Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0300%/8h= −32.9% APRpaid last 24h −0.018%

Price spread now: Orderly against Deribit−0.062%7-day average −0.013% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.062%, 7d avg −0.013%

Together, before fees−0.057%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Orderly is 0.049% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.101% in total (about -5.3% 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	789.56	0.0400	pay 0.0050% / 1h	41m 48s	$1.5M	$152K	25x
Short	Orderly PERP_BNB_USDC	789.07	0.0100	get 0.0100% / 8h	5h 41m	$265K	$497K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.062%Rate

Funding earned: −$63.01
Price spread: −0.062% → −0.013%: −$4.88
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$80.89
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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, 2 min ago	2.22 bp	7.8 bp −$8	14.4 bp −$144	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0167% / S +0.0335%	1h	789.07	−0.062%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.72	−0.106%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.67	+0.014%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	789.09	−0.059%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.967%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0043%	8h	788.61	−0.120%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.09	−0.059%	$618K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0057%	8h	788.17	−0.176%	—	$34.4M	—	as long as short
Phemex BNBUSDT	+0.0069%	8h	789.64	+0.010%	$69.1M	$50.9M	50x	as long as short
MEXC BNB_USDT	+0.0073%	8h	789.00	−0.071%	$80.2M	$12.4M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0075%	8h	788.39	−0.148%	$493.0M	$806.1M	75x	as long as short
Variational Omni BNB	+0.0078%	8h	787.81	−0.221%	$4.1M	$4.7M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	789.23	−0.042%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.15	−0.178%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	789.07	−0.062%	$265K	$497K	50x
Nado BNB-PERP	+0.0100%	1h	789.15	−0.052%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.50	−0.134%	$51.7M	$18.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.18	−0.175%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.80	−0.223%	$138.5M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.90	−0.210%	$53.4M	$112.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.50	−0.007%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.05	−0.191%	$35.2M	$56.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.36	−0.152%	$27.7M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.57	−0.252%	$76.8M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.06	−0.063%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.50	−0.134%	$4.1M	$77.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.65	−0.115%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.16	−0.050%	$137K	$946K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.31	−0.031%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.87	+0.040%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.22	−0.042%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	790.08	+0.066%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.85	−0.217%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.13	−0.055%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	788.34	−0.154%	$169K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0122%	8h	788.59	−0.122%	$2.9M	$28.3M	10x	as long as short
SoDEX BNB-USD	+0.0166%	1h	789.20	−0.045%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0183%	8h	789.60	+0.005%	$95K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0193%	8h	789.60	+0.005%	$18.2M	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0241%	1h	788.16	−0.177%	$159K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	789.99	+0.055%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	789.00	−0.071%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	789.68	+0.016%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−0.191%	$638K	$13K	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0400%	1h	789.56	long leg	$1.5M	$152K	25x
Hibachi BNB/USDT-P	+0.0576%	1h	788.44	−0.142%	$67K	$38K	12x	as long as short