Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.050%

Price spread now: Bitget against Bulk−0.285%48s7-day average −0.142% · 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—prices read too far apart to compare

costs, in and out, $10k−$210.215% of the position

Long on Bulk Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.231%−$23 on $10k

Price spread, last 4 days (all we have)+0.185%+$19 · spread now −0.285%, 7d avg −0.142%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bitget is 0.143% cheaper against Bulk than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.142%). Swap the legs. The two prices were read 48 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	Bulk BNB-USD	789.39	0.0340	pay 0.0043% / 1h	45m 56s	$639K	$13K	10x
Short	Bitget BNBUSDT	787.14	0.0100	get 0.0100% / 8h	5h 45m	$76.7M	$30.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.285%Rate

Funding earned: −$50.47
Price spread: −0.285% → −0.142%: −$14.35
Slippage, 4 orders: −$2.49
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$86.31
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Bulk: live order book, 18 min ago; Bitget: live order book, 3 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, 18 min ago	0.06 bp	3.6 bp −$4	3.8 bp −$38	6.6 bp −$659	15.4 bp −$7,688
Sell Bitget live order book, 3 min ago	0.06 bp	7.3 bp −$7	9.5 bp −$95	19.9 bp −$1,987	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 −0.0167% / S +0.0335%	1h	787.97	−0.180%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.55	−0.106%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.75	−0.081%	$852K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	787.93	−0.185%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.989%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0038%	8h	788.02	−0.174%	$6.2M	$18.8M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	787.61	−0.225%	$617K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0055%	8h	787.54	−0.234%	—	$34.4M	—	as long as short
MEXC BNB_USDT	+0.0071%	8h	788.30	−0.138%	$80.2M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0072%	8h	787.99	−0.178%	$493.0M	$807.4M	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	+0.0072%	8h	787.99	−0.177%	$69.0M	$51.1M	50x	as long as short
Variational Omni BNB	+0.0078%	8h	787.81	−0.200%	$4.1M	$4.7M	—	as long as short
Gate BNB_USDT	+0.0090%	8h	787.30	−0.265%	$35.2M	$56.7M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	787.42	−0.249%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.56	−0.232%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.92	−0.186%	$265K	$498K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.50	−0.239%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.10	−0.163%	$51.7M	$18.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.94	−0.184%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.40	−0.252%	$138.5M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−0.277%	$53.4M	$112.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.00	−0.176%	$52K	$130K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.20	−0.277%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDTshort	+0.0100%	8h	787.14	−0.285%	$76.7M	$30.0M	75x
Backpack BNB_USDC_PERP	+0.0100%	1h	787.77	−0.205%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.17	−0.028%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.14	−0.032%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.86	−0.194%	$137K	$944K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.12	−0.161%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.71	−0.086%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.97	−0.180%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	788.33	−0.134%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.06	−0.295%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.93	−0.185%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	788.69	−0.089%	$169K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0120%	8h	790.69	+0.165%	$2.9M	$28.1M	10x	as long as short
SoDEX BNB-USD	+0.0138%	1h	787.70	−0.214%	$387K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0182%	8h	788.40	−0.125%	$89K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0191%	8h	788.75	−0.081%	—	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0243%	1h	787.60	−0.227%	$159K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.45	−0.119%	$1.5M	$152K	25x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	788.42	−0.123%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	787.75	−0.207%	$6K	$3K	40x	as long as short
Bulk BNB-USDlong	+0.0340%	1h	789.39	long leg	$639K	$13K	10x
RISEx BNB/USDC	+0.0361%	1h	788.13	−0.159%	$1.1M	$1.0M	20x	as long as short
Hibachi BNB/USDT-P	+0.0576%	1h	788.46	−0.118%	$67K	$38K	12x	as long as short