Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h −0.029%

Price spread now: GRVT against Injective−2.028%7-day average +0.096% · you buy dearer than you sell

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

Long on Injective Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 4 days (all we have)+2.609%+$261 · spread now −2.028%, 7d avg +0.096%

Together, before fees+2.756%+ Points / potential airdropGRVT: Active · farm board+$276 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 2.124% cheaper against Injective than usual: you would sell low and buy high (spread −2.028% now, against its 7-day average of +0.096%). If the spread goes back, that is −$212 on $10k: about 51 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BNB/USDC PERP	805.09	0.0033	pay 0.0004% / 1h	32m 21s	$19K	$789K	30x
Short	GRVT BNB_USDT_Perp	788.76	0.0173	get 0.0173% / 8h	3h 32m	$2.9M	$28.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee GRVTbpOrdersPrice spread, now −2.028%Rate

Funding earned: $29.33
Price spread: −2.028% → +0.096%: −$212.39
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$192.08
Costs to cover: 0.090%
Break-even: 52.8 days

Slippage unknown: Injective: no order-book sample; GRVT: live order book, 2 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell GRVT live order book, 2 min ago	0.06 bp	4.6 bp −$5	6.3 bp −$63	24.2 bp −$2,416	doesn't fit

Injective: 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 −0.0192% / S +0.0356%	1h	788.09	−2.111%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.15	−2.105%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.54	−2.056%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	789.00	−1.999%	$126K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.81	−2.022%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.04	−2.118%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	788.63	−2.044%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
BingX BNB-USDC	+0.0042%	8h	788.26	−2.090%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0049%	8h	789.00	−1.999%	$80.0M	$12.0M	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	+0.0050%	8h	788.62	−2.046%	$491.8M	$798.8M	75x	as long as short
Phemex BNBUSDT	+0.0051%	8h	788.53	−2.057%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	−1.842%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.77	−2.027%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.40	−2.074%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.16	−2.103%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.10	−2.110%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.70	−2.036%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.42	−2.071%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.10	−2.110%	$138.7M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.00	−2.123%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.20	−2.098%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.05	−2.117%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.85	−2.141%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.96	−2.128%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.66	−2.041%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.71	−2.158%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.41	−2.072%	$4.1M	$73.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.75	−2.030%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.92	−2.133%	$130K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.39	−2.074%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.90	−2.011%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.40	−2.073%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.30	−2.086%	$8.1M	$9.6M	75x	as long as short
dYdX BNB-USD	+0.0100%	1h	788.56	−2.053%	$160K	$64K	10x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.56	−2.053%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.78	−2.150%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.23	−2.095%	$379K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0170%	8h	788.91	−2.010%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perpshort	+0.0173%	8h	788.76	−2.028%	$2.9M	$28.7M	10x
Bulk BNB-USD	+0.0219%	1h	788.52	−2.058%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.63	−2.044%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.74	−2.031%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	787.84	−2.142%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	788.24	−2.093%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.47	−2.064%	$1.1M	$893K	20x	as long as short