Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.001%

Price spread now: Injective against HTX+2.645%65s7-day average −0.129% · you sell dearer than you buy

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 4 days (all we have)−2.992%−$299 · spread now +2.645%, 7d avg −0.129%

Together, before fees−3.116%−$312 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.774% dearer against HTX than usual: you sell high and buy low (spread +2.645% now, against its 7-day average of −0.129%): +$277 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5 months. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BNB-USDT	784.34	0.0100	pay 0.0100% / 8h	21m 49s	$8.0M	$10.4M	75x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	21m 49s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HTXbpFee InjectivebpOrdersPrice spread, now +2.645%Rate

Funding earned: −$14
Price spread: +2.645% → −0.129%: $277.42
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $251.4
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: HTX: live order book, 2 min ago; Injective: 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 HTX live order book, 2 min ago	2.09 bp	8.1 bp −$8	9.2 bp −$92	41.1 bp −$4,110	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0168% / S +0.0337%	1h	784.08	−0.034%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	784.15	−0.025%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	784.01	−0.043%	$2.5M	$1.2M	50x	as long as short
Variational Omni BNB	0.0000%	8h	783.51	−0.107%	$4.0M	$4.7M	—	as long as short
StandX BNB-USD	0.0000%	1h	784.22	−0.016%	$846K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.04	−0.039%	$9.4M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+2.645%	$19K	$789K	30x
Aster BNBUSDT	+0.0034%	8h	784.54	+0.025%	$6.0M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0040%	8h	783.93	−0.053%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0048%	8h	785.20	+0.109%	$80.7M	$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	+0.0049%	8h	784.61	+0.034%	$487.3M	$819.3M	75x	as long as short
Phemex BNBUSDT	+0.0074%	8h	784.40	+0.007%	$68.5M	$51.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.12	−0.028%	$2.7M	$3.8M	20x	as long as short
dYdX BNB-USD	+0.0099%	1h	783.56	−0.100%	$159K	$62K	10x	as long as short
Phoenix BNB	+0.0100%	1h	784.15	−0.025%	$162K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	783.80	−0.069%	$1.3M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.64	+0.038%	$51.4M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.27	−0.009%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.78	−0.072%	$137.9M	$74.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	783.80	−0.069%	$53.3M	$112.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.10	−0.031%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.00	−0.044%	$38.2M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.67	−0.086%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.63	−0.091%	$75.2M	$32.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.44	+0.012%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	784.39	+0.005%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.99	+0.082%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	783.84	−0.064%	$131K	$944K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.08	−0.034%	$264K	$388K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.17	−0.023%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	784.59	+0.031%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.20	−0.018%	$386K	$968K	10x	as long as short
HTX BNB-USDTlong	+0.0100%	8h	784.34	long leg	$8.0M	$10.4M	75x
Paradex BNB-USD-PERP	+0.0100%	8h	784.60	+0.032%	$78K	$17K	50x	as long as short
Kalshi KXBNBPERP	+0.0101%	8h	784.90	+0.071%	$171K	$2.7M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	783.59	−0.096%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.11	−0.030%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	784.48	+0.017%	$546K	$1.9M	50x	as long as short
BloFin BNB-USDT	+0.0169%	8h	784.21	−0.017%	$17.7M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0208%	1h	785.53	+0.151%	$637K	$831	10x	as long as short
GRVT BNB_USDT_Perp	+0.0217%	8h	784.62	+0.035%	$2.9M	$28.4M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	784.50	+0.020%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	784.51	+0.021%	$1.5M	$141K	25x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	783.65	−0.088%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0350%	1h	784.28	−0.008%	$1.1M	$906K	20x	as long as short
Hibachi BNB/USDT-P	+0.0464%	1h	783.66	−0.087%	$67K	$39K	12x	as long as short