BNB

Alert: funding

Alert: spread

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: Backpack against Deribit+0.037%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.015%+$1 · spread now +0.037%, 7d avg +0.012%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Backpack is 0.025% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	803.00	0.0200	pay 0.0025% / 1h	50m 41s	$1.6M	$165K	25x
Short	Backpack BNB_USDC_PERP	803.30	0.0316	get 0.0039% / 1h	50m 41s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.037%Rate

Funding earned: $24.34
Price spread: +0.037% → +0.012%: $2.55
Slippage, 4 orders: −$12.1
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$2.21
Costs to cover: 0.291%
Break-even: 7.6 days

Slippage from Deribit: live order book, 3 min ago; Backpack: 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 Deribit live order book, 3 min ago	1.56 bp	6.5 bp −$7	10.9 bp −$109	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.06 bp	6.7 bp −$7	9.6 bp −$96	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	−0.062%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.16	+0.020%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.37	−0.078%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.91	−0.012%	$3.0M	$28.2M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.34	+0.042%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.54	−0.057%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	801.64	−0.169%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0053%	8h	803.09	+0.011%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0064%	8h	802.50	−0.062%	$139.5M	$78.7M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.284%	$607K	$998K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	803.21	+0.026%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.20	−0.100%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	803.11	+0.013%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.60	−0.050%	$54.8M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.20	+0.025%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.65	−0.044%	$35.9M	$57.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.77	−0.029%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.49	−0.063%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.03	+0.004%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.26	+0.032%	$162K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.45	−0.068%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.58	−0.052%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.74	−0.032%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.14	+0.017%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.85	−0.019%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.55	+0.069%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	802.35	−0.081%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.75	−0.031%	$386K	$40K	10x	as long as short
Aster BNBUSDT	+0.0104%	8h	803.49	+0.061%	$6.3M	$19.0M	200x	as long as short
Kalshi KXBNBPERP	+0.0113%	8h	803.10	+0.013%	$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
Binance BNBUSDT	+0.0125%	8h	803.58	+0.072%	$502.7M	$818.4M	75x	as long as short
MEXC BNB_USDT	+0.0125%	8h	803.70	+0.087%	$83.6M	$13.5M	200x	as long as short
Phoenix BNB	+0.0127%	1h	803.21	+0.026%	$173K	$36K	10x	as long as short
SoDEX BNB-USD	+0.0176%	1h	802.70	−0.037%	$395K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0200%	1h	803.00	long leg	$1.6M	$165K	25x
Hibachi BNB/USDT-P	+0.0240%	1h	802.67	−0.041%	$71K	$49K	12x	as long as short
BloFin BNB-USDT	+0.0245%	8h	803.43	+0.054%	$18.2M	$2.6M	75x	as long as short
RISEx BNB/USDC	+0.0258%	1h	803.04	+0.006%	$1.1M	$1.4M	20x	as long as short
Hyperliquid BNB	+0.0272%	1h	803.63	+0.079%	$52.0M	$21.4M	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.260%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0309%	1h	803.58	+0.072%	$653K	$20K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0316%	1h	803.30	+0.037%	$2.7M	$5.7M	40x
Reya BNBRUSDPERP	+0.0332%	1h	802.08	−0.115%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0416%	1h	803.25	+0.031%	$28K	$2K	10x	as long as short
dYdX BNB-USD	+0.0482%	1h	802.89	−0.014%	$162K	$62K	10x	as long as short