BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0332%/8h= +36.3% APRnext payment +$0.41 per $10,000 · paid last 24h +0.030%

Price spread now: Backpack against Phoenix0.000%7-day average −0.030% · 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−$36as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 3 days (all we have)−0.074%−$7 · spread now 0.000%, 7d avg −0.030%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Backpack is 0.030% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.030%. Mind the row above: over the last 7 days funding on this pair cost −0.075%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.075% in total (about -3.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.41 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	Phoenix BNB	799.02	0.0099	pay 0.0012% / 1h	8m 27s	$172K	$36K	10x
Short	Backpack BNB_USDC_PERP	799.02	0.0431	get 0.0054% / 1h	8m 27s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Phoenix. 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 PhoenixbpFee BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $69.62
Price spread: 0.000% → −0.030%: $2.95
Slippage, 4 orders: −$21.74
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $33.83
Costs to cover: 0.387%
Break-even: 3.6 days

Slippage from Phoenix: live order book, 58 min ago; Backpack: live order book, 6 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 Phoenix live order book, 58 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Backpack live order book, 6 min ago	0.31 bp	8.2 bp −$8	12.0 bp −$120	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 −0.0159% / S +0.0335%	1h	798.34	−0.085%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.95	−0.134%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.55	−0.059%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0003%	8h	797.60	−0.178%	$35.9M	$57.0M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.74	+0.090%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.57	+0.069%	$865K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	798.88	−0.018%	$69.8M	$50.1M	50x	as long as short
Variational Omni BNB	+0.0008%	8h	797.92	−0.138%	$4.1M	$5.1M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.33	−0.086%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.760%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BNB-USDC	+0.0035%	8h	798.30	−0.090%	—	$13.3M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	+0.006%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0048%	8h	798.61	−0.051%	$6.1M	$19.4M	200x	as long as short
Bybit BNBUSDT	+0.0071%	8h	798.00	−0.128%	$138.6M	$76.0M	75x	as long as short
MEXC BNB_USDT	+0.0072%	8h	798.80	−0.028%	$83.1M	$13.7M	200x	as long as short
Binance BNBUSDT	+0.0072%	8h	798.59	−0.054%	$496.1M	$808.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	798.15	−0.109%	$2.8M	$4.0M	20x	as long as short
Phoenix BNBlong	+0.0099%	1h	799.02	long leg	$172K	$36K	10x
Nado BNB-PERP	+0.0100%	1h	797.95	−0.134%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.26	−0.095%	$1.2M	$930K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.90	−0.140%	$54.1M	$110.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.30	−0.090%	$52K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.01	−0.126%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.68	−0.168%	$78.1M	$28.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.74	−0.035%	$4.1M	$75.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.57	−0.056%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.97	−0.131%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.33	−0.086%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.44	−0.072%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.09	+0.008%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.40	−0.078%	$393K	$996K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.40	−0.078%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.54	−0.060%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.57	−0.181%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.33	−0.087%	$383K	$110K	10x	as long as short
Bulk BNB-USD	+0.0138%	1h	797.80	−0.153%	$648K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.14	−0.110%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0161%	8h	799.10	+0.010%	$90K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0189%	1h	798.50	−0.065%	$161K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0192%	8h	799.07	+0.006%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	798.56	−0.058%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.78	−0.030%	$1.6M	$161K	25x	as long as short
Hyperliquid BNB	+0.0286%	1h	798.96	−0.008%	$53.1M	$20.1M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	797.86	−0.145%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0344%	1h	798.94	−0.010%	$68K	$39K	12x	as long as short
Backpack BNB_USDC_PERPshort	+0.0431%	1h	799.02	0.000%	$2.7M	$5.7M	40x