Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.041%

Price spread now: GRVT against Deribit+0.109%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Deribit Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.109%, 7d avg +0.042%

Together, before fees−0.167%+ Points / potential airdropGRVT: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.066% dearer against Deribit than usual: you sell high and buy low (spread +0.109% now, against its 7-day average of +0.042%): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.128% in total) that is about 3.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.128% in total (about -6.7% 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	800.07	0.0200	pay 0.0025% / 1h	13m 01s	$1.6M	$165K	25x
Short	GRVT BNB_USDT_Perp	800.94	0	get 0.0000% / 8h	1h 13m	$3.0M	$29.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.109%Rate

Funding earned: −$42
Price spread: +0.109% → +0.042%: $6.65
Slippage, 4 orders: −$10.22
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$61.57
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; GRVT: live order book, 6 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	1.87 bp	8.0 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell GRVT live order book, 6 min ago	0.06 bp	4.6 bp −$5	4.9 bp −$49	doesn't fit	doesn't fit

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 −0.0201% / S +0.0372%	1h	799.62	−0.056%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.37	+0.038%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perpshort	0.0000%	8h	800.94	+0.109%	$3.0M	$29.4M	10x
Kalshi KXBNBPERP	0.0000%	8h	800.50	+0.054%	$147K	$2.8M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	800.98	+0.114%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.64	−0.053%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0035%	8h	799.95	−0.015%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0059%	8h	799.61	−0.057%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0068%	8h	799.19	−0.110%	$139.1M	$79.6M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.95	−0.015%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	+0.138%	$610K	$995K	50x	as long as short
Aster BNBUSDT	+0.0096%	8h	800.22	+0.019%	$6.3M	$19.0M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.73	−0.042%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.10	+0.004%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.20	−0.109%	$54.6M	$115.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.00	−0.009%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	799.35	−0.090%	$35.7M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.50	−0.071%	$28.0M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.44	−0.079%	$80.8M	$26.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.22	+0.144%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.94	+0.109%	$161K	$443K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.53	−0.067%	$121K	$876K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.58	−0.061%	$386K	$527K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.77	−0.037%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.17	+0.013%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.80	−0.034%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.88	−0.024%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.60	+0.066%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.15	−0.114%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.64	−0.053%	$384K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0116%	8h	800.50	+0.054%	$83.2M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0117%	8h	800.25	+0.022%	$502.7M	$817.2M	75x	as long as short
Phemex BNBUSDT	+0.0118%	8h	800.20	+0.016%	$69.9M	$51.8M	50x	as long as short
Phoenix BNB	+0.0155%	1h	801.63	+0.195%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0192%	1h	800.13	+0.007%	$71K	$48K	12x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0200%	1h	800.07	long leg	$1.6M	$165K	25x
Kraken Futures PF_BNBUSD	+0.0207%	1h	799.63	−0.055%	$2.6M	$971K	50x	as long as short
BloFin BNB-USDT	+0.0237%	8h	800.61	+0.068%	$18.3M	$2.5M	75x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.628%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0314%	1h	802.70	+0.328%	$652K	$21K	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	799.85	−0.027%	$1.1M	$1.4M	20x	as long as short
Hyperliquid BNB	+0.0319%	1h	800.58	+0.064%	$51.8M	$21.9M	10x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	800.37	+0.038%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0321%	1h	799.94	−0.016%	$161K	$62K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.27	−0.100%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0584%	1h	800.49	+0.053%	$2.7M	$5.7M	40x	as long as short