Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.004%

Price spread now: Bitget against Injective−1.028%101s7-day average +0.286% · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 3 days (all we have)+1.426%+$143 · spread now −1.028%, 7d avg +0.286%

Together, before fees+1.614%+$161 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 1.315% cheaper against Injective than usual: you would sell low and buy high (spread −1.028% now, against its 7-day average of +0.286%). If the spread goes back, that is −$131 on $10k: about 2 months of funding at the current rate (+$2 a day). The two prices were read 101 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	Injective BNB/USDC PERP	805.09	0.0033	pay 0.0004% / 1h	5m 42s	$19K	$789K	30x
Short	Bitget BNBUSDT	796.81	0.0100	get 0.0100% / 8h	7h 05m	$78.1M	$28.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Injective. 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 InjectivebpFee BitgetbpOrdersPrice spread, now −1.028%Rate

Funding earned: $14
Price spread: −1.028% → +0.286%: −$131.47
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$129.49
Costs to cover: 0.120%
Break-even: 71.7 days

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 3 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.06 bp	6.6 bp −$7	8.9 bp −$89	13.0 bp −$1,299	doesn't fit

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 −0.0159% / S +0.0335%	1h	796.96	−1.010%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.29	−0.969%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	797.44	−0.950%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0013%	8h	796.85	−1.023%	$35.8M	$57.1M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.15	−0.738%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	797.80	−0.905%	$862K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	796.93	−1.014%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	796.50	−1.067%	$4.1M	$5.1M	—	as long as short
Phemex BNBUSDT	+0.0020%	8h	797.53	−0.939%	$69.6M	$50.2M	50x	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0045%	8h	797.57	−0.934%	$6.1M	$19.5M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	797.60	−0.930%	$610K	$1.1M	50x	as long as short
BingX BNB-USDC	+0.0057%	8h	797.38	−0.958%	—	$13.4M	—	as long as short
Binance BNBUSDT	+0.0070%	8h	797.71	−0.917%	$496.5M	$810.5M	75x	as long as short
MEXC BNB_USDT	+0.0071%	8h	798.10	−0.868%	$83.0M	$13.7M	200x	as long as short
Bybit BNBUSDT	+0.0074%	8h	797.00	−1.005%	$138.5M	$76.2M	75x	as long as short
Lighter BNB	+0.0096%	1h	797.39	−0.957%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	799.02	−0.754%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	796.95	−1.011%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	797.40	−0.955%	$1.2M	$930K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.10	−0.992%	$54.2M	$110.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	797.50	−0.943%	$52K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	796.98	−1.007%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDTshort	+0.0100%	8h	796.81	−1.028%	$78.1M	$28.0M	75x
edgeX BNBUSDC	+0.0100%	4h	799.04	−0.751%	$4.2M	$76.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.32	−0.717%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	796.73	−1.038%	$113K	$885K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	796.86	−1.022%	$385K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	797.05	−0.999%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	797.67	−0.922%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	797.20	−0.980%	$392K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	796.83	−1.026%	$8.2M	$8.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	797.88	−0.895%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	796.85	−1.024%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	796.95	−1.011%	$383K	$110K	10x	as long as short
Bulk BNB-USD	+0.0133%	1h	798.69	−0.795%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	797.43	−0.952%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0162%	8h	797.60	−0.930%	$89K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0187%	1h	796.86	−1.023%	$161K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0191%	8h	797.85	−0.899%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	797.12	−0.990%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	797.40	−0.955%	$1.6M	$161K	25x	as long as short
Hyperliquid BNB	+0.0283%	1h	797.89	−0.894%	$53.0M	$20.1M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	796.48	−1.069%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0368%	1h	797.68	−0.920%	$68K	$38K	12x	as long as short
Backpack BNB_USDC_PERP	+0.0427%	1h	797.89	−0.894%	$2.7M	$5.7M	40x	as long as short