Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0371%/8h= −40.7% APRpaid last 24h −0.101%

Price spread now: GMX against GRVT−0.090%7-day average — · you buy dearer than you sell

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

Long on GRVT Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and GMX is 0.090% cheaper against GRVT than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT BNB_USDT_Perp	804.19	0	get 0.0000% / 8h	2h 35m	$3.0M	$29.4M	10x
Short	GMX BNB/USD [WBTC.b-USDC]	803.47	L −0.0195% / S +0.0371%	pay 0.0046% / 1h	35m 16s	$48K	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$78.01
Price spread: −0.090% → 0.000%: −$8.96
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: −$107.96
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 4 min ago; GMX: 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 GRVT live order book, 4 min ago	0.06 bp	4.6 bp −$5	7.4 bp −$74	24.9 bp −$2,491	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0195% / S +0.0371%	1h	803.47	−0.090%	$48K	—	200x
Hotstuff BNB-PERP	−0.0080%	1h	803.52	−0.083%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perplong	0.0000%	8h	804.19	long leg	$3.0M	$29.4M	10x
Kalshi KXBNBPERP	0.0000%	8h	803.60	−0.073%	$111K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.92	−0.033%	$869K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.49	−0.087%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	803.67	−0.064%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0051%	8h	802.62	−0.195%	$4.0M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0057%	8h	803.42	−0.095%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0077%	8h	803.01	−0.146%	$139.3M	$82.8M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0087%	8h	804.04	−0.019%	$6.4M	$18.8M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0088%	1h	803.99	−0.025%	$608K	$878K	50x	as long as short
Lighter BNB	+0.0096%	1h	803.41	−0.096%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.12	−0.133%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	803.56	−0.078%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	803.40	−0.098%	$55.1M	$115.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.70	−0.061%	$52K	$162K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	803.25	−0.117%	$35.9M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.26	−0.115%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	803.22	−0.120%	$79.0M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.02	−0.145%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.17	−0.002%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.39	−0.099%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.55	−0.079%	$388K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	803.64	−0.067%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.90	−0.036%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	803.29	−0.111%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	804.04	−0.018%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	803.20	−0.123%	$1.9M	$6.1M	50x	as long as short
MEXC BNB_USDT	+0.0104%	8h	804.60	+0.051%	$84.3M	$13.6M	200x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.69	−0.062%	$386K	$40K	10x	as long as short
Binance BNBUSDT	+0.0105%	8h	804.21	+0.002%	$518.7M	$802.8M	75x	as long as short
Phemex BNBUSDT	+0.0125%	8h	803.65	−0.067%	$70.1M	$51.7M	50x	as long as short
Phoenix BNB	+0.0125%	1h	803.30	−0.110%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0140%	1h	803.60	−0.073%	$395K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0149%	1h	804.13	−0.007%	$51.7M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0194%	1h	803.61	−0.072%	$649K	$11K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	804.00	−0.023%	$1.6M	$165K	25x	as long as short
RISEx BNB/USDC	+0.0209%	1h	803.77	−0.052%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0223%	8h	804.26	+0.009%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	803.30	−0.110%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0267%	1h	803.57	−0.077%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	804.29	+0.013%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	803.30	−0.110%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.091%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0669%	1h	804.06	−0.016%	$3.0M	$5.4M	40x	as long as short