Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.056%

Price spread now: Variational Omni against Bulk−0.180%7-day average −0.120% · you buy dearer than you sell

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

Long on Bulk Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.303%−$30 on $10k

Price spread, last 4 days (all we have)−0.075%−$8 · spread now −0.180%, 7d avg −0.120%

Together, before fees−0.378%+ Points / potential airdropVariational Omni: Active · farm board−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.059% cheaper against Bulk than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.120%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	787.70	0.0212	pay 0.0027% / 1h	21m 50s	$638K	$0	10x
Short	Variational Omni BNB	786.29	0.0100	get 0.0100% / 8h	6h 21m	$4.3M	$4.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bulk. 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 BulkbpFee Variational OmnibpOrdersPrice spread, now −0.180%Rate

Funding earned: −$23.56
Price spread: −0.180% → −0.120%: −$5.93
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$36.49
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 30 min ago; Variational Omni: RFQ quote, just now. 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 Bulk live order book, 30 min ago	0.06 bp	3.6 bp −$4	3.8 bp −$38	7.5 bp −$748	20.2 bp −$10.1K
Sell Variational Omni RFQ quote, just now	3.35 bp	doesn't fit	5.2 bp −$52	doesn't fit	doesn't fit

BNB on 45 exchanges

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 −0.0166% / S +0.0336%	1h	787.36	−0.044%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.17	−0.068%	$4K	—	25x	as long as short
Aster BNBUSDT	0.0000%	8h	787.91	+0.027%	$5.9M	$17.5M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.47	−0.029%	$2.9M	$26.2M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	787.40	−0.039%	$177K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	786.99	−0.091%	$849K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.33	−0.047%	$9.5M	—	150x	as long as short
MEXC BNB_USDT	+0.0020%	8h	789.00	+0.164%	$83.3M	$12.2M	200x	as long as short
Binance BNBUSDT	+0.0020%	8h	787.92	+0.027%	$482.1M	$784.5M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.207%	$19K	$789K	30x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0035%	1h	787.32	−0.049%	$2.5M	$1.3M	50x	as long as short
Bybit BNBUSDT	+0.0077%	8h	786.97	−0.093%	$138.6M	$69.1M	75x	as long as short
BloFin BNB-USDT	+0.0081%	8h	787.52	−0.023%	$17.6M	$2.2M	75x	as long as short
Phemex BNBUSDT	+0.0086%	8h	788.00	+0.037%	$68.5M	$51.1M	50x	as long as short
Phoenix BNB	+0.0094%	1h	787.81	+0.013%	$158K	$45K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.49	−0.027%	$2.7M	$3.4M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.17	−0.068%	$1.4M	$2.5M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.95	+0.031%	$51.8M	$17.0M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.30	−0.052%	$1.2M	$940K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.10	−0.077%	$53.4M	$105.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.50	−0.026%	$57K	$122K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.20	−0.064%	$40.7M	$55.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.22	−0.062%	$28.2M	$9.7M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.98	−0.092%	$75.6M	$32.3M	75x	as long as short
BingX BNB-USDC	+0.0100%	8h	787.37	−0.042%	—	$13.4M	—	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.51	−0.025%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNBshort	+0.0100%	8h	786.29	−0.180%	$4.3M	$4.6M	—
edgeX BNBUSDC	+0.0100%	4h	787.43	−0.035%	$4.1M	$75.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.16	−0.069%	$158K	$444K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.41	−0.037%	$130K	$911K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.38	−0.041%	$264K	$300K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.01	+0.038%	$12K	$1.4M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.60	−0.013%	$387K	$929K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.83	−0.111%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.74	+0.004%	$78K	$337K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.86	−0.107%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.40	−0.039%	$378K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0136%	1h	786.42	−0.163%	$544K	$1.9M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.75	+0.006%	$1.5M	$158K	25x	as long as short
Bulk BNB-USDlong	+0.0212%	1h	787.70	long leg	$638K	$0	10x
01 Exchange BNBUSD	+0.0240%	1h	787.72	+0.002%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0318%	1h	787.02	−0.087%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0345%	1h	787.78	+0.010%	$1.1M	$910K	20x	as long as short
Hibachi BNB/USDT-P	+0.0352%	1h	786.94	−0.097%	$67K	$38K	12x	as long as short
dYdX BNB-USD	+0.0379%	1h	786.56	−0.145%	$158K	$38K	10x	as long as short