BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRnext payment −$0.08 per $10,000 · paid last 24h −0.048%

Price spread now: Injective against Backpack+2.318%72s7-day average −0.245% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.271%−$27 on $10k

Price spread, last 4 days (all we have)−2.893%−$289 · spread now +2.318%, 7d avg −0.245%

Together, before fees−3.164%−$316 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.564% dearer against Backpack than usual: you sell high and buy low (spread +2.318% now, against its 7-day average of −0.245%): +$256 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	786.85	0.0100	pay 0.0013% / 1h	17m 43s	$2.2M	$6.1M	40x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	17m 43s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +2.318%Rate

Funding earned: −$14
Price spread: +2.318% → −0.245%: $256.35
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $232.33
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 1 min ago; Injective: no order-book sample. Net counts fees only.

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	0.06 bp	5.8 bp −$6	9.8 bp −$98	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0192% / S +0.0356%	1h	786.41	−0.056%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.19	+0.043%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.37	+0.066%	$849K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.53	−0.040%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+2.318%	$19K	$789K	30x
Aster BNBUSDT	+0.0037%	8h	786.81	−0.005%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDT	+0.0045%	8h	786.40	−0.057%	—	$22.1M	—	as long as short
Phemex BNBUSDT	+0.0055%	8h	787.13	+0.036%	$68.9M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0061%	8h	787.30	+0.057%	$80.4M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0061%	8h	786.92	+0.009%	$490.2M	$812.4M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	786.55	−0.038%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	785.85	−0.127%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.51	−0.043%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.63	−0.028%	$265K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.35	−0.064%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.93	+0.010%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.66	−0.025%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.40	−0.057%	$138.1M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.40	−0.057%	$53.4M	$112.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.70	−0.019%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.35	−0.064%	$36.6M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.08	−0.098%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.16	−0.088%	$76.1M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	786.85	long leg	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	785.81	−0.132%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.59	−0.034%	$4.1M	$75.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.20	−0.210%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.46	−0.050%	$131K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.81	−0.005%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.99	+0.018%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.31	−0.069%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.90	+0.006%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.05	−0.102%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.14	+0.036%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	786.33	−0.066%	$169K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0128%	1h	786.70	−0.019%	$387K	$993K	10x	as long as short
Kalshi KXBNBPERP	+0.0142%	8h	786.80	−0.006%	$160K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0160%	1h	786.37	−0.061%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0180%	8h	787.41	+0.071%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0211%	8h	785.17	−0.213%	$2.9M	$29.3M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	787.09	+0.031%	$1.5M	$143K	25x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	787.16	+0.039%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	786.31	−0.069%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0341%	1h	785.39	−0.185%	$637K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0432%	1h	786.74	−0.014%	$1.1M	$901K	20x	as long as short
Hibachi BNB/USDT-P	+0.0528%	1h	786.48	−0.047%	$67K	$39K	12x	as long as short