Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.040%

Price spread now: Lighter against BloFin−0.089%90s7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.177% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 4 days (all we have)+0.057%+$6 · spread now −0.089%, 7d avg −0.061%

Together, before fees−0.170%+ Points / potential airdropLighter: Season 3 · farm board−$17 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 Lighter is 0.029% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.061%). Swap the legs. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BNB-USDT	788.46	0.0185	pay 0.0185% / 8h	1h 23m	$17.7M	$2.2M	75x
Short	Lighter BNB	787.76	0.0096	get 0.0012% / 1h	23m 21s	$2.7M	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$18.63
Price spread: −0.089% → −0.061%: −$2.86
Slippage, 4 orders: −$5.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$39.14
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Lighter: 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 BloFin live order book, 6 min ago	0.89 bp	6.9 bp −$7	7.6 bp −$76	13.4 bp −$1,341	doesn't fit
Sell Lighter live order book, 4 min ago	0.75 bp	1.9 bp −$2	4.3 bp −$43	12.5 bp −$1,254	65.6 bp −$32.8K

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 −0.0170% / S +0.0337%	1h	787.71	−0.095%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.27	−0.024%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.78	+0.041%	$851K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.94	−0.066%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.109%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0051%	8h	787.64	−0.104%	—	$13.4M	—	as long as short
Aster BNBUSDT	+0.0052%	8h	788.00	−0.058%	$6.1M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0064%	8h	788.50	+0.005%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0064%	8h	788.00	−0.058%	$490.7M	$818.3M	75x	as long as short
dYdX BNB-USD	+0.0068%	1h	788.07	−0.050%	$160K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0076%	8h	788.56	+0.013%	$68.9M	$51.1M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.30	−0.147%	$568K	$1.9M	50x	as long as short
Lighter BNBshort	+0.0096%	1h	787.76	−0.089%	$2.7M	$3.8M	20x
Nado BNB-PERP	+0.0100%	1h	787.40	−0.134%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.09	−0.047%	$51.6M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.82	−0.081%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.40	−0.134%	$138.6M	$75.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.30	−0.147%	$53.6M	$113.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.70	−0.096%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.65	−0.103%	$37.6M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.13	−0.169%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.33	−0.143%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.36	−0.013%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.71	−0.095%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.92	−0.068%	$4.1M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.27	−0.024%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.38	−0.137%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.55	−0.115%	$265K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.03	−0.308%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.07	−0.050%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.10	−0.046%	$387K	$981K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.90	−0.072%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	788.29	−0.021%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.21	−0.158%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.63	−0.106%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0134%	8h	787.90	−0.071%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	788.01	−0.057%	$169K	$35K	10x	as long as short
BloFin BNB-USDTlong	+0.0185%	8h	788.46	long leg	$17.7M	$2.2M	75x
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.94	−0.065%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0230%	8h	788.36	−0.012%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	787.95	−0.065%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0291%	1h	787.29	−0.148%	$638K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.40	−0.008%	$1.5M	$145K	25x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	787.21	−0.159%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.74	−0.091%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0512%	1h	787.97	−0.062%	$67K	$39K	12x	as long as short