Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.043%

Price spread now: Deribit against GRVT−0.094%75s7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as 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−$270.272% of the position

Long on GRVT Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.094%, 7d avg −0.041%

Together, before fees+0.211%+ Points / potential airdropGRVT: Active · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.053% cheaper against GRVT than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of −0.041%). If the spread goes back, that is −$5 on $10k: about 21 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.129% in total) that is about 2.9 days. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.129% 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	GRVT BNB_USDT_Perp	800.28	0	get 0.0000% / 8h	28m 15s	$3.0M	$28.0M	10x
Short	Deribit BNB_USDC-PERPETUAL	799.53	0.0200	get 0.0025% / 1h	28m 15s	$1.6M	$165K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.094%Rate

Funding earned: $42
Price spread: −0.094% → −0.041%: −$5.32
Slippage, 4 orders: −$11.22
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $9.46
Costs to cover: 0.272%
Break-even: 5.4 days

Slippage from GRVT: live order book, 6 min ago; Deribit: 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, 6 min ago	0.06 bp	4.6 bp −$5	5.9 bp −$59	22.0 bp −$2,203	doesn't fit
Sell Deribit live order book, 1 min ago	2.75 bp	10.8 bp −$11	15.6 bp −$156	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	799.13	−0.144%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.68	−0.075%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.97	−0.164%	$2.5M	$972K	50x	as long as short
GRVT BNB_USDT_Perplong	0.0000%	8h	800.28	long leg	$3.0M	$28.0M	10x
StandX BNB-USD	0.0000%	1h	800.20	−0.010%	$865K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.16	−0.141%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0017%	8h	799.36	−0.115%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0041%	8h	799.23	−0.131%	—	$34.7M	—	as long as short
Bybit BNBUSDT	+0.0046%	8h	798.70	−0.198%	$138.6M	$77.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	−0.049%	$606K	$992K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0092%	8h	799.68	−0.075%	$6.3M	$18.9M	200x	as long as short
Lighter BNB	+0.0096%	1h	799.41	−0.109%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.78	−0.188%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.33	−0.119%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.80	−0.185%	$54.4M	$112.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.50	−0.098%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.90	−0.173%	$35.8M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.08	−0.150%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.74	−0.193%	$79.2M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.41	+0.017%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.53	+0.031%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.95	−0.166%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.07	−0.151%	$386K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.33	−0.119%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.69	−0.074%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.30	−0.123%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.39	−0.111%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.67	−0.076%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.65	−0.204%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.34	−0.117%	$384K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0111%	8h	799.69	−0.074%	$69.9M	$50.6M	50x	as long as short
Binance BNBUSDT	+0.0113%	8h	799.69	−0.074%	$499.3M	$815.7M	75x	as long as short
MEXC BNB_USDT	+0.0114%	8h	800.20	−0.010%	$83.1M	$13.5M	200x	as long as short
Kalshi KXBNBPERP	+0.0121%	8h	799.80	−0.060%	$110K	$2.9M	4.8x	as long as short
Phoenix BNB	+0.0127%	1h	800.12	−0.020%	$172K	$36K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	799.53	−0.094%	$70K	$43K	12x	as long as short
Hyperliquid BNB	+0.0181%	1h	799.80	−0.060%	$51.8M	$21.1M	10x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0200%	1h	799.53	−0.094%	$1.6M	$165K	25x
BloFin BNB-USDT	+0.0234%	8h	799.80	−0.060%	$18.2M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0239%	1h	800.03	−0.031%	$650K	$19K	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	799.40	−0.110%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	799.74	−0.068%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.601%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.49	−0.224%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0387%	1h	799.32	−0.120%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0406%	1h	800.05	−0.029%	$2.7M	$5.7M	40x	as long as short