Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0125%/8h= −13.7% APRpaid last 24h +0.030%

Price spread now: Kraken Futures against Variational Omni+0.153%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 Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.058%+$6 on $10k

Price spread, last 3 days (all we have)−0.105%−$11 · spread now +0.153%, 7d avg +0.028%

Together, before fees−0.047%+ Points / potential airdropVariational Omni: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.125% dearer against Variational Omni than usual: you sell high and buy low (spread +0.153% now, against its 7-day average of +0.028%): +$12 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.3 days. Mind the row above: over the last 3 days funding on this pair paid +0.058%, 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	Variational Omni BNB	798.43	0.0005	pay 0.0005% / 8h	7h 14m	$4.1M	$5.0M	—
Short	Kraken Futures PF_BNBUSD	799.65	−0.0120	pay 0.0015% / 1h	14m 00s	$2.5M	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.153%Rate

Funding earned: −$26.24
Price spread: +0.153% → +0.028%: $12.47
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$23.77
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Kraken Futures: live order book, 5 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 Variational Omni RFQ quote, just now	3.33 bp	doesn't fit	5.9 bp −$59	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	3.20 bp	9.4 bp −$9	17.1 bp −$171	28.4 bp −$2,844	94.6 bp −$47.3K

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 −0.0159% / S +0.0335%	1h	799.62	+0.150%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSDshort	−0.0120%	1h	799.65	+0.153%	$2.5M	$1.0M	50x
Hotstuff BNB-PERP	−0.0080%	1h	799.75	+0.166%	$4K	$239	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.67	+0.030%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.64	+0.152%	$864K	$2.9M	30x	as long as short
Gate BNB_USDT	+0.0004%	8h	799.45	+0.128%	$35.9M	$56.9M	75x	as long as short
Variational Omni BNBlong	+0.0005%	8h	798.43	long leg	$4.1M	$5.0M	—
BingX BNB-USDT	+0.0007%	8h	799.70	+0.160%	—	$35.0M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.66	+0.155%	$9.7M	—	150x	as long as short
Phemex BNBUSDT	+0.0019%	8h	800.32	+0.237%	$69.9M	$50.3M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.835%	$19K	$789K	30x	as long as short
Bybit BNBUSDT	+0.0044%	8h	799.20	+0.097%	$138.8M	$76.2M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	+0.081%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0053%	8h	800.20	+0.222%	$6.2M	$19.4M	200x	as long as short
MEXC BNB_USDT	+0.0074%	8h	800.70	+0.285%	$83.3M	$13.7M	200x	as long as short
Binance BNBUSDT	+0.0074%	8h	800.36	+0.242%	$496.9M	$810.9M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.92	+0.187%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.98	+0.069%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.20	+0.097%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.58	+0.145%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.10	+0.084%	$54.3M	$111.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.60	+0.147%	$53K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.59	+0.146%	$28.0M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.40	+0.122%	$78.3M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.56	+0.017%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.57	+0.018%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.33	+0.113%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.65	+0.153%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.79	+0.171%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.98	+0.194%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.80	+0.172%	$393K	$996K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.79	+0.045%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.99	+0.196%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.32	+0.112%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.68	+0.157%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0138%	1h	797.80	−0.078%	$648K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.56	+0.142%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0161%	8h	800.00	+0.197%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0195%	8h	799.65	+0.153%	$18.1M	$2.6M	75x	as long as short
dYdX BNB-USD	+0.0195%	1h	799.16	+0.092%	$161K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	800.08	+0.207%	$28K	$1K	10x	as long as short
Hyperliquid BNB	+0.0293%	1h	800.52	+0.262%	$53.2M	$20.3M	10x	as long as short
Hibachi BNB/USDT-P	+0.0296%	1h	799.40	+0.122%	$68K	$38K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.15	+0.216%	$1.6M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	799.21	+0.098%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0429%	1h	800.55	+0.266%	$2.7M	$5.7M	40x	as long as short