Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.022%

Price spread now: edgeX against Deribit+0.074%75s7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as 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−$280.281% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.074%, 7d avg +0.023%

Together, before fees−0.094%+ Points / potential airdropedgeX: Active · farm board−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.051% dearer against Deribit than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of +0.023%): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.102% in total) that is about 3.5 days. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.102% in total (about -5.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	787.63	0.0300	pay 0.0037% / 1h	21m 46s	$1.5M	$143K	25x
Short	edgeX BNBUSDC	788.21	0.0100	get 0.0050% / 4h	3h 21m	$4.1M	$73.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Deribit. 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 DeribitbpFee edgeXbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$42
Price spread: +0.074% → +0.023%: $5.13
Slippage, 4 orders: −$12.05
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$64.92
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; edgeX: live order book, 2 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 Deribit live order book, 2 min ago	4.06 bp	7.6 bp −$8	12.3 bp −$123	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	1.90 bp	6.4 bp −$6	6.4 bp −$64	9.6 bp −$962	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 −0.0192% / S +0.0356%	1h	787.11	−0.066%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.06	−0.072%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.42	−0.026%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	787.90	+0.035%	$126K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.54	+0.116%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.15	−0.060%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0024%	8h	788.15	+0.067%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.217%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0036%	8h	787.77	+0.018%	—	$22.3M	—	as long as short
MEXC BNB_USDT	+0.0043%	8h	788.00	+0.047%	$79.9M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0044%	8h	788.15	+0.066%	$491.4M	$800.5M	75x	as long as short
Phemex BNBUSDT	+0.0051%	8h	787.62	−0.001%	$68.9M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	787.23	−0.050%	$589K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.22	+0.075%	$169K	$35K	10x	as long as short
dYdX BNB-USD	+0.0096%	1h	787.16	−0.060%	$159K	$63K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.28	−0.044%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.20	−0.054%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.25	−0.048%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.72	+0.012%	$51.7M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.38	−0.032%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.36	−0.034%	$138.5M	$73.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.40	−0.029%	$53.4M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.10	−0.067%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.45	−0.023%	$35.9M	$57.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.16	−0.059%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.29	−0.043%	$76.3M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.46	−0.021%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.50	−0.016%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDCshort	+0.0100%	4h	788.21	+0.074%	$4.1M	$73.8M	30x
ApeX Omni BNBUSDT	+0.0100%	1h	788.40	+0.098%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.12	−0.064%	$132K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.25	−0.048%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.66	+0.005%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.30	−0.042%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.21	−0.053%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.41	−0.027%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.53	−0.139%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.16	−0.059%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0164%	8h	788.37	+0.094%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0174%	8h	788.49	+0.109%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0193%	1h	788.28	+0.083%	$638K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	787.42	−0.026%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0300%	1h	787.63	long leg	$1.5M	$143K	25x
Reya BNBRUSDPERP	+0.0324%	1h	786.75	−0.111%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	788.11	+0.061%	$68K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	787.27	−0.045%	$1.1M	$893K	20x	as long as short