Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h +0.020%

Price spread now: Kraken Futures against Bybit+0.059%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.059%, 7d avg +0.023%

Together, before fees−0.045%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.036% dearer against Bybit than usual: you sell high and buy low (spread +0.059% now, against its 7-day average of +0.023%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 12 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BNBUSDT	795.35	0.0100	pay 0.0100% / 8h	6h 25m	$139.1M	$75.8M	75x
Short	Kraken Futures PF_BNBUSD	795.82	−0.0131	pay 0.0016% / 1h	25m 55s	$2.5M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$48.57
Price spread: +0.059% → +0.023%: $3.57
Slippage, 4 orders: −$15.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$81.32
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: 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 Bybit live order book, 3 min ago	0.63 bp	7.0 bp −$7	8.3 bp −$83	21.2 bp −$2,123	138.4 bp −$69.2K
Sell Kraken Futures live order book, 3 min ago	4.72 bp	12.3 bp −$12	15.0 bp −$150	36.1 bp −$3,606	172.1 bp −$86.0K

BNB on 45 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	795.70	+0.044%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSDshort	−0.0131%	1h	795.82	+0.059%	$2.5M	$1.0M	50x
Hotstuff BNB-PERP	−0.0080%	1h	795.77	+0.053%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	796.20	+0.107%	$860K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	795.69	+0.042%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	795.62	+0.034%	$4.1M	$4.8M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.225%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0038%	8h	796.07	+0.090%	$6.1M	$19.7M	200x	as long as short
Phemex BNBUSDT	+0.0040%	8h	796.38	+0.130%	$69.7M	$50.8M	50x	as long as short
Gate BNB_USDT	+0.0047%	8h	795.45	+0.013%	$35.4M	$56.3M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BNB-USDC	+0.0050%	8h	795.78	+0.054%	—	$13.4M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	791.17	−0.526%	$607K	$1.1M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0059%	8h	795.02	−0.041%	$3.0M	$28.4M	10x	as long as short
Binance BNBUSDT	+0.0064%	8h	795.94	+0.074%	$495.2M	$810.9M	75x	as long as short
MEXC BNB_USDT	+0.0064%	8h	796.30	+0.119%	$82.6M	$12.8M	200x	as long as short
dYdX BNB-USD	+0.0067%	1h	795.36	+0.002%	$161K	$63K	10x	as long as short
Phoenix BNB	+0.0088%	1h	795.15	−0.025%	$171K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	795.98	+0.079%	$2.8M	$4.0M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	795.73	+0.048%	$385K	$409K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	795.05	−0.038%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	795.90	+0.070%	$52.1M	$19.8M	10x	as long as short
Pacifica BNB	+0.0100%	1h	795.63	+0.035%	$1.2M	$925K	20x	as long as short
Bybit BNBUSDTlong	+0.0100%	8h	795.35	long leg	$139.1M	$75.8M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	795.20	−0.019%	$53.3M	$110.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	795.70	+0.044%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	795.46	+0.014%	$27.7M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	795.57	+0.028%	$77.5M	$28.2M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	795.11	−0.031%	$4.1M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	794.74	−0.077%	$160K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	795.60	+0.031%	$111K	$886K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	795.95	+0.076%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	795.89	+0.068%	$12K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	795.90	+0.069%	$391K	$997K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	794.94	−0.051%	$8.2M	$8.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	795.87	+0.066%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	795.33	−0.003%	$1.7M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	795.83	+0.060%	$382K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	795.91	+0.070%	$1.1M	$1.1M	20x	as long as short
Kalshi KXBNBPERP	+0.0158%	8h	795.60	+0.031%	$112K	$2.7M	4.8x	as long as short
Bulk BNB-USD	+0.0195%	1h	795.93	+0.072%	$644K	$16K	10x	as long as short
01 Exchange BNBUSD	+0.0256%	1h	796.17	+0.103%	$28K	$2K	10x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	795.41	+0.007%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0390%	1h	796.34	+0.124%	$2.7M	$5.7M	40x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	796.31	+0.121%	$1.6M	$160K	25x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	795.00	−0.044%	$68K	$38K	12x	as long as short