Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h −0.002%

Price spread now: OKX against Kraken Futures+0.042%45s7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.351% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$4 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now +0.042%, 7d avg −0.016%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and OKX is 0.057% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.016%. The two prices were read 45 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	Kraken Futures PF_BNBUSD	787.17	0.0069	pay 0.0009% / 1h	12m 35s	$2.5M	$1.2M	50x
Short	OKX BNB-USDT-SWAP	787.50	0.0100	get 0.0100% / 8h	2h 12m	$53.5M	$112.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.042%Rate

Funding earned: $6.49
Price spread: +0.042% → −0.016%: $5.74
Slippage, 4 orders: −$15.08
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$22.85
Costs to cover: 0.351%
Break-even: 31.6 days

Slippage from Kraken Futures: live order book, 1 min ago; OKX: 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	3.17 bp	11.4 bp −$11	14.5 bp −$145	32.5 bp −$3,253	95.0 bp −$47.5K
Sell OKX live order book, 1 min ago	0.63 bp	5.6 bp −$6	7.1 bp −$71	19.9 bp −$1,991	doesn't fit

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	787.22	+0.006%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.37	+0.025%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.76	+0.075%	$850K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.26	+0.012%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.276%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0040%	8h	788.20	+0.131%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDC	+0.0045%	8h	787.70	+0.067%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0062%	8h	787.95	+0.099%	$68.9M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0063%	8h	788.40	+0.156%	$80.6M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0065%	8h	788.19	+0.129%	$491.0M	$813.7M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSDlong	+0.0069%	1h	787.17	long leg	$2.5M	$1.2M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	785.85	−0.168%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.68	+0.065%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.36	+0.024%	$265K	$490K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.45	+0.035%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.06	+0.113%	$51.6M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.82	+0.082%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.60	+0.054%	$138.4M	$75.0M	75x	as long as short
OKX BNB-USDT-SWAPshort	+0.0100%	8h	787.50	+0.042%	$53.5M	$112.8M	50x
Arcus BNB-USD	+0.0100%	1h	787.70	+0.067%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.60	+0.054%	$36.8M	$59.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.18	+0.001%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.27	+0.012%	$76.2M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.81	+0.081%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.32	−0.108%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.03	−0.018%	$4.1M	$75.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.17	0.000%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.50	+0.042%	$132K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.55	+0.047%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.91	+0.094%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.21	+0.004%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	787.91	+0.094%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.23	+0.007%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.47	+0.037%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	787.24	+0.009%	$169K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0132%	1h	787.40	+0.029%	$387K	$992K	10x	as long as short
Kalshi KXBNBPERP	+0.0135%	8h	788.30	+0.143%	$161K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0153%	1h	787.04	−0.016%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0184%	8h	787.93	+0.096%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.81	+0.080%	$1.5M	$143K	25x	as long as short
GRVT BNB_USDT_Perp	+0.0219%	8h	787.26	+0.012%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	788.33	+0.147%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	787.40	+0.029%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0378%	1h	788.15	+0.124%	$639K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0432%	1h	787.78	+0.078%	$1.1M	$901K	20x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	786.95	−0.028%	$67K	$39K	12x	as long as short