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: Backpack against Polymarket Perps+0.140%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

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

Long on Polymarket Perps Short on Backpack

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)−0.230%−$23 · spread now +0.140%, 7d avg +0.051%

Together, before fees−0.115%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Backpack is 0.089% dearer against Polymarket Perps than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.051%.

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	Polymarket Perps BNB-USD	806.19	0.0100	pay 0.0013% / 1h	21m 30s	$119K	$868K	10x
Short	Backpack BNB_USDC_PERP	807.32	0.0650	get 0.0081% / 1h	21m 30s	$3.0M	$5.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.140%Rate

Funding earned: $115.5
Price spread: +0.140% → +0.051%: $8.9
Slippage, 4 orders: −$6.98
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $99.42
Costs to cover: 0.250%
Break-even: 1.0 days

Slippage from Polymarket Perps: live order book, 66 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 Polymarket Perps live order book, 66 min ago	2.74 bp	6.7 bp −$7	7.3 bp −$73	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.06 bp	5.1 bp −$5	5.5 bp −$55	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	+0.017%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.58	+0.048%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.55	+0.045%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.70	+0.063%	$113K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.16	−0.004%	$871K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.36	+0.021%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	806.34	+0.018%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0048%	8h	805.22	−0.120%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0054%	8h	806.46	+0.033%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0077%	8h	806.00	−0.024%	$139.8M	$82.4M	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	−0.172%	$609K	$879K	50x	as long as short
Aster BNBUSDT	+0.0096%	8h	807.00	+0.100%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	806.66	+0.058%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.12	−0.008%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.66	+0.058%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.20	+0.001%	$55.3M	$115.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.90	+0.088%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.25	+0.007%	$36.1M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.20	+0.001%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.88	−0.038%	$79.3M	$24.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.75	+0.070%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.35	+0.020%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USDlong	+0.0100%	1h	806.19	long leg	$119K	$868K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	806.42	+0.029%	$390K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.57	+0.047%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	807.04	+0.106%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	806.90	+0.088%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.18	−0.001%	$8.2M	$7.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.10	+0.113%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	806.03	−0.020%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.42	+0.029%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0111%	8h	807.30	+0.138%	$84.7M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0113%	8h	806.99	+0.099%	$521.1M	$804.7M	75x	as long as short
Phemex BNBUSDT	+0.0124%	8h	807.02	+0.103%	$70.4M	$51.8M	50x	as long as short
Phoenix BNB	+0.0125%	1h	806.38	+0.024%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0186%	1h	806.89	+0.087%	$51.9M	$21.4M	10x	as long as short
SoDEX BNB-USD	+0.0207%	1h	806.40	+0.026%	$396K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	806.60	+0.050%	$1.2M	$1.5M	20x	as long as short
Bulk BNB-USD	+0.0217%	1h	806.94	+0.093%	$652K	$11K	10x	as long as short
BloFin BNB-USDT	+0.0231%	8h	806.77	+0.072%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	806.21	+0.002%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0251%	1h	806.37	+0.023%	$171K	$55K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	805.80	−0.049%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	807.24	+0.130%	$29K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.89	−0.161%	$19K	$627K	30x	as long as short
Backpack BNB_USDC_PERPshort	+0.0650%	1h	807.32	+0.140%	$3.0M	$5.5M	40x