.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.37	−0.001%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.60	−0.097%	$116K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.57	−0.101%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.75	−0.079%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.19	−0.024%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.80	−0.072%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	799.02	−0.045%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.78	−0.075%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.37	−0.002%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.46	−0.115%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.84	−0.067%	$384K	$60K	10x	as long as short
Phoenix BNB	+0.0127%	1h	799.98	+0.075%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0152%	1h	799.05	−0.041%	$70K	$43K	12x	as long as short
Kalshi KXBNBPERP	+0.0154%	8h	799.20	−0.022%	$90K	$2.9M	4.8x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.96	−0.053%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0158%	1h	799.24	−0.017%	$649K	$14K	10x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	799.44	+0.008%	$28K	$1K	10x	as long as short
BloFin BNB-USDT	+0.0217%	8h	799.63	+0.031%	$18.1M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0228%	1h	798.89	−0.061%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0267%	1h	799.43	+0.006%	$2.7M	$5.7M	40x
Hyperliquid BNB	+0.0270%	1h	799.54	+0.020%	$52.5M	$20.8M	10x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.39	−0.123%	$6K	$3K	40x	as long as short