Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.001%

Price spread now: Injective against Bitget+2.332%71s7-day average −0.121% · you sell dearer than you buy

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

Long on Bitget Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 4 days (all we have)−2.730%−$273 · spread now +2.332%, 7d avg −0.121%

Together, before fees−2.827%−$283 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.454% dearer against Bitget than usual: you sell high and buy low (spread +2.332% now, against its 7-day average of −0.121%): +$245 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4 months. The two prices were read 71 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	Bitget BNBUSDT	786.74	0.0100	pay 0.0100% / 8h	1h 04m	$76.8M	$31.6M	75x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	4m 05s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +2.332%Rate

Funding earned: −$14
Price spread: +2.332% → −0.121%: $245.38
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $219.36
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 5 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 Bitget live order book, 5 min ago	0.06 bp	7.0 bp −$7	9.5 bp −$95	21.3 bp −$2,132	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 −0.0170% / S +0.0337%	1h	786.90	+0.020%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.02	+0.163%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.00	+0.160%	$850K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.93	+0.024%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+2.332%	$19K	$789K	30x
BingX BNB-USDC	+0.0048%	8h	787.38	+0.081%	—	$13.4M	—	as long as short
Aster BNBUSDT	+0.0049%	8h	787.50	+0.097%	$6.1M	$18.8M	200x	as long as short
Binance BNBUSDT	+0.0059%	8h	787.55	+0.103%	$489.5M	$820.8M	75x	as long as short
MEXC BNB_USDT	+0.0059%	8h	788.30	+0.198%	$81.1M	$12.1M	200x	as long as short
dYdX BNB-USD	+0.0060%	1h	787.30	+0.072%	$160K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0074%	8h	787.59	+0.108%	$68.8M	$51.1M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.43	+0.088%	$564K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.15	+0.052%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.95	+0.027%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.65	+0.116%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.36	+0.079%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.90	+0.020%	$138.5M	$75.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.80	+0.008%	$53.6M	$113.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.20	+0.058%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.95	+0.027%	$37.9M	$59.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.64	−0.013%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDTlong	+0.0100%	8h	786.74	long leg	$76.8M	$31.6M	75x
Backpack BNB_USDC_PERP	+0.0100%	1h	787.39	+0.083%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.51	+0.098%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.68	+0.119%	$4.1M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.74	+0.127%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.88	+0.018%	$132K	$953K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.98	+0.031%	$265K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.05	+0.040%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.54	+0.102%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.20	+0.058%	$387K	$978K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.39	+0.083%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.53	+0.100%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.67	−0.009%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.95	+0.026%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0118%	8h	787.60	+0.109%	$171K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	787.76	+0.130%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0179%	8h	787.77	+0.131%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.39	+0.082%	$1.5M	$145K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	786.86	+0.015%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0222%	1h	787.85	+0.141%	$639K	$831	10x	as long as short
GRVT BNB_USDT_Perp	+0.0228%	8h	787.96	+0.155%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	787.51	+0.098%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0321%	1h	786.75	+0.002%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.23	+0.063%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0472%	1h	787.88	+0.145%	$67K	$39K	12x	as long as short