BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRnext payment +$0.08 per $10,000 · paid last 24h +0.048%

Price spread now: Backpack against Injective−1.970%72s7-day average +0.154% · you buy dearer than you sell

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

Long on Injective Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.228%+$23 on $10k

Price spread, last 4 days (all we have)+2.648%+$265 · spread now −1.970%, 7d avg +0.154%

Together, before fees+2.876%+$288 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 2.124% cheaper against Injective than usual: you would sell low and buy high (spread −1.970% now, against its 7-day average of +0.154%). If the spread goes back, that is −$212 on $10k: about 4 months of funding at the current rate (+$2 a day). 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	Injective BNB/USDC PERP	805.09	0.0033	pay 0.0004% / 1h	16m 07s	$19K	$789K	30x
Short	Backpack BNB_USDC_PERP	789.23	0.0100	get 0.0013% / 1h	16m 07s	$2.2M	$6.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now −1.970%Rate

Funding earned: $14
Price spread: −1.970% → +0.154%: −$212.44
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$208.46
Costs to cover: 0.100%
Break-even: 111.2 days

Slippage unknown: Injective: no order-book sample; Backpack: live order book, 3 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack live order book, 3 min ago	0.06 bp	5.2 bp −$5	8.0 bp −$80	doesn't fit	doesn't fit

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 −0.0166% / S +0.0336%	1h	787.99	−2.124%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.36	−2.078%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	788.79	−2.024%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.88	−2.138%	$3.0M	$27.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	788.39	−2.074%	$850K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.06	−2.116%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0016%	8h	789.16	−1.979%	$6.0M	$17.9M	200x	as long as short
BingX BNB-USDT	+0.0028%	8h	788.83	−2.020%	—	$22.1M	—	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
MEXC BNB_USDT	+0.0034%	8h	790.60	−1.800%	$83.0M	$12.3M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0034%	8h	789.16	−1.979%	$489.1M	$798.2M	75x	as long as short
Lighter BNB	+0.0096%	1h	788.87	−2.014%	$2.7M	$3.7M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.88	−2.014%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.35	−1.955%	$51.8M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.26	−2.090%	$1.2M	$936K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.70	−2.036%	$139.1M	$72.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.50	−2.061%	$53.7M	$109.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.80	−2.023%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.80	−2.023%	$39.8M	$56.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.54	−2.056%	$27.8M	$9.8M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.41	−2.072%	$75.7M	$32.2M	75x	as long as short
Backpack BNB_USDC_PERPshort	+0.0100%	1h	789.23	−1.970%	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	787.84	−2.143%	$4.3M	$5.0M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.84	−2.143%	$4.1M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.71	−2.159%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.60	−2.048%	$130K	$919K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.97	−2.002%	$265K	$357K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.27	−2.587%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.43	−1.945%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.00	−1.999%	$388K	$939K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.44	−1.944%	$8.1M	$10.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.18	−2.101%	$78K	$47K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.60	−2.048%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.80	−2.024%	$379K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0108%	8h	789.60	−1.924%	$176K	$2.6M	4.8x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	789.49	−1.938%	$552K	$2.0M	50x	as long as short
Phoenix BNB	+0.0120%	1h	787.62	−2.170%	$158K	$38K	10x	as long as short
Phemex BNBUSDT	+0.0122%	8h	789.41	−1.948%	$68.7M	$51.4M	50x	as long as short
BloFin BNB-USDT	+0.0136%	8h	788.53	−2.057%	$17.8M	$2.3M	75x	as long as short
Bulk BNB-USD	+0.0154%	1h	788.26	−2.091%	$639K	$0	10x	as long as short
dYdX BNB-USD	+0.0203%	1h	788.89	−2.013%	$158K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.45	−1.943%	$28K	$3K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.34	−1.956%	$1.5M	$141K	25x	as long as short
Reya BNBRUSDPERP	+0.0319%	1h	787.32	−2.208%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	788.02	−2.121%	$1.1M	$885K	20x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	787.87	−2.139%	$67K	$39K	12x	as long as short