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Funding arb · Price arb /

BNB

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 03:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.052%
Price spread now: Backpack against Phemex−0.034%7-day average −0.012% · you buy dearer than you sell
Net, funding: paid 7d − costs−$4as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$260.259% of the position
Long on PhemexShort on Backpack
What this pair did over the last
the charts below follow
Funding, last 7 days+0.216%+$22 on $10k
Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.034%, 7d avg −0.012%
Together, before fees+0.450%+$45 on $10k · with fees, hour by hour
Funding pays, the price is against you. Backpack is 0.022% cheaper against Phemex than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of −0.012%). If the spread goes back, that is −$2 on $10k: about 3.0 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.216% in total) that is about 17 hours.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex BNBUSDT790.710.0075pay 0.0075% / 8h5h 31m$69.2M$51.1M50x
ShortBackpack BNB_USDC_PERP790.440.0100get 0.0013% / 1h31m 38s$2.2M$6.1M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Backpack against Phemex. 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

Funding earned
$5.21
Price spread: −0.034% → −0.012%
−$2.2
Slippage, 4 orders
−$3.93
Fee Phemex: 6 bp × 2 orders
−$12
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$22.92
Costs to cover
0.259%
Break-even
37.8 days
Slippage from Phemex: live order book, 2 min ago; Backpack: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 2 min ago0.25 bp6.7 bp −$77.8 bp −$7811.1 bp −$1,107doesn't fit
Sell Backpack live order book, 2 min ago0.06 bp5.1 bp −$56.4 bp −$64doesn't fitdoesn't fit

BNB on 46 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX BNB/USD [WBTC.b-USDC]L −0.0167% / S +0.0335%1h790.04−0.085%$46K—200xas long as short
Hotstuff BNB-PERP−0.0080%1h790.79+0.010%$4K$23925xas long as short
StandX BNB-USD0.0000%1h790.72+0.001%$855K$3.2M30xas long as short
gTrade (Gains Network) BNB/USDL +0.0008% / S −0.0007%1h790.07−0.081%$9.6M—150xas long as short
Injective BNB/USDC PERP+0.0033%1h805.09+1.819%$19K$789K30xas long as short
Aster BNBUSDT+0.0047%8h791.19+0.061%$6.3M$18.7M200xas long as short
Coinbase International BNB-PERP-INTX+0.0048%1h789.79−0.116%$617K$1.8M50xas long as short
BingX BNB-USDT+0.0059%8h790.74+0.004%—$34.3M—as long as short
MEXC BNB_USDT+0.0075%8h791.50+0.100%$80.4M$12.4M200xas long as short
Phemex BNBUSDTlong+0.0075%8h790.71long leg$69.2M$51.1M50x
Show all 46 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Binance BNBUSDT+0.0075%8h791.53+0.104%$494.9M$803.6M75xas long as short
Variational Omni BNB+0.0091%8h788.80−0.242%$4.1M$4.6M—as long as short
Kraken Futures PF_BNBUSD+0.0091%1h789.97−0.093%$2.5M$1.2M50xas long as short
Lighter BNB+0.0096%1h790.65−0.007%$2.8M$3.9M20xas long as short
Orderly PERP_BNB_USDC+0.0100%8h790.14−0.072%$266K$497K50xas long as short
Nado BNB-PERP+0.0100%1h790.75+0.005%$1.5M$2.6M20xas long as short
Hyperliquid BNB+0.0100%1h791.05+0.043%$51.8M$18.1M10xas long as short
Pacifica BNB+0.0100%1h790.69−0.003%$1.2M$908K20xas long as short
Bybit BNBUSDT+0.0100%8h790.75+0.005%$139.1M$77.2M75xas long as short
OKX BNB-USDT-SWAP+0.0100%8h790.70−0.001%$53.6M$112.3M50xas long as short
Arcus BNB-USD+0.0100%1h790.90+0.024%$52K$130K10xas long as short
Gate BNB_USDT+0.0100%8h790.45−0.033%$35.4M$56.9M75xas long as short
KuCoin BNBUSDTM+0.0100%8h790.28−0.054%$27.8M$10.3M75xas long as short
Bitget BNBUSDT+0.0100%8h790.44−0.034%$77.0M$30.1M75xas long as short
Backpack BNB_USDC_PERPshort+0.0100%1h790.44−0.034%$2.2M$6.1M40x
edgeX BNBUSDC+0.0100%4h790.40−0.040%$4.1M$76.7M30xas long as short
ApeX Omni BNBUSDT+0.0100%1h790.01−0.089%$159K$440K50xas long as short
Polymarket Perps BNB-USD+0.0100%1h790.09−0.078%$135K$948K10xas long as short
Derive BNB-PERP+0.0100%1h790.34−0.047%$31K$12K10xas long as short
SunX BNB-USDT+0.0100%8h790.79+0.010%$12K$1.6M50xas long as short
HTX BNB-USDT+0.0100%8h789.37−0.169%$8.1M$9.1M75xas long as short
Paradex BNB-USD-PERP+0.0103%8h791.21+0.063%$77K$17K50xas long as short
Extended BNB-USD+0.0104%1h790.32−0.049%$1.8M$5.9M50xas long as short
Aevo BNB-PERP+0.0104%1h790.15−0.071%$380K$110K10xas long as short
Phoenix BNB+0.0107%1h790.19−0.066%$170K$35K10xas long as short
SoDEX BNB-USD+0.0135%1h790.20−0.064%$388K$1.0M10xas long as short
GRVT BNB_USDT_Perp+0.0140%8h790.55−0.021%$2.9M$28.2M10xas long as short
Kalshi KXBNBPERP+0.0193%8h790.40−0.039%$92K$2.8M4.8xas long as short
BloFin BNB-USDT+0.0195%8h790.51−0.025%$18.2M$2.3M75xas long as short
dYdX BNB-USD+0.0232%1h790.32−0.049%$160K$63K10xas long as short
01 Exchange BNBUSD+0.0296%1h791.37+0.083%$28K$4K10xas long as short
Deribit BNB_USDC-PERPETUAL+0.0300%1h790.61−0.012%$1.5M$147K25xas long as short
Reya BNBRUSDPERP+0.0327%1h789.99−0.090%$6K$3K40xas long as short
RISEx BNB/USDC+0.0361%1h791.04+0.042%$1.1M$1.0M20xas long as short
Bulk BNB-USD+0.0383%1h789.79−0.116%$640K$6K10xas long as short
Hibachi BNB/USDT-P+0.0592%1h790.32−0.049%$68K$38K12xas long as short