Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0300%/8h= −32.8% APRpaid last 24h −0.025%

Price spread now: OKX against Deribit−0.049%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$270.265% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 4 days (all we have)+0.025%+$2 · spread now −0.049%, 7d avg −0.067%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.067%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.152% in total (about -7.9% 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	787.08	0.0400	pay 0.0050% / 1h	20m 04s	$1.5M	$143K	25x
Short	OKX BNB-USDT-SWAP	786.70	0.0100	get 0.0100% / 8h	2h 20m	$53.4M	$112.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$63
Price spread: −0.049% → −0.067%: $1.87
Slippage, 4 orders: −$9.52
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$87.66
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; OKX: live order book, 4 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	2.61 bp	9.1 bp −$9	16.0 bp −$160	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.64 bp	5.6 bp −$6	7.8 bp −$78	19.9 bp −$1,993	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 −0.0192% / S +0.0356%	1h	786.45	−0.080%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.02	−0.008%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.09	+0.001%	$849K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.53	−0.070%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.288%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0036%	8h	787.43	+0.044%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDT	+0.0042%	8h	786.95	−0.017%	—	$22.2M	—	as long as short
Phemex BNBUSDT	+0.0050%	8h	787.26	+0.022%	$68.9M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0059%	8h	787.60	+0.066%	$80.5M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0059%	8h	787.51	+0.054%	$490.7M	$812.2M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	786.49	−0.075%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	785.85	−0.157%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.86	−0.028%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.66	−0.054%	$265K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.35	−0.093%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.31	+0.029%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.87	−0.027%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.79	−0.037%	$138.2M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAPshort	+0.0100%	8h	786.70	−0.049%	$53.4M	$112.6M	50x
Arcus BNB-USD	+0.0100%	1h	786.80	−0.036%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.75	−0.042%	$36.6M	$59.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.50	−0.074%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.51	−0.073%	$76.1M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.91	−0.022%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.81	−0.162%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.00	−0.265%	$4.1M	$75.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.20	−0.239%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.36	−0.092%	$131K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.79	−0.037%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.14	+0.008%	$13K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.29	−0.101%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.95	−0.016%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.38	−0.089%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.79	−0.038%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	786.33	−0.096%	$169K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0123%	1h	786.80	−0.036%	$387K	$993K	10x	as long as short
Kalshi KXBNBPERP	+0.0150%	8h	785.80	−0.163%	$161K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0162%	1h	786.37	−0.091%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0179%	8h	786.29	−0.101%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0211%	8h	785.17	−0.243%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	787.22	+0.017%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	786.30	−0.099%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0341%	1h	785.39	−0.215%	$637K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0400%	1h	787.08	long leg	$1.5M	$143K	25x
RISEx BNB/USDC	+0.0432%	1h	786.93	−0.020%	$1.1M	$902K	20x	as long as short
Hibachi BNB/USDT-P	+0.0520%	1h	785.22	−0.237%	$67K	$39K	12x	as long as short