Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0448%/8h= −49.1% APRpaid last 24h −0.110%

Price spread now: GMX against Bybit−0.025%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and GMX is 0.025% cheaper against Bybit than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BNBUSDT	789.73	0.0100	pay 0.0100% / 8h	4h 50m	$138.9M	$74.9M	75x
Short	GMX BNB/USD [WBTC.b-USDC]	789.54	L −0.0183% / S +0.0348%	pay 0.0044% / 1h	50m 59s	$46K	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$94.09
Price spread: −0.025% → 0.000%: −$2.47
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$119.55
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; GMX: 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 Bybit live order book, 3 min ago	0.63 bp	6.1 bp −$6	8.9 bp −$89	25.2 bp −$2,516	165.2 bp −$82.6K
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0183% / S +0.0348%	1h	789.54	−0.025%	$46K	—	200x
Hotstuff BNB-PERP	−0.0080%	1h	790.07	+0.043%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	791.25	+0.192%	$855K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.50	−0.029%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.945%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0044%	8h	790.18	+0.057%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0056%	8h	790.01	+0.035%	—	$34.3M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	790.64	+0.115%	$583K	$1.9M	50x	as long as short
Binance BNBUSDT	+0.0068%	8h	790.62	+0.113%	$493.3M	$789.8M	75x	as long as short
MEXC BNB_USDT	+0.0069%	8h	790.90	+0.148%	$80.3M	$12.2M	200x	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	790.14	+0.052%	$69.2M	$49.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.68	−0.006%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.53	−0.025%	$266K	$498K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.25	−0.061%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	790.16	+0.054%	$51.9M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.56	−0.022%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDTlong	+0.0100%	8h	789.73	long leg	$138.9M	$74.9M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	789.90	+0.022%	$53.4M	$111.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.60	−0.016%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.60	−0.016%	$35.4M	$56.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.89	+0.020%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.75	+0.003%	$76.5M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	790.02	+0.037%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.11	−0.078%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.98	+0.159%	$4.1M	$74.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	790.67	+0.119%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.34	−0.049%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.67	−0.008%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.97	+0.031%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.70	−0.004%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.64	−0.011%	$8.1M	$9.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	790.08	+0.045%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.59	−0.017%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.57	−0.021%	$379K	$110K	10x	as long as short
dYdX BNB-USD	+0.0108%	1h	789.76	+0.004%	$160K	$64K	10x	as long as short
Phoenix BNB	+0.0117%	1h	790.37	+0.081%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0138%	8h	791.19	+0.185%	$3.0M	$28.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0182%	8h	790.50	+0.098%	$113K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0188%	8h	789.97	+0.030%	$18.2M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	789.92	+0.024%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.39	−0.043%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0296%	1h	791.64	+0.242%	$641K	$9K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	790.00	+0.034%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	789.05	−0.086%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.76	+0.004%	$1.1M	$975K	20x	as long as short
Hibachi BNB/USDT-P	+0.0544%	1h	790.81	+0.137%	$68K	$38K	12x	as long as short