Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0206%/8h= −22.6% APRpaid last 24h +0.008%

Price spread now: Orderly against Injective−0.748%58s7-day average +0.373% · you buy dearer than you sell

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.249%+$25 on $10k

Price spread, last 3 days (all we have)+1.252%+$125 · spread now −0.748%, 7d avg +0.373%

Together, before fees+1.501%+$150 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 1.121% cheaper against Injective than usual: you would sell low and buy high (−$112 if the spread goes back to its 7-day average of +0.373%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.249%, so the current rate has only just turned against you. The two prices were read 58 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	Injective BNB/USDC PERP	805.09	0.0306	pay 0.0038% / 1h	28m 11s	$19K	$789K	30x
Short	Orderly PERP_BNB_USDC	799.07	0.0100	get 0.0100% / 8h	28m 11s	$386K	$497K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.748%Rate

Funding earned: −$43.29
Price spread: −0.748% → +0.373%: −$112.11
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$161.42
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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 −0.0201% / S +0.0372%	1h	799.13	−0.740%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.68	−0.672%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.97	−0.761%	$2.5M	$972K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.28	−0.597%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.20	−0.607%	$865K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.16	−0.737%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0017%	8h	799.36	−0.712%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0041%	8h	799.23	−0.728%	—	$34.7M	—	as long as short
Bybit BNBUSDT	+0.0046%	8h	798.70	−0.794%	$138.6M	$77.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	−0.646%	$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	−0.672%	$6.3M	$18.9M	200x	as long as short
Lighter BNB	+0.0096%	1h	799.41	−0.706%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.78	−0.784%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.33	−0.715%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.80	−0.781%	$54.4M	$112.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.50	−0.694%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.90	−0.769%	$35.8M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.08	−0.747%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.74	−0.789%	$79.2M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.41	−0.581%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.53	−0.566%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.95	−0.763%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	799.07	−0.748%	$386K	$497K	50x
Derive BNB-PERP	+0.0100%	1h	799.33	−0.715%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.69	−0.671%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.30	−0.719%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.39	−0.708%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.67	−0.673%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.65	−0.800%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.34	−0.714%	$384K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0111%	8h	799.69	−0.671%	$69.9M	$50.6M	50x	as long as short
Binance BNBUSDT	+0.0113%	8h	799.69	−0.671%	$499.3M	$815.7M	75x	as long as short
MEXC BNB_USDT	+0.0114%	8h	800.20	−0.607%	$83.1M	$13.5M	200x	as long as short
Kalshi KXBNBPERP	+0.0121%	8h	799.80	−0.657%	$110K	$2.9M	4.8x	as long as short
Phoenix BNB	+0.0127%	1h	800.12	−0.617%	$172K	$36K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	799.53	−0.690%	$70K	$43K	12x	as long as short
Hyperliquid BNB	+0.0181%	1h	799.80	−0.657%	$51.8M	$21.1M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	799.53	−0.690%	$1.6M	$165K	25x	as long as short
BloFin BNB-USDT	+0.0234%	8h	799.80	−0.657%	$18.2M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0239%	1h	800.03	−0.628%	$650K	$19K	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	799.40	−0.706%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	799.74	−0.665%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERPlong	+0.0306%	1h	805.09	long leg	$19K	$789K	30x
Reya BNBRUSDPERP	+0.0331%	1h	798.49	−0.820%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0387%	1h	799.32	−0.717%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0406%	1h	800.05	−0.626%	$2.7M	$5.7M	40x	as long as short