Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0233%/8h= −25.5% APRpaid last 24h −0.065%

Price spread now: Orderly against Reya+0.157%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.157% dearer against Reya than usual: you sell high and buy low (spread +0.157% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BNBRUSDPERP	800.49	0.0333	pay 0.0042% / 1h	34m 23s	$6K	$3K	40x
Short	Orderly PERP_BNB_USDC	801.75	0.0100	get 0.0100% / 8h	1h 34m	$387K	$592K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Reya. 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 ReyabpFee OrderlybpOrdersPrice spread, now +0.157%Rate

Funding earned: −$48.92
Price spread: +0.157% → 0.000%: $15.69
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$45.23
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Reya: 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 Reya no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Reya 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	801.27	+0.097%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	805.25	+0.594%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.32	+0.728%	$3.0M	$29.1M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	805.10	+0.575%	$114K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.11	+0.577%	$870K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.48	+0.123%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0041%	8h	805.56	+0.633%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0058%	8h	800.30	−0.024%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0083%	8h	801.03	+0.067%	$139.4M	$82.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	802.21	+0.215%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	799.92	−0.072%	$603K	$963K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.82	−0.084%	$1.5M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	804.72	+0.528%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.70	+0.151%	$54.7M	$116.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.40	+0.113%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.15	+0.082%	$35.9M	$57.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.53	+0.005%	$28.0M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.60	+0.138%	$81.1M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.66	+0.770%	$4.2M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.65	+0.769%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.47	−0.003%	$119K	$878K	10x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	801.75	+0.157%	$387K	$592K	50x
Derive BNB-PERP	+0.0100%	1h	802.02	+0.190%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.99	+0.187%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.36	+0.108%	$8.2M	$7.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	805.30	+0.600%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	801.54	+0.130%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.21	+0.214%	$385K	$40K	10x	as long as short
Aster BNBUSDT	+0.0105%	8h	800.82	+0.041%	$6.4M	$19.0M	200x	as long as short
Binance BNBUSDT	+0.0122%	8h	801.26	+0.096%	$516.8M	$815.6M	75x	as long as short
MEXC BNB_USDT	+0.0122%	8h	801.10	+0.076%	$84.2M	$13.6M	200x	as long as short
Hibachi BNB/USDT-P	+0.0128%	1h	805.18	+0.586%	$71K	$48K	12x	as long as short
Phemex BNBUSDT	+0.0133%	8h	802.06	+0.196%	$70.0M	$51.7M	50x	as long as short
Phoenix BNB	+0.0155%	1h	806.28	+0.723%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0164%	1h	802.00	+0.188%	$395K	$1.0M	10x	as long as short
dYdX BNB-USD	+0.0193%	1h	804.41	+0.489%	$162K	$63K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.65	+0.144%	$2.6M	$983K	50x	as long as short
Hyperliquid BNB	+0.0235%	1h	801.52	+0.128%	$51.9M	$22.2M	10x	as long as short
BloFin BNB-USDT	+0.0243%	8h	805.45	+0.619%	$18.8M	$2.6M	75x	as long as short
Bulk BNB-USD	+0.0295%	1h	807.66	+0.895%	$652K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	802.30	+0.226%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.574%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.40	−0.012%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERPlong	+0.0333%	1h	800.49	long leg	$6K	$3K	40x
01 Exchange BNBUSD	+0.0344%	1h	799.92	−0.072%	$28K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0686%	1h	805.80	+0.663%	$3.0M	$5.5M	40x	as long as short