Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.001%

Price spread now: KuCoin against Injective−2.197%7-day average +0.006% · you buy dearer than you sell

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

Long on Injective Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 4 days (all we have)+2.712%+$271 · spread now −2.197%, 7d avg +0.006%

Together, before fees+2.761%+$276 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 2.203% cheaper against Injective than usual: you would sell low and buy high (spread −2.197% now, against its 7-day average of +0.006%). If the spread goes back, that is −$220 on $10k: about 4 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.049% in total) that is about 10 months.

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	11m 21s	$19K	$789K	30x
Short	KuCoin BNBUSDTM	787.40	0.0100	get 0.0100% / 8h	4h 11m	$28.4M	$9.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Injective. 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 InjectivebpFee KuCoinbpOrdersPrice spread, now −2.197%Rate

Funding earned: $14
Price spread: −2.197% → +0.006%: −$220.33
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$218.35
Costs to cover: 0.120%
Break-even: 116.2 days

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 11 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 KuCoin live order book, 11 min ago	0.44 bp	7.5 bp −$8	25.3 bp −$253	52.1 bp −$5,205	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 exchanges

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 −0.0166% / S +0.0336%	1h	787.70	−2.160%	$43K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0138%	1h	787.93	−2.131%	$2.6M	$1.4M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.71	−2.159%	$4K	—	25x	as long as short
BingX BNB-USDT	−0.0076%	8h	788.02	−2.120%	—	$49.9M	—	as long as short
Bybit BNBUSDT	−0.0076%	8h	787.50	−2.185%	$139.2M	$63.2M	75x	as long as short
Aster BNBUSDT	0.0000%	8h	788.45	−2.067%	$5.9M	$16.2M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.83	−2.144%	$3.0M	$26.7M	10x	as long as short
StandX BNB-USD	0.0000%	1h	787.50	−2.185%	$849K	$3.1M	30x	as long as short
MEXC BNB_USDT	+0.0003%	8h	789.60	−1.924%	$83.8M	$11.6M	200x	as long as short
Binance BNBUSDT	+0.0003%	8h	788.36	−2.078%	$480.9M	$726.2M	75x	as long as short

Show all 46 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.75	−2.154%	$9.5M	—	150x	as long as short
BloFin BNB-USDT	+0.0018%	8h	788.01	−2.122%	$18.5M	$2.2M	75x	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
Variational Omni BNB	+0.0048%	8h	786.83	−2.269%	$4.3M	$3.7M	—	as long as short
Phemex BNBUSDT	+0.0081%	8h	787.92	−2.133%	$68.3M	$48.4M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.78	−2.150%	$2.7M	$3.0M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.37	−2.201%	$1.3M	$2.2M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.10	−2.110%	$52.2M	$16.1M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.76	−2.152%	$1.2M	$484K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.70	−2.160%	$53.5M	$96.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.70	−2.160%	$57K	$48K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.75	−2.154%	$42.9M	$52.1M	75x	as long as short
KuCoin BNBUSDTMshort	+0.0100%	8h	787.40	−2.197%	$28.4M	$9.4M	75x
Bitget BNBUSDT	+0.0100%	8h	787.71	−2.159%	$76.1M	$30.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.65	−2.166%	$2.2M	$6.0M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.73	−2.157%	$4.1M	$69.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.04	−2.118%	$159K	$462K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.47	−2.189%	$125K	$908K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.83	−2.144%	$265K	$257K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.93	−2.131%	$31K	$10K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.46	−2.065%	$12K	$1.2M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.10	−2.110%	$387K	$909K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	788.10	−2.110%	$1.5M	$128K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.57	−2.176%	$8.0M	$9.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.93	−2.131%	$78K	$1.3M	50x	as long as short
Kalshi KXBNBPERP	+0.0101%	8h	787.80	−2.148%	$173K	$2.4M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	787.37	−2.202%	$1.8M	$5.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.92	−2.133%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0116%	1h	787.97	−2.126%	$158K	$45K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0136%	1h	787.88	−2.138%	$534K	$1.7M	50x	as long as short
dYdX BNB-USD	+0.0179%	1h	787.62	−2.170%	$158K	$31K	10x	as long as short
Hibachi BNB/USDT-P	+0.0216%	1h	787.50	−2.185%	$67K	$26K	12x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	788.10	−2.110%	$28K	$2K	10x	as long as short
Bulk BNB-USD	+0.0270%	1h	787.94	−2.130%	$638K	$13K	10x	as long as short
Reya BNBRUSDPERP	+0.0315%	1h	787.23	−2.218%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0391%	1h	787.73	−2.157%	$1.1M	$860K	20x	as long as short