Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0225%/8h= +24.6% APRpaid last 24h −0.022%

Price spread now: Variational Omni against Kraken Futures+0.110%7-day average −0.028% · you sell dearer than you buy

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.089%−$9 · spread now +0.110%, 7d avg −0.028%

Together, before fees−0.148%+ Points / potential airdropVariational Omni: Active · farm board−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Variational Omni is 0.138% dearer against Kraken Futures than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.028%. Mind the row above: over the last 4 days funding on this pair cost −0.059%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.059% in total (about -6.1% 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	786.14	−0.0125	get 0.0016% / 1h	7m 44s	$2.5M	$1.2M	50x
Short	Variational Omni BNB	787.00	0.0100	get 0.0100% / 8h	3h 07m	$4.1M	$4.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.110%Rate

Funding earned: $47.16
Price spread: +0.110% → −0.028%: $13.84
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $51
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 Kraken Futures live order book, 1 min ago	3.12 bp	12.0 bp −$12	13.8 bp −$138	34.3 bp −$3,425	99.0 bp −$49.5K
Sell Variational Omni RFQ quote, 1 min ago	3.34 bp	doesn't fit	7.5 bp −$75	doesn't fit	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	786.01	−0.016%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSDlong	−0.0125%	1h	786.14	long leg	$2.5M	$1.2M	50x
Hotstuff BNB-PERP	−0.0080%	1h	786.09	−0.006%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	786.60	+0.059%	$122K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	787.52	+0.176%	$849K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.01	−0.016%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0021%	8h	787.00	+0.109%	$6.1M	$19.1M	200x	as long as short
BingX BNB-USDC	+0.0033%	8h	786.16	+0.003%	—	$13.4M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.411%	$19K	$789K	30x	as long as short
MEXC BNB_USDT	+0.0041%	8h	787.40	+0.160%	$79.8M	$12.1M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0041%	8h	787.22	+0.137%	$490.0M	$804.1M	75x	as long as short
Phemex BNBUSDT	+0.0041%	8h	786.59	+0.057%	$68.8M	$50.7M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	788.00	+0.237%	$579K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0079%	1h	785.90	−0.030%	$159K	$61K	10x	as long as short
Phoenix BNB	+0.0092%	1h	787.74	+0.204%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	786.56	+0.053%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.21	+0.009%	$264K	$491K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	785.30	−0.107%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.07	+0.118%	$51.6M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.05	−0.011%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.42	+0.036%	$138.2M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.50	+0.046%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.00	−0.018%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.50	+0.046%	$36.1M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	785.92	−0.028%	$27.5M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.07	−0.009%	$76.1M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.79	+0.083%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNBshort	+0.0100%	8h	787.00	+0.110%	$4.1M	$4.6M	—
edgeX BNBUSDC	+0.0100%	4h	787.75	+0.205%	$4.1M	$74.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.52	+0.176%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	785.64	−0.064%	$131K	$956K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.26	+0.015%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.38	+0.031%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.30	+0.020%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	785.92	−0.028%	$8.1M	$9.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.08	−0.007%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.14	0.000%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.21	+0.009%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0161%	8h	786.39	+0.032%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0178%	8h	787.99	+0.236%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0201%	1h	787.88	+0.221%	$639K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	786.47	+0.042%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	786.61	+0.059%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	785.69	−0.057%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0431%	1h	786.02	−0.015%	$1.1M	$907K	20x	as long as short
Hibachi BNB/USDT-P	+0.0432%	1h	785.94	−0.025%	$67K	$39K	12x	as long as short