Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.008%

Price spread now: Injective against Bybit+1.689%88s7-day average −0.246% · you sell dearer than you buy

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 4 days (all we have)−2.267%−$227 · spread now +1.689%, 7d avg −0.246%

Together, before fees−2.352%−$235 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 1.935% dearer against Bybit than usual: you sell high and buy low (spread +1.689% now, against its 7-day average of −0.246%): +$194 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3 months. The two prices were read 88 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	Bybit BNBUSDT	791.72	0.0100	pay 0.0100% / 8h	5h 15m	$139.3M	$77.1M	75x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	15m 52s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now +1.689%Rate

Funding earned: −$14
Price spread: +1.689% → −0.246%: $193.5
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $168.48
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Injective: 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	6.4 bp −$6	8.6 bp −$86	23.1 bp −$2,311	153.8 bp −$76.9K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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]	L −0.0167% / S +0.0335%	1h	792.11	+0.049%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	792.20	+0.061%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	792.60	+0.111%	$857K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	792.10	+0.048%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+1.689%	$19K	$789K	30x
Coinbase International BNB-PERP-INTX	+0.0048%	1h	792.03	+0.039%	$615K	$1.8M	50x	as long as short
Aster BNBUSDT	+0.0052%	8h	792.63	+0.115%	$6.2M	$18.7M	200x	as long as short
Phemex BNBUSDT	+0.0053%	8h	792.68	+0.121%	$69.4M	$50.6M	50x	as long as short
BingX BNB-USDC	+0.0061%	8h	792.02	+0.038%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0075%	8h	792.80	+0.136%	$80.5M	$12.5M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0075%	8h	792.46	+0.093%	$495.1M	$793.0M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	791.99	+0.035%	$2.6M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	792.23	+0.065%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	792.23	+0.064%	$266K	$498K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	791.70	−0.003%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	792.48	+0.096%	$52.0M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	792.11	+0.049%	$1.2M	$908K	20x	as long as short
Bybit BNBUSDTlong	+0.0100%	8h	791.72	long leg	$139.3M	$77.1M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	791.40	−0.040%	$53.8M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	792.00	+0.035%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	791.90	+0.023%	$35.5M	$57.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	791.95	+0.029%	$27.8M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	791.29	−0.054%	$77.0M	$29.9M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	792.29	+0.072%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	791.90	+0.022%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	791.82	+0.013%	$4.1M	$75.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	792.28	+0.071%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	791.88	+0.020%	$134K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	792.40	+0.085%	$32K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	792.43	+0.090%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	792.30	+0.073%	$390K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	792.04	+0.040%	$8.1M	$9.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	792.50	+0.098%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	791.59	−0.016%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	792.15	+0.055%	$381K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	792.03	+0.039%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0145%	8h	792.09	+0.046%	$2.9M	$28.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0187%	8h	792.40	+0.086%	$83K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0196%	8h	792.46	+0.093%	$18.2M	$2.2M	75x	as long as short
dYdX BNB-USD	+0.0212%	1h	791.84	+0.015%	$160K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0288%	1h	792.42	+0.088%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	792.69	+0.122%	$1.6M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0327%	1h	791.69	−0.003%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	792.13	+0.052%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0403%	1h	790.49	−0.155%	$640K	$6K	10x	as long as short
Hibachi BNB/USDT-P	+0.0592%	1h	792.19	+0.059%	$68K	$38K	12x	as long as short