Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h +0.024%

Price spread now: Coinbase International against GRVT+0.190%76s7-day average −0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.266% of the position

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 4 days (all we have)−0.351%−$35 · spread now +0.190%, 7d avg −0.100%

Together, before fees−0.440%+ Points / potential airdropGRVT: Active · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.290% dearer against GRVT than usual: you sell high and buy low (spread +0.190% now, against its 7-day average of −0.100%): +$29 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 9.6 days. At the pace of the last 7 days (−0.089% in total) that is about 23 days. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BNB_USDT_Perp	788.76	0.0173	pay 0.0173% / 8h	3h 32m	$2.9M	$28.7M	10x
Short	Coinbase International BNB-PERP-INTX	790.26	0.0072	get 0.0009% / 1h	32m 16s	$580K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GRVT. 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 GRVTbpFee Coinbase InternationalbpOrdersPrice spread, now +0.190%Rate

Funding earned: −$21.21
Price spread: +0.190% → −0.100%: $29
Slippage, 4 orders: −$7.55
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$18.76
Costs to cover: 0.266%
Break-even: from the start

Slippage from GRVT: live order book, 2 min ago; Coinbase International: 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 GRVT live order book, 2 min ago	0.06 bp	4.6 bp −$5	4.8 bp −$48	19.3 bp −$1,929	doesn't fit
Sell Coinbase International live order book, 1 min ago	2.54 bp	9.4 bp −$9	16.3 bp −$163	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 −0.0192% / S +0.0356%	1h	788.09	−0.085%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.97	−0.100%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.54	−0.028%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.81	+0.006%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.04	−0.091%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	788.63	−0.017%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.070%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0042%	8h	788.26	−0.064%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0049%	8h	789.00	+0.030%	$80.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0050%	8h	788.58	−0.023%	$491.8M	$798.8M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0050%	8h	788.62	−0.018%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTXshort	+0.0072%	1h	790.26	+0.190%	$580K	$1.9M	50x
Phoenix BNB	+0.0092%	1h	788.77	+0.001%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.28	−0.061%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.16	−0.076%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.10	−0.084%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.70	−0.008%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.42	−0.043%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.00	−0.097%	$138.6M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.00	−0.097%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.20	−0.071%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.05	−0.090%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.80	−0.122%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.96	−0.102%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.66	−0.013%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.71	−0.133%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.41	−0.044%	$4.1M	$73.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.75	−0.001%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.92	−0.107%	$130K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.24	−0.066%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.74	−0.002%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.30	−0.058%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.30	−0.059%	$8.1M	$9.6M	75x	as long as short
dYdX BNB-USD	+0.0100%	1h	788.56	−0.026%	$160K	$64K	10x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.56	−0.026%	$77K	$17K	50x	as long as short
Kalshi KXBNBPERP	+0.0102%	8h	788.80	+0.005%	$126K	$2.7M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	787.77	−0.126%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.23	−0.068%	$379K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0170%	8h	788.91	+0.019%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perplong	+0.0173%	8h	788.76	long leg	$2.9M	$28.7M	10x
Bulk BNB-USD	+0.0219%	1h	788.52	−0.031%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.63	−0.017%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.53	−0.029%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	787.84	−0.116%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	788.24	−0.066%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.47	−0.037%	$1.1M	$893K	20x	as long as short