Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0275%/8h= +30.1% APRpaid last 24h −0.005%

Price spread now: Injective against Variational Omni+0.631%7-day average −0.317% · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.067%+$7 on $10k

Price spread, last 3 days (all we have)−1.108%−$111 · spread now +0.631%, 7d avg −0.317%

Together, before fees−1.041%+ Points / potential airdropVariational Omni: Active · farm board−$104 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Injective is 0.948% dearer against Variational Omni than usual: you sell high and buy low: +$95 more if the spread goes back to its 7-day average of −0.317%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.067% in total (about 7.4% 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	Variational Omni BNB	800.04	0.0031	pay 0.0031% / 8h	58m 42s	$4.2M	$5.4M	—
Short	Injective BNB/USDC PERP	805.09	0.0306	get 0.0038% / 1h	58m 42s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +0.631%Rate

Funding earned: $57.8
Price spread: +0.631% → −0.317%: $94.84
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $152.61
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Injective: 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 Variational Omni RFQ quote, just now	3.33 bp	doesn't fit	7.0 bp −$70	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	800.94	+0.112%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.35	+0.163%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	801.15	+0.138%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.99	+0.118%	$3.0M	$28.4M	10x	as long as short
StandX BNB-USD	0.0000%	1h	802.01	+0.246%	$867K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.92	+0.110%	$9.8M	—	150x	as long as short
Variational Omni BNBlong	+0.0031%	8h	800.04	long leg	$4.2M	$5.4M	—
BingX BNB-USDT	+0.0052%	8h	802.15	+0.263%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	801.50	+0.182%	$139.3M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	+0.085%	$607K	$998K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	802.05	+0.251%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.48	+0.054%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.00	+0.244%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.70	+0.207%	$54.7M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.50	+0.307%	$53K	$134K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.15	+0.138%	$35.8M	$57.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.72	+0.210%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.76	+0.215%	$80.9M	$26.9M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.55	+0.063%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.56	+0.065%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.78	+0.092%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.99	+0.118%	$387K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.18	+0.142%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.40	+0.170%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.97	+0.116%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.56	+0.315%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0100%	8h	802.20	+0.270%	$6.4M	$18.9M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	801.64	+0.200%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.34	+0.162%	$385K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0114%	8h	801.43	+0.173%	$70.1M	$51.0M	50x	as long as short
Kalshi KXBNBPERP	+0.0117%	8h	801.10	+0.132%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0120%	8h	802.70	+0.332%	$83.4M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	802.48	+0.305%	$502.2M	$818.3M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.77	+0.091%	$172K	$34K	10x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	800.59	+0.068%	$71K	$48K	12x	as long as short
BloFin BNB-USDT	+0.0241%	8h	801.83	+0.223%	$18.2M	$2.5M	75x	as long as short
SoDEX BNB-USD	+0.0247%	1h	801.30	+0.157%	$394K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	802.33	+0.286%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	+0.138%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	801.56	+0.190%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERPshort	+0.0306%	1h	805.09	+0.631%	$19K	$789K	30x
Reya BNBRUSDPERP	+0.0332%	1h	800.45	+0.051%	$6K	$3K	40x	as long as short
Hyperliquid BNB	+0.0344%	1h	802.38	+0.292%	$51.9M	$21.6M	10x	as long as short
Backpack BNB_USDC_PERP	+0.0412%	1h	802.31	+0.283%	$2.7M	$5.7M	40x	as long as short
01 Exchange BNBUSD	+0.0448%	1h	801.71	+0.208%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0465%	1h	801.56	+0.189%	$162K	$62K	10x	as long as short