Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.016%

Price spread now: Deribit against SunX−0.072%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$640.636% of the position

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now −0.072%, 7d avg −0.033%

Together, before fees+0.181%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.039% cheaper against SunX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.033%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BNB-USDT	803.48	0.0100	pay 0.0100% / 8h	2h 49m	$13K	$1.7M	50x
Short	Deribit BNB_USDC-PERPETUAL	802.90	0	get 0.0000% / 1h	49m 36s	$1.6M	$162K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$21
Price spread: −0.072% → −0.033%: −$3.92
Slippage, 4 orders: −$48.56
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$88.47
Costs to cover: 0.636%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Deribit: live order book, 4 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 SunX live order book, 6 min ago	15.07 bp	21.9 bp −$22	29.6 bp −$296	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	1.37 bp	10.4 bp −$10	16.5 bp −$165	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 −0.0195% / S +0.0371%	1h	802.40	−0.133%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.04	−0.054%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	804.43	+0.118%	$3.0M	$30.3M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	802.70	−0.097%	$109K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.33	−0.018%	$868K	$3.0M	30x	as long as short
Deribit BNB_USDC-PERPETUALshort	0.0000%	1h	802.90	−0.072%	$1.6M	$162K	25x
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.47	−0.125%	$9.7M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	802.40	−0.134%	$2.5M	$916K	50x	as long as short
Variational Omni BNB	+0.0063%	8h	802.15	−0.165%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0070%	8h	802.23	−0.155%	—	$34.6M	—	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0086%	8h	802.94	−0.067%	$6.4M	$18.9M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0088%	1h	803.99	+0.064%	$608K	$899K	50x	as long as short
Lighter BNB	+0.0096%	1h	802.31	−0.145%	$2.8M	$4.2M	20x	as long as short
Bybit BNBUSDT	+0.0098%	8h	801.68	−0.224%	$138.8M	$83.5M	75x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.60	−0.109%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.46	−0.126%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.10	−0.171%	$54.9M	$115.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.50	−0.121%	$52K	$191K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.95	−0.190%	$35.9M	$58.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.22	−0.156%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.77	−0.212%	$78.9M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.76	+0.035%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.49	+0.002%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.77	−0.088%	$118K	$869K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.42	−0.131%	$388K	$595K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.58	−0.111%	$32K	$5K	10x	as long as short
SunX BNB-USDTlong	+0.0100%	8h	803.48	long leg	$13K	$1.7M	50x
SoDEX BNB-USD	+0.0100%	1h	802.40	−0.134%	$395K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.47	−0.125%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.90	−0.071%	$78K	$19K	50x	as long as short
MEXC BNB_USDT	+0.0102%	8h	803.30	−0.022%	$84.3M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0102%	8h	802.76	−0.089%	$517.8M	$807.1M	75x	as long as short
Extended BNB-USD	+0.0104%	1h	801.83	−0.205%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.49	−0.122%	$385K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0123%	8h	802.97	−0.063%	$70.1M	$51.6M	50x	as long as short
Phoenix BNB	+0.0125%	1h	803.11	−0.046%	$173K	$35K	10x	as long as short
Bulk BNB-USD	+0.0161%	1h	803.45	−0.003%	$649K	$11K	10x	as long as short
Hyperliquid BNB	+0.0165%	1h	802.99	−0.060%	$51.6M	$21.3M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	802.63	−0.105%	$1.1M	$1.4M	20x	as long as short
dYdX BNB-USD	+0.0216%	1h	802.35	−0.140%	$170K	$55K	10x	as long as short
BloFin BNB-USDT	+0.0222%	8h	803.27	−0.026%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.79	−0.085%	$71K	$48K	12x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	803.56	+0.010%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0335%	1h	802.41	−0.133%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.180%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0671%	1h	803.50	+0.003%	$3.0M	$5.3M	40x	as long as short