Funding you earn now, next payment 00:00 UTC+0.0249%/8h= +27.3% APRnext payment +$0.31 per $10,000 · paid last 24h +0.039%
Price spread now: Backpack against Lighter+0.072%7-day average +0.120% · you sell dearer than you buy
Net, funding: paid 7d − costs+$3as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$140.140% of the position
Funding, last 7 days+0.173%+$17 on $10k
+Price spread, last 7 days−0.237%−$24 · spread now +0.072%, 7d avg +0.120%
=Together, before fees−0.064%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour
Funding pays, the price is against you. Backpack is 0.048% cheaper against Lighter than usual: you would sell low and buy high (spread +0.072% now, against its 7-day average of +0.120%). If the spread goes back, that is −$5 on $10k: about 16 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.173% in total) that is about 47 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.173% in total (about 9.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 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 | Lighter BNB | 803.07 | 0.0096 | pay 0.0012% / 1h | 47m 54s | $2.8M | $4.1M | 20x |
| Short | Backpack BNB_USDC_PERP | 803.65 | 0.0345 | get 0.0043% / 1h | 47m 54s | $2.7M | $5.7M | 40x |
Lighter BNB
Backpack BNB_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $52.35
- Price spread: +0.072% → +0.120%
- −$4.83
- Slippage, 4 orders
- −$3.99
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- $33.53
- Costs to cover
- 0.140%
- Break-even
- 2.5 days
Slippage from Lighter: live order book, 5 min ago; Backpack: 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 Lighter live order book, 5 min ago | 0.69 bp | 1.7 bp −$2 | 4.6 bp −$46 | 15.1 bp −$1,508 | 66.4 bp −$33.2K |
| Sell Backpack live order book, 1 min ago | 0.06 bp | 5.6 bp −$6 | 7.8 bp −$78 | 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 | 802.75 | −0.039% | $48K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 802.98 | −0.011% | $4K | $1K | 25x | as long as short |
| Kraken Futures PF_BNBUSD | −0.0074% | 1h | 802.78 | −0.036% | $2.6M | $969K | 50x | as long as short |
| GRVT BNB_USDT_Perp | 0.0000% | 8h | 803.04 | −0.004% | $3.0M | $28.1M | 10x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 803.39 | +0.040% | $868K | $2.9M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 802.82 | −0.032% | $9.8M | — | 150x | as long as short |
| Variational Omni BNB | +0.0029% | 8h | 802.05 | −0.127% | $4.2M | $5.4M | — | as long as short |
| BingX BNB-USDC | +0.0053% | 8h | 802.82 | −0.031% | — | $13.3M | — | as long as short |
| Bybit BNBUSDT | +0.0063% | 8h | 802.40 | −0.084% | $139.4M | $78.6M | 75x | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0072% | 1h | 800.72 | −0.293% | $607K | $995K | 50x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Hotstuff BNB-PERP
Kraken Futures PF_BNBUSD
GRVT BNB_USDT_Perp
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Variational Omni BNB
BingX BNB-USDC
Bybit BNBUSDT
Coinbase International BNB-PERP-INTXShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter BNBlong | +0.0096% | 1h | 803.07 | long leg | $2.8M | $4.1M | 20x | |
| Nado BNB-PERP | +0.0100% | 1h | 802.45 | −0.077% | $1.4M | $2.7M | 20x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 803.06 | −0.001% | $1.2M | $926K | 20x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 802.50 | −0.071% | $54.7M | $113.6M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 803.10 | +0.004% | $53K | $133K | 10x | as long as short |
| Gate BNB_USDT | +0.0100% | 8h | 802.50 | −0.071% | $35.9M | $57.7M | 75x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 802.62 | −0.056% | $28.1M | $10.3M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 802.49 | −0.072% | $79.6M | $27.4M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 803.14 | +0.009% | $4.2M | $77.7M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 802.77 | −0.037% | $162K | $442K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 802.70 | −0.046% | $119K | $874K | 10x | as long as short |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 802.75 | −0.040% | $388K | $497K | 50x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 802.99 | −0.010% | $32K | $5K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 803.48 | +0.050% | $13K | $1.7M | 50x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 802.87 | −0.025% | $8.2M | $7.9M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 803.43 | +0.044% | $78K | $19K | 50x | as long as short |
| Aster BNBUSDT | +0.0103% | 8h | 803.41 | +0.043% | $6.3M | $19.0M | 200x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 802.31 | −0.095% | $1.9M | $6.4M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 802.81 | −0.032% | $386K | $40K | 10x | as long as short |
| Phemex BNBUSDT | +0.0111% | 8h | 803.39 | +0.040% | $70.2M | $51.0M | 50x | as long as short |
| Kalshi KXBNBPERP | +0.0113% | 8h | 803.30 | +0.029% | $110K | $2.9M | 4.8x | as long as short |
| MEXC BNB_USDT | +0.0124% | 8h | 803.70 | +0.078% | $83.6M | $13.5M | 200x | as long as short |
| Binance BNBUSDT | +0.0125% | 8h | 803.41 | +0.042% | $502.5M | $818.0M | 75x | as long as short |
| Phoenix BNB | +0.0127% | 1h | 803.03 | −0.005% | $173K | $36K | 10x | as long as short |
| SoDEX BNB-USD | +0.0151% | 1h | 802.90 | −0.021% | $395K | $1.0M | 10x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0200% | 1h | 803.22 | +0.019% | $1.6M | $165K | 25x | as long as short |
| Hibachi BNB/USDT-P | +0.0240% | 1h | 802.75 | −0.040% | $71K | $49K | 12x | as long as short |
| BloFin BNB-USDT | +0.0245% | 8h | 803.14 | +0.009% | $18.2M | $2.6M | 75x | as long as short |
| Hyperliquid BNB | +0.0253% | 1h | 803.49 | +0.052% | $52.0M | $21.4M | 10x | as long as short |
| RISEx BNB/USDC | +0.0258% | 1h | 803.03 | −0.005% | $1.1M | $1.4M | 20x | as long as short |
| Injective BNB/USDC PERP | +0.0306% | 1h | 805.09 | +0.251% | $19K | $789K | 30x | as long as short |
| Bulk BNB-USD | +0.0309% | 1h | 803.58 | +0.063% | $653K | $20K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0332% | 1h | 802.35 | −0.089% | $6K | $3K | 40x | as long as short |
| Backpack BNB_USDC_PERPshort | +0.0345% | 1h | 803.65 | +0.072% | $2.7M | $5.7M | 40x | |
| 01 Exchange BNBUSD | +0.0384% | 1h | 803.56 | +0.061% | $28K | $1K | 10x | as long as short |
| dYdX BNB-USD | +0.0461% | 1h | 802.89 | −0.023% | $162K | $62K | 10x | as long as short |
Nado BNB-PERP
Pacifica BNB
OKX BNB-USDT-SWAP
Arcus BNB-USD
Gate BNB_USDT
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Orderly PERP_BNB_USDC
Derive BNB-PERP
SunX BNB-USDT
HTX BNB-USDT
Paradex BNB-USD-PERP
Aster BNBUSDT
Extended BNB-USD
Aevo BNB-PERP
Phemex BNBUSDT
Kalshi KXBNBPERP
MEXC BNB_USDT
Binance BNBUSDT
Phoenix BNB
SoDEX BNB-USD
Deribit BNB_USDC-PERPETUAL
Hibachi BNB/USDT-P
BloFin BNB-USDT
Hyperliquid BNB
RISEx BNB/USDC
Injective BNB/USDC PERP
Bulk BNB-USD
Reya BNBRUSDPERP
01 Exchange BNBUSD
dYdX BNB-USD