BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0397%/8h= +43.4% APRnext payment +$0.50 per $10,000 · paid last 24h +0.015%

Price spread now: Backpack against Kraken Futures+0.106%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$350.345% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.106%, 7d avg +0.062%

Together, before fees+0.202%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Backpack is 0.044% dearer against Kraken Futures than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.062%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.182% in total (about 9.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.50 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	Kraken Futures PF_BNBUSD	801.20	0.0206	pay 0.0026% / 1h	18m 48s	$2.6M	$977K	50x
Short	Backpack BNB_USDC_PERP	802.05	0.0603	get 0.0075% / 1h	18m 48s	$2.7M	$5.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now +0.106%Rate

Funding earned: $83.28
Price spread: +0.106% → +0.062%: $4.4
Slippage, 4 orders: −$14.55
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $53.12
Costs to cover: 0.345%
Break-even: 2.5 days

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, 5 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 Kraken Futures live order book, 5 min ago	2.12 bp	8.7 bp −$9	13.6 bp −$136	28.7 bp −$2,870	73.5 bp −$36.8K
Sell Backpack live order book, 5 min ago	0.06 bp	6.8 bp −$7	10.0 bp −$100	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	801.49	+0.037%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.91	+0.089%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.84	+0.205%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.70	+0.062%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.75	+0.193%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.45	+0.031%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0038%	8h	801.85	+0.081%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0062%	8h	801.24	+0.005%	—	$35.0M	—	as long as short
Bybit BNBUSDT	+0.0074%	8h	800.71	−0.061%	$139.4M	$81.6M	75x	as long as short
Lighter BNB	+0.0096%	1h	801.60	+0.050%	$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	−0.004%	$610K	$998K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	801.24	+0.005%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.50	+0.037%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.80	−0.050%	$54.7M	$115.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.70	+0.062%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.95	−0.031%	$35.8M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.05	−0.019%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.88	−0.040%	$81.0M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.01	+0.226%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.69	+0.186%	$162K	$443K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.29	+0.011%	$121K	$878K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.28	+0.010%	$387K	$568K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.48	+0.034%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.80	+0.075%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	801.40	+0.025%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.38	+0.022%	$8.2M	$7.9M	75x	as long as short
Aster BNBUSDT	+0.0100%	8h	801.79	+0.074%	$6.3M	$19.0M	200x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.93	+0.091%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.79	−0.052%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.51	+0.039%	$385K	$40K	10x	as long as short
Binance BNBUSDT	+0.0118%	8h	801.80	+0.075%	$503.8M	$821.6M	75x	as long as short
MEXC BNB_USDT	+0.0119%	8h	802.20	+0.125%	$83.4M	$13.8M	200x	as long as short
Phemex BNBUSDT	+0.0121%	8h	801.80	+0.075%	$70.1M	$51.8M	50x	as long as short
Phoenix BNB	+0.0155%	1h	802.83	+0.203%	$173K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	802.63	+0.178%	$71K	$48K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	801.76	+0.070%	$1.6M	$165K	25x	as long as short
Kraken Futures PF_BNBUSDlong	+0.0206%	1h	801.20	long leg	$2.6M	$977K	50x
BloFin BNB-USDT	+0.0238%	8h	802.00	+0.100%	$18.3M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0276%	1h	801.29	+0.012%	$162K	$62K	10x	as long as short
Hyperliquid BNB	+0.0310%	1h	802.15	+0.118%	$51.9M	$21.9M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.485%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0314%	1h	802.70	+0.187%	$652K	$21K	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	801.52	+0.040%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	802.02	+0.102%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.12	−0.010%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERPshort	+0.0603%	1h	802.05	+0.106%	$2.7M	$5.7M	40x