Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0221%/8h= +24.1% APRpaid last 24h −0.019%

Price spread now: Orderly against Kraken Futures−0.012%7-day average +0.040% · you buy dearer than you sell

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

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.012%, 7d avg +0.040%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.053% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.012% now, against its 7-day average of +0.040%). If the spread goes back, that is −$5 on $10k: about 19 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.084% in total) that is about 4.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.084% in total (about 4.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BNBUSD	799.09	−0.0121	get 0.0015% / 1h	59m 12s	$2.5M	$975K	50x
Short	Orderly PERP_BNB_USDC	798.99	0.0100	get 0.0100% / 8h	7h 59m	$386K	$494K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.012%Rate

Funding earned: $46.31
Price spread: −0.012% → +0.040%: −$5.26
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $25.05
Costs to cover: 0.160%
Break-even: 3.2 days

Slippage unknown: Kraken Futures: live order book, 4 min ago; 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 Kraken Futures live order book, 4 min ago	3.19 bp	11.8 bp −$12	13.3 bp −$133	23.2 bp −$2,323	65.4 bp −$32.7K
Sell Orderly no order-book sample	—	—	—	—	—

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	799.05	−0.005%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSDlong	−0.0121%	1h	799.09	long leg	$2.5M	$975K	50x
Hotstuff BNB-PERP	−0.0080%	1h	799.82	+0.091%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.73	+0.080%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.22	+0.142%	$865K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.08	−0.001%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	798.84	−0.031%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0030%	8h	799.03	−0.007%	—	$13.4M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.751%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.68	−0.051%	$602K	$985K	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	+0.0077%	8h	799.62	+0.066%	$6.2M	$19.3M	200x	as long as short
Phemex BNBUSDT	+0.0093%	8h	799.52	+0.054%	$69.9M	$50.7M	50x	as long as short
Lighter BNB	+0.0096%	1h	799.34	+0.031%	$2.8M	$4.0M	20x	as long as short
Binance BNBUSDT	+0.0097%	8h	799.33	+0.030%	$497.6M	$818.8M	75x	as long as short
MEXC BNB_USDT	+0.0097%	8h	799.80	+0.089%	$83.1M	$13.5M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.95	−0.017%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.48	+0.048%	$1.2M	$925K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	798.60	−0.061%	$138.7M	$76.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.60	−0.061%	$54.4M	$112.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.40	+0.039%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.55	−0.067%	$35.7M	$55.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.02	−0.009%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.47	−0.077%	$78.8M	$27.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.66	+0.072%	$4.2M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.37	+0.035%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.05	−0.005%	$116K	$872K	10x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	798.99	−0.012%	$386K	$494K	50x
Derive BNB-PERP	+0.0100%	1h	799.16	+0.008%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.62	+0.066%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.30	+0.026%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	799.49	+0.050%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.21	+0.015%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.90	+0.101%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.68	−0.051%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.15	+0.007%	$384K	$40K	10x	as long as short
Phoenix BNB	+0.0127%	1h	799.98	+0.111%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0152%	1h	799.60	+0.064%	$70K	$43K	12x	as long as short
Kalshi KXBNBPERP	+0.0154%	8h	799.70	+0.076%	$90K	$2.9M	4.8x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.30	+0.027%	$1.1M	$1.4M	20x	as long as short
Hyperliquid BNB	+0.0169%	1h	799.62	+0.066%	$52.5M	$20.8M	10x	as long as short
Bulk BNB-USD	+0.0191%	1h	798.83	−0.033%	$649K	$17K	10x	as long as short
BloFin BNB-USDT	+0.0217%	8h	799.63	+0.068%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	799.80	+0.089%	$28K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0269%	1h	799.58	+0.061%	$2.7M	$5.7M	40x	as long as short
dYdX BNB-USD	+0.0325%	1h	799.59	+0.062%	$161K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.72	−0.046%	$6K	$3K	40x	as long as short