Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0057%/8h= −6.2% APRpaid last 24h +0.014%

Price spread now: Bulk against BloFin−0.130%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on BloFin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.117%+$12 on $10k

Price spread, last 3 days (all we have)+0.153%+$15 · spread now −0.130%, 7d avg +0.010%

Together, before fees+0.270%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bulk is 0.140% cheaper against BloFin than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.010%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.117%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BNB-USDT	798.84	0.0195	pay 0.0195% / 8h	7h 17m	$18.1M	$2.6M	75x
Short	Bulk BNB-USD	797.80	0.0138	get 0.0017% / 1h	17m 04s	$648K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against BloFin. 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 BloFinbpFee BulkbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$11.91
Price spread: −0.130% → +0.010%: −$14.01
Slippage, 4 orders: −$0.76
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$45.68
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Bulk: live order book, 57 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 BloFin live order book, 7 min ago	0.06 bp	6.1 bp −$6	6.5 bp −$65	16.5 bp −$1,654	doesn't fit
Sell Bulk live order book, 57 min ago	0.06 bp	3.6 bp −$4	3.8 bp −$38	6.6 bp −$660	16.5 bp −$8,258

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 −0.0159% / S +0.0334%	1h	797.96	−0.110%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.97	−0.110%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.55	−0.036%	$4K	$239	25x	as long as short
BingX BNB-USDC	−0.0007%	8h	797.50	−0.168%	—	$13.3M	—	as long as short
Gate BNB_USDT	−0.0003%	8h	797.95	−0.111%	$35.9M	$56.8M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.85	+0.002%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.12	+0.035%	$864K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0004%	8h	797.72	−0.140%	$4.1M	$5.0M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.02	−0.103%	$9.7M	—	150x	as long as short
Bybit BNBUSDT	+0.0022%	8h	798.28	−0.070%	$138.6M	$76.3M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0028%	8h	798.75	−0.011%	$69.7M	$50.2M	50x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.782%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	+0.029%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0051%	8h	798.59	−0.031%	$6.1M	$19.4M	200x	as long as short
Binance BNBUSDT	+0.0075%	8h	799.06	+0.027%	$496.1M	$811.7M	75x	as long as short
MEXC BNB_USDT	+0.0075%	8h	799.20	+0.045%	$83.1M	$13.7M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.30	−0.068%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	799.13	+0.036%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.00	−0.105%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.44	−0.050%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.40	−0.055%	$54.2M	$110.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.50	−0.043%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.15	−0.086%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.93	−0.114%	$78.2M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.91	+0.008%	$4.2M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.95	+0.014%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.16	−0.085%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.01	−0.104%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.16	−0.085%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.71	−0.017%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.20	−0.080%	$392K	$997K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	797.76	−0.135%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.76	−0.010%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.68	−0.145%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.00	−0.105%	$383K	$110K	10x	as long as short
Bulk BNB-USDshort	+0.0138%	1h	797.80	−0.130%	$648K	$10K	10x
RISEx BNB/USDC	+0.0155%	1h	798.29	−0.068%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0158%	8h	798.70	−0.018%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDTlong	+0.0195%	8h	798.84	long leg	$18.1M	$2.6M	75x
dYdX BNB-USD	+0.0198%	1h	797.77	−0.134%	$161K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	798.58	−0.033%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.45	−0.049%	$1.6M	$161K	25x	as long as short
Hibachi BNB/USDT-P	+0.0280%	1h	797.79	−0.132%	$68K	$38K	12x	as long as short
Hyperliquid BNB	+0.0294%	1h	799.15	+0.039%	$53.1M	$20.3M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	797.76	−0.135%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0426%	1h	799.14	+0.038%	$2.7M	$5.7M	40x	as long as short