Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.050%

Price spread now: Binance against Bulk−0.045%7-day average −0.013% · 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−$20as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on Bulk Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.238%−$24 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.045%, 7d avg −0.013%

Together, before fees−0.184%−$18 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 Binance is 0.031% cheaper against Bulk than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	799.28	0.0127	pay 0.0016% / 1h	19m 29s	$649K	$10K	10x
Short	Binance BNBUSDT	798.92	0.0076	get 0.0076% / 8h	7h 19m	$496.0M	$811.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bulk. 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 BulkbpFee BinancebpOrdersPrice spread, now −0.045%Rate

Funding earned: −$10.75
Price spread: −0.045% → −0.013%: −$3.13
Slippage, 4 orders: −$0.32
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$31.2
Costs to cover: 0.173%
Break-even: never at this rate

Slippage from Bulk: live order book, 55 min ago; Binance: live order book, 9 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 Bulk live order book, 55 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.9 bp −$488	11.1 bp −$5,571
Sell Binance live order book, 9 min ago	0.06 bp	5.1 bp −$5	7.2 bp −$72	20.4 bp −$2,042	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 −0.0159% / S +0.0335%	1h	798.39	−0.111%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.48	−0.100%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.74	−0.067%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0010%	8h	798.15	−0.141%	$35.9M	$56.8M	75x	as long as short
BingX BNB-USDC	−0.0007%	8h	798.45	−0.103%	—	$13.4M	—	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.85	−0.053%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.95	−0.041%	$863K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0004%	8h	797.72	−0.195%	$4.1M	$5.0M	—	as long as short
Phemex BNBUSDT	+0.0006%	8h	799.12	−0.020%	$69.8M	$50.2M	50x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.37	−0.114%	$9.7M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BNBUSDT	+0.0009%	8h	798.01	−0.159%	$138.6M	$76.3M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.727%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	−0.026%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0054%	8h	798.81	−0.058%	$6.2M	$19.4M	200x	as long as short
MEXC BNB_USDT	+0.0076%	8h	799.50	+0.028%	$83.1M	$13.7M	200x	as long as short
Binance BNBUSDTshort	+0.0076%	8h	798.92	−0.045%	$496.0M	$811.2M	75x
Lighter BNB	+0.0096%	1h	798.47	−0.101%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	799.13	−0.018%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.10	−0.147%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.53	−0.093%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.00	−0.160%	$54.2M	$110.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.60	−0.085%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.20	−0.135%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.04	−0.155%	$78.2M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.91	−0.046%	$4.2M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.95	−0.041%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.38	−0.112%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.08	−0.150%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.64	−0.080%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.62	−0.082%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.70	−0.072%	$393K	$997K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.09	−0.148%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.96	−0.040%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.92	−0.170%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.57	−0.089%	$384K	$110K	10x	as long as short
Bulk BNB-USDlong	+0.0127%	1h	799.28	long leg	$649K	$10K	10x
RISEx BNB/USDC	+0.0155%	1h	798.40	−0.109%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0156%	8h	799.10	−0.022%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0197%	8h	798.81	−0.058%	$18.0M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	798.86	−0.052%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0200%	1h	798.40	−0.110%	$161K	$63K	10x	as long as short
Hibachi BNB/USDT-P	+0.0272%	1h	798.92	−0.045%	$68K	$38K	12x	as long as short
Hyperliquid BNB	+0.0299%	1h	799.37	+0.012%	$53.1M	$20.3M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	798.98	−0.037%	$1.6M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.16	−0.140%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0411%	1h	799.63	+0.044%	$2.7M	$5.7M	40x	as long as short