Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.013%

Price spread now: Binance against Coinbase International−0.052%7-day average +0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$280.278% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 3 days (all we have)+0.282%+$28 · spread now −0.052%, 7d avg +0.098%

Together, before fees+0.329%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.150% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.052% now, against its 7-day average of +0.098%). If the spread goes back, that is −$15 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.048% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BNB-PERP-INTX	798.68	0.0048	pay 0.0006% / 1h	55m 11s	$602K	$985K	50x
Short	Binance BNBUSDT	798.26	0.0094	get 0.0094% / 8h	7h 55m	$496.6M	$818.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.052%Rate

Funding earned: $9.58
Price spread: −0.052% → +0.098%: −$15.02
Slippage, 4 orders: −$7.78
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$33.22
Costs to cover: 0.278%
Break-even: 31.3 days

Slippage from Coinbase International: live order book, 18 min ago; Binance: 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 Coinbase International live order book, 18 min ago	2.63 bp	9.6 bp −$10	13.8 bp −$138	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	16.7 bp −$1,670	doesn't fit

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	797.64	−0.130%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.62	−0.133%	$2.5M	$974K	50x	as long as short
Gate BNB_USDT	−0.0108%	8h	797.90	−0.098%	$35.7M	$55.6M	75x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.40	−0.035%	$4K	$239	25x	as long as short
Bybit BNBUSDT	−0.0009%	8h	797.72	−0.120%	$138.5M	$76.9M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.17	+0.061%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.18	+0.063%	$864K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	797.70	−0.122%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0010%	8h	798.14	−0.067%	$4.1M	$5.4M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.803%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0046%	8h	798.19	−0.061%	$69.8M	$50.8M	50x	as long as short
Coinbase International BNB-PERP-INTXlong	+0.0048%	1h	798.68	long leg	$602K	$985K	50x
Aster BNBUSDT	+0.0073%	8h	798.14	−0.067%	$6.2M	$19.3M	200x	as long as short
BingX BNB-USDT	+0.0077%	8h	798.02	−0.083%	—	$35.2M	—	as long as short
Binance BNBUSDTshort	+0.0094%	8h	798.26	−0.052%	$496.6M	$818.2M	75x
MEXC BNB_USDT	+0.0094%	8h	798.50	−0.023%	$83.0M	$13.5M	200x	as long as short
Lighter BNB	+0.0096%	1h	797.93	−0.093%	$2.8M	$4.0M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	797.45	−0.154%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.23	−0.057%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.80	−0.110%	$54.2M	$112.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.20	−0.060%	$52K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	797.56	−0.140%	$27.9M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.71	−0.121%	$78.7M	$27.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.16	+0.060%	$4.2M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.32	+0.080%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.60	−0.135%	$116K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	797.67	−0.126%	$385K	$481K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	797.74	−0.118%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.18	−0.063%	$12K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	797.90	−0.098%	$392K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	797.98	−0.088%	$1.6M	$160K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	797.84	−0.105%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.74	+0.007%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.25	−0.179%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.22	−0.057%	$383K	$129K	10x	as long as short
Phoenix BNB	+0.0127%	1h	799.10	+0.053%	$172K	$36K	10x	as long as short
Hibachi BNB/USDT-P	+0.0144%	1h	798.30	−0.048%	$70K	$43K	12x	as long as short
Kalshi KXBNBPERP	+0.0153%	8h	798.60	−0.010%	$90K	$2.9M	4.8x	as long as short
RISEx BNB/USDC	+0.0155%	1h	797.87	−0.101%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0158%	1h	799.24	+0.070%	$649K	$14K	10x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	797.99	−0.086%	$28K	$1K	10x	as long as short
BloFin BNB-USDT	+0.0214%	8h	798.20	−0.060%	$18.1M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0275%	1h	798.21	−0.059%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0302%	1h	798.87	+0.024%	$2.7M	$5.7M	40x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.23	−0.181%	$6K	$3K	40x	as long as short
Hyperliquid BNB	+0.0353%	1h	799.00	+0.040%	$52.9M	$21.1M	10x	as long as short