Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0242%/8h= +26.5% APRpaid last 24h +0.059%

Price spread now: Bulk against Bybit+0.299%7-day average +0.127% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Bybit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.267%+$27 on $10k

Price spread, last 4 days (all we have)−0.264%−$26 · spread now +0.299%, 7d avg +0.127%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bulk is 0.172% dearer against Bybit than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.127%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BNBUSDT	800.30	0.0073	pay 0.0073% / 8h	1h 17m	$139.3M	$81.1M	75x
Short	Bulk BNB-USD	802.70	0.0314	get 0.0039% / 1h	17m 59s	$652K	$21K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bybit. 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 BybitbpFee BulkbpOrdersPrice spread, now +0.299%Rate

Funding earned: $50.75
Price spread: +0.299% → +0.127%: $17.24
Slippage, 4 orders: −$2.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $47.47
Costs to cover: 0.205%
Break-even: 0.5 days

Slippage from Bybit: live order book, 1 min ago; Bulk: live order book, 1 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 Bybit live order book, 1 min ago	0.62 bp	6.7 bp −$7	9.0 bp −$90	24.6 bp −$2,455	139.5 bp −$69.7K
Sell Bulk live order book, 1 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	6.2 bp −$620	16.1 bp −$8,052

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	801.16	+0.107%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.60	+0.162%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.84	+0.317%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.90	+0.200%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.75	+0.306%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.17	+0.109%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0038%	8h	801.85	+0.194%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0062%	8h	801.17	+0.109%	—	$13.3M	—	as long as short
Bybit BNBUSDTlong	+0.0073%	8h	800.30	long leg	$139.3M	$81.1M	75x
Lighter BNB	+0.0096%	1h	801.40	+0.137%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	+0.109%	$610K	$997K	50x	as long as short
Aster BNBUSDT	+0.0099%	8h	801.36	+0.133%	$6.3M	$19.0M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.84	+0.067%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.53	+0.154%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.50	+0.025%	$54.7M	$115.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.40	+0.137%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.60	+0.037%	$35.8M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.65	+0.044%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.79	+0.061%	$81.0M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.01	+0.339%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.69	+0.299%	$162K	$443K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.01	+0.089%	$121K	$877K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.11	+0.101%	$387K	$528K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.32	+0.128%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.89	+0.199%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	801.30	+0.125%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.37	+0.134%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.95	+0.206%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.38	+0.010%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.20	+0.112%	$385K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.80	+0.187%	$83.4M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0118%	8h	801.46	+0.145%	$503.4M	$819.9M	75x	as long as short
Phemex BNBUSDT	+0.0120%	8h	801.59	+0.161%	$70.0M	$51.8M	50x	as long as short
Phoenix BNB	+0.0155%	1h	802.83	+0.316%	$173K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0184%	1h	801.62	+0.165%	$71K	$48K	12x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.10	+0.100%	$2.6M	$975K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	802.00	+0.212%	$18.3M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0284%	1h	801.29	+0.124%	$162K	$62K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	801.61	+0.164%	$1.6M	$165K	25x	as long as short
Hyperliquid BNB	+0.0311%	1h	801.74	+0.180%	$51.9M	$21.9M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.599%	$19K	$789K	30x	as long as short
Bulk BNB-USDshort	+0.0314%	1h	802.70	+0.299%	$652K	$21K	10x
RISEx BNB/USDC	+0.0318%	1h	801.23	+0.116%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.43	+0.141%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	800.70	+0.050%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0597%	1h	801.69	+0.174%	$2.7M	$5.7M	40x	as long as short