Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.003%

Price spread now: Injective against Binance+2.021%87s7-day average −0.331% · you sell dearer than you buy

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 4 days (all we have)−2.657%−$266 · spread now +2.021%, 7d avg −0.331%

Together, before fees−2.780%−$278 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.352% dearer against Binance than usual: you sell high and buy low (spread +2.021% now, against its 7-day average of −0.331%): +$235 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 months. At the pace of the last 7 days (−0.123% in total) that is about 4 months. The two prices were read 87 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	Binance BNBUSDT	789.14	0.0057	pay 0.0057% / 8h	4h 03m	$492.5M	$791.4M	75x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	3m 54s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now +2.021%Rate

Funding earned: −$5.04
Price spread: +2.021% → −0.331%: $235.21
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $220.15
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Binance: live order book, 10 min ago; Injective: no order-book sample. 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 Binance live order book, 10 min ago	0.06 bp	5.1 bp −$5	6.6 bp −$66	11.0 bp −$1,098	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 −0.0189% / S +0.0354%	1h	788.31	−0.105%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.30	−0.106%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.68	−0.058%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.39	−0.095%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0033%	8h	789.14	−0.001%	$6.1M	$18.7M	200x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+2.021%	$19K	$789K	30x
BingX BNB-USDT	+0.0046%	8h	788.69	−0.057%	—	$34.4M	—	as long as short
MEXC BNB_USDT	+0.0057%	8h	789.40	+0.033%	$80.1M	$12.4M	200x	as long as short
Binance BNBUSDTlong	+0.0057%	8h	789.14	long leg	$492.5M	$791.4M	75x
Phemex BNBUSDT	+0.0058%	8h	789.19	+0.006%	$69.0M	$50.3M	50x	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	+0.0064%	1h	788.26	−0.112%	$579K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.78	−0.045%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.45	−0.087%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.75	−0.176%	$1.5M	$2.5M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.10	−0.005%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.24	−0.114%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.40	−0.094%	$138.7M	$74.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.40	−0.094%	$53.4M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.30	−0.106%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.45	−0.087%	$35.5M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.41	−0.093%	$28.1M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.26	−0.112%	$76.3M	$30.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.95	−0.024%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.71	−0.181%	$4.1M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.58	−0.070%	$4.1M	$73.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.72	−0.053%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.16	−0.124%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.48	−0.084%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.71	−0.054%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.60	−0.068%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.52	−0.078%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.36	−0.099%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.18	−0.122%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.50	−0.081%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	788.48	−0.084%	$169K	$35K	10x	as long as short
dYdX BNB-USD	+0.0119%	1h	787.86	−0.162%	$159K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0154%	8h	788.72	−0.053%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERP	+0.0176%	8h	788.80	−0.043%	$132K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0177%	8h	788.55	−0.075%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0216%	1h	788.57	−0.072%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	788.67	−0.060%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0264%	1h	788.45	−0.088%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.88	−0.033%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	788.05	−0.138%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0360%	1h	788.19	−0.121%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	788.44	−0.089%	$1.1M	$967K	20x	as long as short