Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.017%

Price spread now: Orderly against Deribit−0.069%7-day average −0.012% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.069%, 7d avg −0.012%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.057% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% 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	799.84	0.0300	pay 0.0037% / 1h	27m 30s	$1.6M	$161K	25x
Short	Orderly PERP_BNB_USDC	799.29	0.0100	get 0.0100% / 8h	7h 27m	$386K	$458K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.069%Rate

Funding earned: −$42
Price spread: −0.069% → −0.012%: −$5.73
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$60.73
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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	6.18 bp	12.2 bp −$12	17.9 bp −$179	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0159% / S +0.0334%	1h	798.72	−0.140%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0120%	1h	799.34	−0.063%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.51	−0.041%	$4K	$239	25x	as long as short
BingX BNB-USDT	−0.0024%	8h	798.98	−0.108%	—	$35.0M	—	as long as short
Bybit BNBUSDT	−0.0014%	8h	798.68	−0.145%	$138.8M	$75.5M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.48	−0.045%	$3.0M	$27.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.70	−0.018%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	799.58	−0.033%	$69.8M	$50.2M	50x	as long as short
Gate BNB_USDT	+0.0001%	8h	798.70	−0.143%	$35.8M	$56.4M	75x	as long as short
Variational Omni BNB	+0.0003%	8h	798.43	−0.177%	$4.1M	$5.2M	—	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.83	−0.126%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.656%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.54	−0.163%	$614K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0060%	8h	799.60	−0.030%	$6.2M	$19.2M	200x	as long as short
Binance BNBUSDT	+0.0081%	8h	799.40	−0.055%	$496.0M	$809.5M	75x	as long as short
MEXC BNB_USDT	+0.0082%	8h	799.80	−0.005%	$83.2M	$13.6M	200x	as long as short
Lighter BNB	+0.0096%	1h	799.17	−0.084%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.91	−0.116%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.61	−0.154%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.10	−0.093%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.70	−0.143%	$54.3M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.20	−0.080%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.90	−0.118%	$27.9M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.59	−0.156%	$78.8M	$27.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.99	−0.106%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.82	−0.128%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.89	−0.119%	$117K	$878K	10x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	799.29	−0.069%	$386K	$458K	50x
Derive BNB-PERP	+0.0100%	1h	799.50	−0.043%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.90	+0.007%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.50	−0.043%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.21	−0.079%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.53	−0.038%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.44	−0.176%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.41	−0.054%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.28	−0.070%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.96	−0.111%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0155%	8h	800.00	+0.020%	$90K	$2.8M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0200%	1h	799.61	−0.029%	$69K	$38K	12x	as long as short
BloFin BNB-USDT	+0.0203%	8h	799.12	−0.090%	$18.1M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	799.57	−0.034%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0225%	1h	799.33	−0.064%	$161K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0300%	1h	799.84	long leg	$1.6M	$161K	25x
Hyperliquid BNB	+0.0307%	1h	799.84	0.000%	$53.2M	$20.7M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.56	−0.160%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0394%	1h	800.10	+0.032%	$2.7M	$5.7M	40x	as long as short