BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0565%/8h= −61.8% APRnext payment −$0.71 per $10,000 · paid last 24h −0.032%

Price spread now: Nado against Backpack+0.010%7-day average −0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on Backpack Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 7 days+0.039%+$4 · spread now +0.010%, 7d avg −0.129%

Together, before fees+0.004%+ Points / potential airdropNado: Active · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.139% dearer against Backpack than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.129%): +$14 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 20 hours. At the pace of the last 3 days (−0.035% in total) that is about 13 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.035% in total (about -4.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.71 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	Backpack BNB_USDC_PERP	801.53	0.0665	pay 0.0083% / 1h	27m 55s	$2.7M	$5.6M	40x
Short	Nado BNB-PERP	801.61	0.0100	get 0.0012% / 1h	27m 55s	$1.4M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.010%Rate

Funding earned: −$118.61
Price spread: +0.010% → −0.129%: $13.91
Slippage, 4 orders: −$2.63
Fee Backpack: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$124.33
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Nado: live order book, 1 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	0.06 bp	5.1 bp −$5	11.0 bp −$110	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	0.06 bp	3.6 bp −$4	8.1 bp −$81	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	801.11	−0.052%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.26	+0.091%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	801.73	+0.025%	$3.0M	$29.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	802.10	+0.071%	$158K	$2.8M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.32	+0.099%	$867K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.17	−0.045%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0040%	8h	800.85	−0.085%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0067%	8h	800.92	−0.076%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0081%	8h	800.33	−0.150%	$139.5M	$83.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	801.12	−0.051%	$2.8M	$4.2M	20x	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	+0.0096%	1h	801.17	−0.045%	$610K	$1.0M	50x	as long as short
Aster BNBUSDT	+0.0100%	8h	801.19	−0.043%	$6.3M	$19.3M	200x	as long as short
Nado BNB-PERPshort	+0.0100%	1h	801.61	+0.010%	$1.4M	$2.8M	20x
Pacifica BNB	+0.0100%	1h	801.96	+0.054%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.60	−0.116%	$54.8M	$117.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.10	+0.071%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.55	−0.122%	$35.7M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.42	−0.138%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.59	−0.117%	$80.9M	$26.9M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	802.78	+0.156%	$4.2M	$77.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.46	+0.116%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.60	+0.009%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.94	−0.074%	$387K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.15	−0.047%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.61	+0.009%	$12K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	801.25	−0.035%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.97	−0.070%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.40	+0.108%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.22	−0.163%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.31	−0.028%	$385K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.70	+0.021%	$83.3M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	801.23	−0.037%	$503.6M	$829.8M	75x	as long as short
SoDEX BNB-USD	+0.0125%	1h	800.90	−0.079%	$394K	$1.0M	10x	as long as short
Phemex BNBUSDT	+0.0126%	8h	801.34	−0.024%	$70.0M	$51.7M	50x	as long as short
Phoenix BNB	+0.0155%	1h	801.68	+0.019%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0160%	1h	801.59	+0.007%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0183%	1h	801.39	−0.017%	$162K	$62K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0207%	1h	800.77	−0.094%	$2.6M	$984K	50x	as long as short
BloFin BNB-USDT	+0.0239%	8h	802.15	+0.077%	$18.5M	$2.6M	75x	as long as short
Hyperliquid BNB	+0.0280%	1h	801.51	−0.002%	$51.8M	$22.3M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.444%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	802.04	+0.064%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.04	−0.062%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0336%	1h	802.55	+0.127%	$28K	$1K	10x	as long as short
Bulk BNB-USD	+0.0354%	1h	801.59	+0.007%	$651K	$21K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0665%	1h	801.53	long leg	$2.7M	$5.6M	40x