Funding you earn now, next payment 00:00 UTC−0.0116%/8h= −12.7% APRnext payment −$0.14 per $10,000 · paid last 24h −0.019%
Price spread now: Deribit against Backpack−0.037%7-day average −0.011% · you buy dearer than you sell
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$32as in the Price arb table
costs, in and out, $10k−$290.291% of the position
Funding, last 7 days+0.003%$0 on $10k
+Price spread, last 3 days (all we have)−0.033%−$3 · spread now −0.037%, 7d avg −0.011%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.027% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.011%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack BNB_USDC_PERP | 803.30 | 0.0316 | pay 0.0039% / 1h | 51m 07s | $2.7M | $5.7M | 40x |
| Short | Deribit BNB_USDC-PERPETUAL | 803.00 | 0.0200 | get 0.0025% / 1h | 51m 07s | $1.6M | $165K | 25x |
Backpack BNB_USDC_PERP
Deribit BNB_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$24.34
- Price spread: −0.037% → −0.011%
- −$2.66
- Slippage, 4 orders
- −$12.1
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$56.1
- Costs to cover
- 0.291%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 3 min ago; Deribit: 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 Backpack live order book, 3 min ago | 0.06 bp | 5.8 bp −$6 | 7.7 bp −$77 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 3 min ago | 1.56 bp | 10.0 bp −$10 | 16.9 bp −$169 | 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 | 802.50 | −0.099% | $48K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 803.16 | −0.017% | $4K | $1K | 25x | as long as short |
| Kraken Futures PF_BNBUSD | −0.0074% | 1h | 802.37 | −0.115% | $2.6M | $969K | 50x | as long as short |
| GRVT BNB_USDT_Perp | 0.0000% | 8h | 802.91 | −0.049% | $3.0M | $28.2M | 10x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 803.34 | +0.005% | $868K | $2.9M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 802.54 | −0.094% | $9.8M | — | 150x | as long as short |
| Variational Omni BNB | +0.0031% | 8h | 801.64 | −0.206% | $4.2M | $5.4M | — | as long as short |
| BingX BNB-USDT | +0.0053% | 8h | 802.60 | −0.087% | — | $34.8M | — | as long as short |
| Bybit BNBUSDT | +0.0066% | 8h | 802.34 | −0.120% | $139.4M | $78.7M | 75x | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0072% | 1h | 800.72 | −0.321% | $607K | $998K | 50x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Hotstuff BNB-PERP
Kraken Futures PF_BNBUSD
GRVT BNB_USDT_Perp
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Variational Omni BNB
BingX BNB-USDT
Bybit BNBUSDT
Coinbase International BNB-PERP-INTXShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter BNB | +0.0096% | 1h | 802.80 | −0.062% | $2.8M | $4.1M | 20x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 802.20 | −0.137% | $1.4M | $2.7M | 20x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 802.92 | −0.047% | $1.2M | $926K | 20x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 802.50 | −0.100% | $54.7M | $113.7M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 803.00 | −0.037% | $53K | $133K | 10x | as long as short |
| Gate BNB_USDT | +0.0100% | 8h | 802.45 | −0.106% | $35.9M | $57.6M | 75x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 802.38 | −0.115% | $28.1M | $10.3M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 802.08 | −0.152% | $79.6M | $27.4M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 803.03 | −0.033% | $4.2M | $77.7M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 803.26 | −0.005% | $162K | $441K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 802.45 | −0.106% | $119K | $874K | 10x | as long as short |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 802.58 | −0.090% | $388K | $497K | 50x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 802.74 | −0.069% | $32K | $5K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 803.14 | −0.020% | $13K | $1.7M | 50x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 802.85 | −0.056% | $8.2M | $7.9M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 803.21 | −0.012% | $78K | $19K | 50x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 802.04 | −0.156% | $1.9M | $6.4M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 802.75 | −0.068% | $386K | $40K | 10x | as long as short |
| Aster BNBUSDT | +0.0104% | 8h | 803.14 | −0.020% | $6.3M | $19.0M | 200x | as long as short |
| Kalshi KXBNBPERP | +0.0113% | 8h | 803.10 | −0.025% | $109K | $2.9M | 4.8x | as long as short |
| Phemex BNBUSDT | +0.0116% | 8h | 803.15 | −0.019% | $70.2M | $51.0M | 50x | as long as short |
| MEXC BNB_USDT | +0.0125% | 8h | 803.30 | 0.000% | $83.5M | $13.5M | 200x | as long as short |
| Binance BNBUSDT | +0.0125% | 8h | 803.26 | −0.004% | $502.5M | $818.4M | 75x | as long as short |
| Phoenix BNB | +0.0127% | 1h | 803.21 | −0.011% | $173K | $36K | 10x | as long as short |
| SoDEX BNB-USD | +0.0176% | 1h | 802.70 | −0.075% | $395K | $1.0M | 10x | as long as short |
| Deribit BNB_USDC-PERPETUALshort | +0.0200% | 1h | 803.00 | −0.037% | $1.6M | $165K | 25x | |
| Hibachi BNB/USDT-P | +0.0240% | 1h | 802.67 | −0.079% | $71K | $49K | 12x | as long as short |
| BloFin BNB-USDT | +0.0245% | 8h | 803.43 | +0.016% | $18.2M | $2.6M | 75x | as long as short |
| RISEx BNB/USDC | +0.0258% | 1h | 802.79 | −0.063% | $1.1M | $1.4M | 20x | as long as short |
| Hyperliquid BNB | +0.0272% | 1h | 803.28 | −0.002% | $52.0M | $21.3M | 10x | as long as short |
| Bulk BNB-USD | +0.0289% | 1h | 801.15 | −0.268% | $651K | $20K | 10x | as long as short |
| Injective BNB/USDC PERP | +0.0306% | 1h | 805.09 | +0.223% | $19K | $789K | 30x | as long as short |
| Backpack BNB_USDC_PERPlong | +0.0316% | 1h | 803.30 | long leg | $2.7M | $5.7M | 40x | |
| Reya BNBRUSDPERP | +0.0332% | 1h | 802.08 | −0.152% | $6K | $3K | 40x | as long as short |
| 01 Exchange BNBUSD | +0.0416% | 1h | 803.25 | −0.006% | $28K | $2K | 10x | as long as short |
| dYdX BNB-USD | +0.0505% | 1h | 802.89 | −0.051% | $162K | $62K | 10x | as long as short |
Lighter BNB
Nado BNB-PERP
Pacifica BNB
OKX BNB-USDT-SWAP
Arcus BNB-USD
Gate BNB_USDT
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Orderly PERP_BNB_USDC
Derive BNB-PERP
SunX BNB-USDT
HTX BNB-USDT
Paradex BNB-USD-PERP
Extended BNB-USD
Aevo BNB-PERP
Aster BNBUSDT
Kalshi KXBNBPERP
Phemex BNBUSDT
MEXC BNB_USDT
Binance BNBUSDT
Phoenix BNB
SoDEX BNB-USD
Hibachi BNB/USDT-P
BloFin BNB-USDT
RISEx BNB/USDC
Hyperliquid BNB
Bulk BNB-USD
Injective BNB/USDC PERP
Reya BNBRUSDPERP
01 Exchange BNBUSD
dYdX BNB-USD