Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0174%/8h= +19.0% APRpaid last 24h −0.019%

Price spread now: Gate against Kraken Futures−0.064%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.116%+$12 · spread now −0.064%, 7d avg −0.008%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.056% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.064% now, against its 7-day average of −0.008%). If the spread goes back, that is −$6 on $10k: about 26 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.020% in total) that is about 20 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BNBUSD	799.16	−0.0074	get 0.0009% / 1h	2m 53s	$2.5M	$975K	50x
Short	Gate BNB_USDT	798.65	0.0100	get 0.0100% / 8h	2m 53s	$35.7M	$58.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. 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 Kraken FuturesbpFee GatebpOrdersPrice spread, now −0.064%Rate

Funding earned: $36.52
Price spread: −0.064% → −0.008%: −$5.64
Slippage, 4 orders: −$16.79
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$10.91
Costs to cover: 0.418%
Break-even: 9.1 days

Slippage from Kraken Futures: live order book, 1 min ago; Gate: 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 Kraken Futures live order book, 1 min ago	3.19 bp	11.8 bp −$12	13.3 bp −$133	23.2 bp −$2,323	65.4 bp −$32.7K
Sell Gate live order book, 1 min ago	0.31 bp	7.8 bp −$8	10.2 bp −$102	25.7 bp −$2,573	58.7 bp −$29.4K

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	799.10	−0.008%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.45	+0.036%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSDlong	−0.0074%	1h	799.16	long leg	$2.5M	$975K	50x
GRVT BNB_USDT_Perp	0.0000%	8h	798.72	−0.055%	$3.0M	$27.7M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.91	+0.094%	$864K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0007%	8h	797.54	−0.203%	$4.1M	$5.4M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.20	+0.005%	$9.7M	—	150x	as long as short
BingX BNB-USDT	+0.0030%	8h	799.11	−0.006%	—	$35.2M	—	as long as short
Bybit BNBUSDT	+0.0038%	8h	798.80	−0.045%	$138.7M	$77.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	798.68	−0.060%	$602K	$986K	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	+0.0078%	8h	799.59	+0.053%	$6.2M	$19.2M	200x	as long as short
Phemex BNBUSDT	+0.0094%	8h	799.57	+0.051%	$69.9M	$50.6M	50x	as long as short
Lighter BNB	+0.0096%	1h	799.34	+0.022%	$2.8M	$4.1M	20x	as long as short
MEXC BNB_USDT	+0.0099%	8h	799.70	+0.067%	$83.1M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0099%	8h	799.37	+0.027%	$497.6M	$818.2M	75x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.95	−0.026%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.38	+0.027%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.80	−0.045%	$54.4M	$112.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.40	+0.030%	$53K	$133K	10x	as long as short
Gate BNB_USDTshort	+0.0100%	8h	798.65	−0.064%	$35.7M	$58.8M	75x
KuCoin BNBUSDTM	+0.0100%	8h	798.90	−0.033%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.79	−0.046%	$78.9M	$27.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.64	−0.065%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.21	+0.006%	$161K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.16	0.000%	$116K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.04	−0.015%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.23	+0.009%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.79	+0.078%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.30	+0.017%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	799.56	+0.050%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.54	+0.048%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.80	+0.080%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.60	−0.070%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.23	+0.008%	$384K	$40K	10x	as long as short
Phoenix BNB	+0.0127%	1h	798.37	−0.099%	$172K	$36K	10x	as long as short
Hibachi BNB/USDT-P	+0.0152%	1h	799.44	+0.034%	$70K	$43K	12x	as long as short
Kalshi KXBNBPERP	+0.0153%	8h	799.70	+0.067%	$90K	$2.9M	4.8x	as long as short
Bulk BNB-USD	+0.0191%	1h	798.83	−0.042%	$649K	$17K	10x	as long as short
BloFin BNB-USDT	+0.0219%	8h	799.70	+0.067%	$18.1M	$2.5M	75x	as long as short
Hyperliquid BNB	+0.0246%	1h	799.85	+0.086%	$52.5M	$20.8M	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	799.24	+0.010%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	799.73	+0.071%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.742%	$19K	$789K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0328%	1h	799.43	+0.034%	$2.7M	$5.7M	40x	as long as short
dYdX BNB-USD	+0.0329%	1h	798.88	−0.035%	$161K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.92	−0.030%	$6K	$3K	40x	as long as short