Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0391%/8h= −42.8% APRpaid last 24h −0.090%

Price spread now: Variational Omni against Hibachi−0.170%7-day average — · you buy dearer than you sell

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Variational Omni is 0.170% cheaper against Hibachi than usual: you would sell low and buy high (−$17 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BNB/USDT-P	797.86	0.0400	pay 0.0050% / 1h	2m 57s	$68K	$38K	12x
Short	Variational Omni BNB	796.50	0.0009	get 0.0009% / 8h	7h 02m	$4.1M	$5.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hibachi. 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 HibachibpFee Variational OmnibpOrdersPrice spread, now −0.170%Rate

Funding earned: −$82.09
Price spread: −0.170% → 0.000%: −$16.96
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$108.05
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hibachi: no order-book sample; Variational Omni: RFQ quote, 1 min ago. 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 Hibachi no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	3.33 bp	doesn't fit	5.7 bp −$57	doesn't fit	doesn't fit

Hibachi: 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 +0.0335%	1h	795.94	−0.240%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	795.80	−0.258%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	796.50	−0.170%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0002%	8h	795.75	−0.264%	$35.8M	$57.3M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	797.56	−0.037%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.24	+0.048%	$863K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	796.02	−0.230%	$9.7M	—	150x	as long as short
Variational Omni BNBshort	+0.0009%	8h	796.50	−0.170%	$4.1M	$5.1M	—
Phemex BNBUSDT	+0.0013%	8h	796.31	−0.194%	$69.5M	$50.2M	50x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.907%	$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
Aster BNBUSDT	+0.0044%	8h	796.47	−0.173%	$6.2M	$19.6M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	796.73	−0.141%	$610K	$1.1M	50x	as long as short
BingX BNB-USDT	+0.0057%	8h	795.86	−0.250%	—	$34.9M	—	as long as short
Binance BNBUSDT	+0.0068%	8h	796.65	−0.151%	$495.9M	$813.4M	75x	as long as short
Bybit BNBUSDT	+0.0068%	8h	795.94	−0.240%	$138.5M	$76.5M	75x	as long as short
MEXC BNB_USDT	+0.0069%	8h	796.40	−0.182%	$82.7M	$13.7M	200x	as long as short
Lighter BNB	+0.0096%	1h	795.82	−0.255%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	797.27	−0.073%	$171K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	796.20	−0.208%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	796.57	−0.161%	$1.2M	$930K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	796.00	−0.233%	$53.9M	$110.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	796.40	−0.182%	$52K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	795.84	−0.253%	$27.8M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	795.85	−0.251%	$77.9M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	797.71	−0.018%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.08	+0.028%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	796.05	−0.226%	$111K	$887K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	796.10	−0.220%	$385K	$468K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	796.26	−0.200%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	797.83	−0.003%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	796.20	−0.208%	$392K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	795.90	−0.245%	$8.2M	$8.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	796.88	−0.123%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	795.82	−0.255%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	796.09	−0.221%	$382K	$110K	10x	as long as short
Bulk BNB-USD	+0.0133%	1h	798.69	+0.104%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	796.11	−0.219%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0164%	8h	797.30	−0.070%	$104K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0188%	8h	796.80	−0.132%	$18.1M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0188%	1h	796.05	−0.226%	$161K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	796.79	−0.134%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	796.54	−0.165%	$1.6M	$161K	25x	as long as short
Hyperliquid BNB	+0.0279%	1h	796.52	−0.167%	$52.9M	$20.1M	10x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	795.80	−0.258%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-Plong	+0.0400%	1h	797.86	long leg	$68K	$38K	12x
Backpack BNB_USDC_PERP	+0.0425%	1h	796.73	−0.141%	$2.7M	$5.7M	40x	as long as short