Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0300%/8h= −32.8% APRpaid last 24h −0.028%

Price spread now: Bybit against Deribit−0.069%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now −0.069%, 7d avg −0.074%

Together, before fees−0.195%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	789.25	0.0400	pay 0.0050% / 1h	8m 14s	$1.5M	$160K	25x
Short	Bybit BNBUSDT	788.70	0.0100	get 0.0100% / 8h	6h 08m	$138.8M	$79.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$63
Price spread: −0.069% → −0.074%: $0.5
Slippage, 4 orders: −$12.7
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$93.2
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	2.41 bp	5.9 bp −$6	12.6 bp −$126	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.63 bp	7.5 bp −$7	10.3 bp −$103	33.6 bp −$3,357	110.3 bp −$55.1K

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	788.55	−0.089%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	788.70	−0.069%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.33	−0.116%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.44	+0.024%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.62	−0.079%	$9.6M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	788.99	−0.033%	$6.2M	$20.1M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.007%	$19K	$789K	30x	as long as short
Gate BNB_USDT	+0.0048%	8h	788.75	−0.063%	$35.1M	$57.7M	75x	as long as short
BingX BNB-USDC	+0.0049%	8h	788.52	−0.092%	—	$13.3M	—	as long as short
Variational Omni BNB	+0.0050%	8h	788.61	−0.080%	$4.1M	$4.9M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0056%	1h	788.82	−0.054%	$619K	$1.8M	50x	as long as short
MEXC BNB_USDT	+0.0064%	8h	789.50	+0.032%	$80.3M	$13.2M	200x	as long as short
Binance BNBUSDT	+0.0064%	8h	789.44	+0.024%	$494.4M	$823.5M	75x	as long as short
Phemex BNBUSDT	+0.0066%	8h	788.85	−0.050%	$69.0M	$50.5M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0080%	8h	789.44	+0.025%	$2.9M	$28.5M	10x	as long as short
Phoenix BNB	+0.0088%	1h	788.56	−0.087%	$169K	$36K	10x	as long as short
dYdX BNB-USD	+0.0091%	1h	788.17	−0.137%	$159K	$63K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.84	−0.052%	$2.8M	$4.1M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.68	−0.072%	$381K	$409K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.75	−0.190%	$1.5M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.50	+0.032%	$51.7M	$18.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.12	−0.143%	$1.2M	$920K	20x	as long as short
Bybit BNBUSDTshort	+0.0100%	8h	788.70	−0.069%	$138.8M	$79.7M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	788.70	−0.069%	$53.5M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.30	−0.120%	$52K	$135K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.38	−0.110%	$27.8M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.77	−0.060%	$77.7M	$29.9M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.23	−0.002%	$4.1M	$77.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.87	−0.048%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.18	−0.135%	$137K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.86	−0.049%	$31K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.38	−0.110%	$12K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.70	−0.069%	$388K	$999K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.22	−0.130%	$8.1M	$9.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.68	−0.071%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.43	−0.104%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.84	−0.052%	$379K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	788.40	−0.107%	$1.1M	$1.1M	20x	as long as short
Kalshi KXBNBPERP	+0.0165%	8h	788.60	−0.082%	$92K	$2.9M	4.8x	as long as short
Bulk BNB-USD	+0.0244%	1h	794.01	+0.604%	$643K	$13K	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	788.73	−0.065%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.15	−0.139%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0387%	1h	789.68	+0.055%	$2.7M	$5.7M	40x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0400%	1h	789.25	long leg	$1.5M	$160K	25x
Hibachi BNB/USDT-P	+0.0544%	1h	788.80	−0.057%	$68K	$39K	12x	as long as short