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: Orderly against Injective−0.774%7-day average +0.359% · you buy dearer than you sell

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 3 days (all we have)+1.206%+$121 · spread now −0.774%, 7d avg +0.359%

Together, before fees+1.438%+$144 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 1.132% cheaper against Injective than usual: you would sell low and buy high (spread −0.774% now, against its 7-day average of +0.359%). If the spread goes back, that is −$113 on $10k: about 57 days of funding at the current rate (+$2 a day).

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	31m 11s	$19K	$789K	30x
Short	Orderly PERP_BNB_USDC	798.86	0.0100	get 0.0100% / 8h	7h 31m	$386K	$458K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −0.774%Rate

Funding earned: $14
Price spread: −0.774% → +0.359%: −$113.25
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$105.27
Costs to cover: 0.060%
Break-even: 59.6 days

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective 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 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	798.89	−0.770%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.75	−0.787%	$2.5M	$965K	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.47	−0.698%	$4K	$239	25x	as long as short
BingX BNB-USDC	−0.0057%	8h	799.01	−0.755%	—	$13.3M	—	as long as short
Bybit BNBUSDT	−0.0022%	8h	798.50	−0.819%	$138.6M	$75.1M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.97	−0.760%	$3.0M	$27.4M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.57	−0.810%	$863K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	799.36	−0.712%	$69.8M	$50.3M	50x	as long as short
Variational Omni BNB	+0.0003%	8h	798.43	−0.828%	$4.1M	$5.2M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.95	−0.763%	$9.7M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.73	−0.790%	$602K	$972K	50x	as long as short
Aster BNBUSDT	+0.0061%	8h	799.44	−0.702%	$6.2M	$19.1M	200x	as long as short
Binance BNBUSDT	+0.0084%	8h	799.29	−0.720%	$496.2M	$806.4M	75x	as long as short
MEXC BNB_USDT	+0.0084%	8h	799.60	−0.682%	$83.1M	$13.6M	200x	as long as short
Gate BNB_USDT	+0.0089%	8h	798.75	−0.787%	$35.7M	$56.2M	75x	as long as short
Lighter BNB	+0.0096%	1h	798.98	−0.759%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	799.20	−0.732%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.65	−0.800%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.22	−0.729%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.50	−0.819%	$54.2M	$110.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.30	−0.719%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.98	−0.759%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.64	−0.801%	$78.8M	$27.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.05	−0.750%	$4.2M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.10	−0.744%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.88	−0.771%	$116K	$873K	10x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	798.86	−0.774%	$386K	$458K	50x
Derive BNB-PERP	+0.0100%	1h	798.99	−0.757%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.42	−0.704%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.00	−0.756%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.67	−0.797%	$8.2M	$8.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.88	−0.647%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.48	−0.821%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.88	−0.771%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.69	−0.671%	$649K	$10K	10x	as long as short
Kalshi KXBNBPERP	+0.0153%	8h	799.40	−0.707%	$91K	$2.8M	4.8x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.28	−0.721%	$1.1M	$1.4M	20x	as long as short
Hibachi BNB/USDT-P	+0.0168%	1h	798.62	−0.804%	$69K	$37K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	799.34	−0.714%	$1.6M	$160K	25x	as long as short
BloFin BNB-USDT	+0.0204%	8h	799.42	−0.704%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	799.71	−0.668%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0239%	1h	798.94	−0.764%	$161K	$63K	10x	as long as short
Hyperliquid BNB	+0.0309%	1h	799.73	−0.666%	$53.2M	$20.6M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.56	−0.811%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0392%	1h	799.62	−0.679%	$2.7M	$5.6M	40x	as long as short