Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.061%

Price spread now: BingX against Backpack−0.031%7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 7 days−0.111%−$11 · spread now −0.031%, 7d avg −0.139%

Together, before fees−0.272%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.109% dearer against Backpack than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.139%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	785.24	0.0100	pay 0.0013% / 1h	59m 56s	$2.2M	$6.1M	40x
Short	BingX BNB-USDC	785.00	0.0038	get 0.0038% / 8h	7h 59m	—	$13.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$13.02
Price spread: −0.031% → −0.139%: $10.86
Slippage, 4 orders: −$4.05
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$26.21
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; BingX: live order book, 8 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, 4 min ago	0.06 bp	5.5 bp −$6	7.6 bp −$76	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.25 bp	6.7 bp −$7	9.9 bp −$99	23.5 bp −$2,348	70.1 bp −$35.1K

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 −0.0168% / S +0.0337%	1h	784.74	−0.064%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.24	0.000%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	784.77	−0.060%	$2.5M	$1.2M	50x	as long as short
StandX BNB-USD	0.0000%	1h	785.56	+0.041%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.72	−0.066%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0030%	8h	785.31	+0.009%	$5.9M	$18.6M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.528%	$19K	$789K	30x	as long as short
BingX BNB-USDCshort	+0.0038%	8h	785.00	−0.031%	—	$13.4M	—
MEXC BNB_USDT	+0.0046%	8h	786.30	+0.135%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0046%	8h	785.29	+0.006%	$488.5M	$813.7M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0083%	8h	785.50	+0.033%	$68.5M	$51.1M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.96	−0.035%	$2.7M	$3.8M	20x	as long as short
Phoenix BNB	+0.0100%	1h	784.80	−0.056%	$158K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.65	−0.075%	$1.3M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	785.31	+0.009%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	785.02	−0.029%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.70	−0.069%	$138.1M	$73.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.60	−0.082%	$53.4M	$111.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	785.00	−0.031%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.85	−0.050%	$38.6M	$58.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.56	−0.087%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.35	−0.113%	$75.3M	$32.6M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	785.24	long leg	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	784.64	−0.076%	$4.0M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	784.86	−0.049%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.47	−0.098%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.65	−0.075%	$131K	$942K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.73	−0.065%	$264K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.53	−0.090%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.28	+0.005%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.90	−0.043%	$386K	$956K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	785.00	−0.030%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	785.28	+0.005%	$78K	$17K	50x	as long as short
Kalshi KXBNBPERP	+0.0104%	8h	785.30	+0.008%	$170K	$2.6M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	784.47	−0.099%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.74	−0.063%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	784.97	−0.034%	$548K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0127%	1h	784.99	−0.032%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0166%	8h	785.59	+0.045%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	785.20	−0.005%	$1.5M	$141K	25x	as long as short
GRVT BNB_USDT_Perp	+0.0215%	8h	785.06	−0.023%	$2.9M	$27.5M	10x	as long as short
Bulk BNB-USD	+0.0237%	1h	785.14	−0.013%	$636K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	785.38	+0.018%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	784.53	−0.091%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0350%	1h	785.14	−0.012%	$1.1M	$921K	20x	as long as short
Hibachi BNB/USDT-P	+0.0432%	1h	784.85	−0.050%	$67K	$39K	12x	as long as short