Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.019%

Price spread now: SunX against Deribit+0.061%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$630.631% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.061%, 7d avg +0.032%

Together, before fees−0.173%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.030% dearer against Deribit than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of +0.032%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.103% in total) that is about 2.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.103% in total (about -5.4% 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	793.75	0.0300	pay 0.0037% / 1h	50m 11s	$1.6M	$161K	25x
Short	SunX BNB-USDT	794.24	0.0100	get 0.0100% / 8h	6h 50m	$13K	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$42
Price spread: +0.061% → +0.032%: $2.96
Slippage, 4 orders: −$48.1
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$102.13
Costs to cover: 0.631%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; SunX: live order book, 5 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	3.41 bp	6.9 bp −$7	13.4 bp −$134	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	18.07 bp	22.1 bp −$22	38.1 bp −$381	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 −0.0161% / S +0.0334%	1h	793.30	−0.057%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	793.37	−0.048%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	793.55	−0.025%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0026%	8h	793.25	−0.063%	$35.5M	$55.2M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	792.87	−0.111%	$3.0M	$28.2M	10x	as long as short
StandX BNB-USD	0.0000%	1h	793.88	+0.016%	$858K	$3.0M	30x	as long as short
Variational Omni BNB	+0.0006%	8h	792.93	−0.104%	$4.1M	$5.1M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	793.25	−0.063%	$9.7M	—	150x	as long as short
dYdX BNB-USD	+0.0031%	1h	793.28	−0.059%	$160K	$63K	10x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.429%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0034%	8h	793.71	−0.006%	$6.1M	$19.9M	200x	as long as short
BingX BNB-USDT	+0.0036%	8h	793.61	−0.018%	—	$35.0M	—	as long as short
Phemex BNBUSDT	+0.0039%	8h	793.93	+0.023%	$69.4M	$50.4M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	791.39	−0.297%	$607K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0062%	8h	794.20	+0.057%	$82.4M	$12.7M	200x	as long as short
Binance BNBUSDT	+0.0062%	8h	793.96	+0.026%	$494.0M	$818.8M	75x	as long as short
Bybit BNBUSDT	+0.0064%	8h	793.23	−0.066%	$138.1M	$77.3M	75x	as long as short
Phoenix BNB	+0.0088%	1h	792.08	−0.210%	$170K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	793.47	−0.035%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	793.28	−0.059%	$383K	$468K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	793.35	−0.050%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	793.95	+0.025%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	793.20	−0.069%	$53.3M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	793.80	+0.006%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	793.12	−0.079%	$27.7M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	793.34	−0.052%	$77.4M	$28.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	792.62	−0.143%	$4.1M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	792.78	−0.122%	$160K	$434K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	793.42	−0.042%	$112K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	793.42	−0.042%	$32K	$9K	10x	as long as short
SunX BNB-USDTshort	+0.0100%	8h	794.24	+0.061%	$13K	$1.6M	50x
SoDEX BNB-USD	+0.0100%	1h	793.40	−0.044%	$390K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	793.58	−0.021%	$8.1M	$8.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	794.11	+0.046%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	792.97	−0.098%	$1.7M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	792.95	−0.100%	$381K	$110K	10x	as long as short
Hyperliquid BNB	+0.0112%	1h	794.21	+0.058%	$52.6M	$19.8M	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	793.81	+0.008%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0139%	1h	794.97	+0.154%	$646K	$10K	10x	as long as short
Kalshi KXBNBPERP	+0.0158%	8h	793.90	+0.019%	$105K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0182%	8h	794.09	+0.043%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	794.24	+0.062%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0300%	1h	793.75	long leg	$1.6M	$161K	25x
Reya BNBRUSDPERP	+0.0329%	1h	793.11	−0.081%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0360%	1h	794.33	+0.073%	$2.7M	$5.7M	40x	as long as short
Hibachi BNB/USDT-P	+0.0440%	1h	793.18	−0.072%	$68K	$38K	12x	as long as short