Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0377%/8h= −41.2% APRpaid last 24h −0.049%

Price spread now: Bybit against Backpack−0.206%45s7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.274% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.220%−$22 on $10k

Price spread, last 7 days+0.423%+$42 · spread now −0.206%, 7d avg −0.152%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bybit is 0.054% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.152%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.220% in total (about -11.5% a year). A funding rate is set anew for every payment. 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	Backpack BNB_USDC_PERP	800.55	0.0429	pay 0.0054% / 1h	13m 18s	$2.7M	$5.7M	40x
Short	Bybit BNBUSDT	798.90	0.0052	get 0.0052% / 8h	7h 13m	$138.7M	$76.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$79.09
Price spread: −0.206% → −0.152%: −$5.38
Slippage, 4 orders: −$6.39
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$111.86
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Bybit: 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 Backpack live order book, 1 min ago	0.31 bp	5.7 bp −$6	8.5 bp −$85	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.63 bp	6.1 bp −$6	8.8 bp −$88	23.8 bp −$2,383	108.9 bp −$54.4K

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	799.02	−0.191%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.95	−0.200%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.50	−0.131%	$4K	$239	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.73	−0.102%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.28	−0.034%	$865K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0005%	8h	798.43	−0.265%	$4.1M	$5.0M	—	as long as short
Gate BNB_USDT	+0.0007%	8h	798.80	−0.219%	$35.9M	$56.9M	75x	as long as short
BingX BNB-USDC	+0.0007%	8h	799.16	−0.174%	—	$13.3M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.11	−0.180%	$9.7M	—	150x	as long as short
Phemex BNBUSDT	+0.0019%	8h	800.32	−0.029%	$69.9M	$50.3M	50x	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	+0.567%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	−0.185%	$615K	$1.1M	50x	as long as short
Bybit BNBUSDTshort	+0.0052%	8h	798.90	−0.206%	$138.7M	$76.2M	75x
Aster BNBUSDT	+0.0053%	8h	799.61	−0.117%	$6.1M	$19.4M	200x	as long as short
MEXC BNB_USDT	+0.0074%	8h	800.00	−0.069%	$83.2M	$13.7M	200x	as long as short
Binance BNBUSDT	+0.0074%	8h	799.65	−0.113%	$496.7M	$810.8M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.56	−0.123%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	800.04	−0.064%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.15	−0.175%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.58	−0.121%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.90	−0.206%	$54.2M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.50	−0.131%	$53K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.89	−0.207%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.71	−0.230%	$78.2M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.52	−0.128%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.37	−0.147%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.92	−0.204%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.16	−0.174%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.21	−0.167%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.67	−0.110%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.10	−0.181%	$393K	$996K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.79	−0.220%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.93	−0.078%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.78	−0.222%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.12	−0.178%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0138%	1h	797.80	−0.344%	$648K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.20	−0.169%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0161%	8h	800.00	−0.069%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0195%	8h	799.65	−0.112%	$18.1M	$2.6M	75x	as long as short
dYdX BNB-USD	+0.0195%	1h	799.16	−0.173%	$161K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	799.42	−0.141%	$28K	$1K	10x	as long as short
Hyperliquid BNB	+0.0292%	1h	799.83	−0.090%	$53.2M	$20.3M	10x	as long as short
Hibachi BNB/USDT-P	+0.0296%	1h	799.40	−0.143%	$68K	$38K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	799.53	−0.128%	$1.6M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.71	−0.230%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERPlong	+0.0429%	1h	800.55	long leg	$2.7M	$5.7M	40x