Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0125%/8h= −13.6% APRpaid last 24h −0.005%

Price spread now: BloFin against Bulk−0.046%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Bulk Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.132%−$13 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now −0.046%, 7d avg −0.015%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BloFin is 0.031% cheaper against Bulk than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	785.69	0.0298	pay 0.0037% / 1h	28m 21s	$637K	$4K	10x
Short	BloFin BNB-USDT	785.33	0.0174	get 0.0174% / 8h	2h 28m	$17.7M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bulk. 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 BulkbpFee BloFinbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$26.15
Price spread: −0.046% → −0.015%: −$3.12
Slippage, 4 orders: −$1.75
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$50.02
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Bulk: live order book, 21 min ago; BloFin: live order book, 6 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 Bulk live order book, 21 min ago	0.06 bp	3.6 bp −$4	4.4 bp −$44	9.0 bp −$899	20.0 bp −$9,978
Sell BloFin live order book, 6 min ago	0.57 bp	6.7 bp −$7	7.1 bp −$71	10.2 bp −$1,019	18.8 bp −$9,398

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 −0.0192% / S +0.0356%	1h	783.65	−0.259%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.00	−0.088%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	785.52	−0.022%	$847K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	783.79	−0.242%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0031%	8h	784.58	−0.141%	$6.0M	$18.9M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.469%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0041%	8h	784.06	−0.207%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0052%	8h	784.45	−0.158%	$68.6M	$50.5M	50x	as long as short
MEXC BNB_USDT	+0.0053%	8h	785.00	−0.088%	$79.5M	$11.9M	200x	as long as short
Binance BNBUSDT	+0.0054%	8h	784.50	−0.152%	$488.7M	$809.9M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	783.73	−0.249%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	783.79	−0.242%	$567K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.04	−0.209%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	783.94	−0.223%	$264K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	783.80	−0.241%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.50	−0.151%	$51.3M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.32	−0.174%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.80	−0.241%	$137.7M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	783.70	−0.253%	$53.3M	$112.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.30	−0.177%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	783.90	−0.228%	$36.4M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.90	−0.228%	$27.5M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.56	−0.271%	$75.9M	$30.9M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.83	−0.109%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.13	−0.199%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.38	−0.040%	$4.1M	$75.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.10	−0.075%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	783.80	−0.241%	$131K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	783.98	−0.217%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	784.57	−0.143%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.00	−0.215%	$385K	$994K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	783.94	−0.222%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.39	−0.166%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.48	−0.281%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.08	−0.205%	$377K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	785.13	−0.071%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0139%	8h	785.10	−0.075%	$154K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0150%	1h	784.37	−0.168%	$159K	$61K	10x	as long as short
BloFin BNB-USDTshort	+0.0174%	8h	785.33	−0.046%	$17.7M	$2.2M	75x
GRVT BNB_USDT_Perp	+0.0206%	8h	784.96	−0.093%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0288%	1h	784.74	−0.121%	$28K	$4K	10x	as long as short
Bulk BNB-USDlong	+0.0298%	1h	785.69	long leg	$637K	$4K	10x
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	784.32	−0.174%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	783.66	−0.258%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	784.37	−0.168%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0496%	1h	784.92	−0.098%	$67K	$39K	12x	as long as short