Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0352%/8h= −38.5% APRpaid last 24h −0.032%

Price spread now: BingX against Deribit−0.042%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$310.312% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.150%−$15 on $10k

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 −$11 a day on $10k at the current rate, and BingX is 0.042% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.150% in total (about -7.8% 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	Deribit BNB_USDC-PERPETUAL	795.00	0.0400	pay 0.0050% / 1h	30m 22s	$1.6M	$160K	25x
Short	BingX BNB-USDC	794.67	0.0048	get 0.0048% / 8h	6h 30m	—	$13.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$73.92
Price spread: −0.042% → 0.000%: −$4.17
Slippage, 4 orders: −$14.23
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$109.31
Costs to cover: 0.312%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; BingX: 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 Deribit live order book, 4 min ago	4.35 bp	8.4 bp −$8	14.4 bp −$144	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	0.31 bp	7.2 bp −$7	9.9 bp −$99	19.0 bp −$1,902	62.7 bp −$31.3K

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	794.30	−0.088%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0131%	1h	794.59	−0.052%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	794.51	−0.062%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	794.76	−0.030%	$859K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	794.33	−0.084%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0025%	8h	793.33	−0.211%	$4.1M	$4.9M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.269%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0035%	8h	794.80	−0.025%	$6.1M	$19.7M	200x	as long as short
Gate BNB_USDT	+0.0036%	8h	794.30	−0.088%	$35.4M	$55.9M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0044%	8h	793.45	−0.195%	$3.0M	$28.8M	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BNB-USDCshort	+0.0048%	8h	794.67	−0.042%	—	$13.4M	—
Phemex BNBUSDT	+0.0056%	8h	794.31	−0.087%	$69.5M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	791.17	−0.482%	$607K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0063%	8h	795.10	+0.012%	$82.5M	$12.8M	200x	as long as short
Binance BNBUSDT	+0.0063%	8h	795.02	+0.002%	$494.6M	$811.3M	75x	as long as short
dYdX BNB-USD	+0.0066%	1h	793.98	−0.128%	$161K	$63K	10x	as long as short
Phoenix BNB	+0.0088%	1h	793.37	−0.205%	$170K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	794.05	−0.120%	$2.8M	$4.0M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	794.44	−0.071%	$384K	$409K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	793.75	−0.157%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	794.89	−0.014%	$52.1M	$19.8M	10x	as long as short
Pacifica BNB	+0.0100%	1h	794.18	−0.103%	$1.2M	$926K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	794.50	−0.063%	$138.6M	$75.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	794.30	−0.088%	$53.2M	$110.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	794.30	−0.088%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	794.20	−0.101%	$27.7M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	794.27	−0.092%	$77.4M	$28.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	793.22	−0.225%	$4.1M	$77.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	793.21	−0.225%	$159K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	794.34	−0.083%	$111K	$886K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	794.58	−0.053%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	794.00	−0.126%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	794.70	−0.038%	$391K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	793.32	−0.212%	$8.1M	$8.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	794.16	−0.106%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	794.15	−0.107%	$1.7M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	794.58	−0.054%	$382K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	794.40	−0.076%	$1.1M	$1.3M	20x	as long as short
Kalshi KXBNBPERP	+0.0161%	8h	793.70	−0.164%	$111K	$2.7M	4.8x	as long as short
Bulk BNB-USD	+0.0175%	1h	792.60	−0.302%	$642K	$16K	10x	as long as short
01 Exchange BNBUSD	+0.0256%	1h	794.90	−0.013%	$28K	$2K	10x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	794.11	−0.112%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0394%	1h	794.47	−0.067%	$2.7M	$5.7M	40x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0400%	1h	795.00	long leg	$1.6M	$160K	25x
Hibachi BNB/USDT-P	+0.0536%	1h	794.41	−0.075%	$68K	$38K	12x	as long as short