Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Orderly against Derive−0.022%7-day average — · you buy dearer than you sell

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

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.022% cheaper against Derive than usual: you would sell low and buy high, −$2 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BNB-PERP	787.76	0.0100	pay 0.0013% / 1h	56m 42s	$31K	$9K	10x
Short	Orderly PERP_BNB_USDC	787.59	0.0100	get 0.0100% / 8h	5h 56m	$381K	$380K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Derive. 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 DerivebpFee OrderlybpOrdersPrice spread, now −0.022%Rate

Funding earned: −$0.01
Price spread: −0.022% → 0.000%: −$2.18
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$14.19
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Derive and 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 45 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 −0.0167% / S +0.0335%	1h	787.67	−0.012%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	790.01	+0.285%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.36	+0.203%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	787.63	−0.017%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.200%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0034%	8h	788.92	+0.147%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.66	+0.241%	$619K	$1.8M	50x	as long as short
BingX BNB-USDC	+0.0051%	8h	788.85	+0.138%	—	$13.4M	—	as long as short
Variational Omni BNB	+0.0062%	8h	789.21	+0.184%	$4.1M	$4.8M	—	as long as short
Phemex BNBUSDT	+0.0064%	8h	788.18	+0.053%	$69.0M	$50.8M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0069%	8h	790.20	+0.310%	$80.5M	$12.3M	200x	as long as short
Binance BNBUSDT	+0.0069%	8h	789.77	+0.255%	$494.5M	$809.9M	75x	as long as short
Gate BNB_USDT	+0.0081%	8h	789.15	+0.176%	$35.5M	$56.2M	75x	as long as short
Phoenix BNB	+0.0088%	1h	789.72	+0.249%	$170K	$34K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	787.61	−0.020%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.17	+0.179%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	787.59	−0.022%	$381K	$380K	50x
Nado BNB-PERP	+0.0100%	1h	787.70	−0.008%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.44	+0.213%	$51.8M	$18.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.42	+0.211%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.20	+0.183%	$138.8M	$78.3M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.30	+0.195%	$53.3M	$112.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.80	+0.259%	$52K	$135K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.05	+0.164%	$27.8M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.27	+0.192%	$77.0M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.37	+0.077%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.88	+0.269%	$4.1M	$77.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.78	+0.256%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.44	−0.041%	$137K	$946K	10x	as long as short
Derive BNB-PERPlong	+0.0100%	1h	787.76	long leg	$31K	$9K	10x
SunX BNB-USDT	+0.0100%	8h	788.35	+0.074%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.81	+0.133%	$8.1M	$9.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	790.13	+0.301%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.26	+0.191%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.63	−0.017%	$378K	$110K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0105%	8h	789.83	+0.263%	$2.9M	$28.3M	10x	as long as short
SoDEX BNB-USD	+0.0138%	1h	787.70	−0.008%	$387K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0176%	8h	787.90	+0.018%	$91K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0275%	1h	788.97	+0.153%	$160K	$64K	10x	as long as short
Bulk BNB-USD	+0.0298%	1h	789.80	+0.259%	$640K	$13K	10x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	790.24	+0.315%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	787.36	−0.051%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	789.95	+0.278%	$1.1M	$1.1M	20x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	788.12	+0.045%	$1.5M	$160K	25x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	788.90	+0.144%	$67K	$39K	12x	as long as short