BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0465%/8h= +50.9% APRnext payment +$0.58 per $10,000 · paid last 24h +0.018%

Price spread now: Backpack against Kraken Futures+0.137%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 3 days (all we have)−0.029%−$3 · spread now +0.137%, 7d avg +0.063%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Backpack is 0.074% dearer against Kraken Futures than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.063%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.188% in total (about 9.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.58 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	Kraken Futures PF_BNBUSD	798.12	−0.0074	get 0.0009% / 1h	21m 09s	$2.5M	$972K	50x
Short	Backpack BNB_USDC_PERP	799.21	0.0391	get 0.0049% / 1h	21m 09s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.137%Rate

Funding earned: $97.59
Price spread: +0.137% → +0.063%: $7.37
Slippage, 4 orders: −$10.17
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $74.79
Costs to cover: 0.302%
Break-even: 1.6 days

Slippage from Kraken Futures: live order book, 3 min ago; Backpack: 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 Kraken Futures live order book, 3 min ago	2.88 bp	10.1 bp −$10	14.4 bp −$144	25.6 bp −$2,560	86.0 bp −$43.0K
Sell Backpack live order book, 3 min ago	0.06 bp	5.1 bp −$5	6.9 bp −$69	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	798.40	+0.036%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.76	+0.080%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSDlong	−0.0074%	1h	798.12	long leg	$2.5M	$972K	50x
GRVT BNB_USDT_Perp	0.0000%	8h	798.68	+0.071%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.96	+0.106%	$863K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.41	+0.036%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0012%	8h	798.04	−0.009%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0038%	8h	798.44	+0.040%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0042%	8h	798.09	−0.003%	$138.5M	$77.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	+0.222%	$606K	$985K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0089%	8h	799.10	+0.123%	$6.3M	$19.1M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.62	+0.063%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.25	+0.016%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.75	+0.079%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.30	+0.023%	$54.3M	$112.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.90	+0.098%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.20	+0.010%	$35.8M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.44	+0.040%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.24	+0.015%	$79.1M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.50	+0.048%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.21	+0.137%	$161K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.40	+0.035%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.26	+0.018%	$386K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.37	+0.031%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.16	+0.130%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.40	+0.035%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	798.63	+0.064%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.55	+0.054%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.96	+0.106%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.79	−0.041%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.26	+0.018%	$383K	$40K	10x	as long as short
Binance BNBUSDT	+0.0109%	8h	798.90	+0.098%	$497.9M	$818.4M	75x	as long as short
Phemex BNBUSDT	+0.0109%	8h	798.92	+0.100%	$69.8M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0110%	8h	799.00	+0.111%	$83.0M	$13.6M	200x	as long as short
Phoenix BNB	+0.0127%	1h	798.57	+0.057%	$172K	$36K	10x	as long as short
Kalshi KXBNBPERP	+0.0133%	8h	799.00	+0.111%	$89K	$2.9M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	799.08	+0.121%	$70K	$43K	12x	as long as short
Hyperliquid BNB	+0.0213%	1h	799.35	+0.154%	$52.5M	$21.2M	10x	as long as short
BloFin BNB-USDT	+0.0229%	8h	798.85	+0.092%	$18.2M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0239%	1h	800.03	+0.240%	$650K	$19K	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	798.65	+0.067%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0288%	1h	799.21	+0.137%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.874%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.12	+0.001%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0367%	1h	798.70	+0.072%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0391%	1h	799.21	+0.137%	$2.7M	$5.7M	40x