Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.025%

Price spread now: Deribit against KuCoin+0.153%53s7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$390.388% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$13 on $10k

Price spread, last 4 days (all we have)−0.144%−$14 · spread now +0.153%, 7d avg +0.055%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Deribit is 0.098% dearer against KuCoin than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.055%. The two prices were read 53 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	KuCoin BNBUSDTM	786.67	0.0100	pay 0.0100% / 8h	2h 47m	$27.6M	$10.2M	75x
Short	Deribit BNB_USDC-PERPETUAL	787.87	0.0200	get 0.0025% / 1h	47m 23s	$1.5M	$143K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now +0.153%Rate

Funding earned: $21
Price spread: +0.153% → +0.055%: $9.84
Slippage, 4 orders: −$19.81
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$7.97
Costs to cover: 0.388%
Break-even: 9.7 days

Slippage from KuCoin: live order book, 7 min ago; Deribit: live order book, 2 min ago.

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 KuCoin live order book, 7 min ago	0.83 bp	11.7 bp −$12	19.3 bp −$193	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	3.62 bp	7.1 bp −$7	12.9 bp −$129	doesn't fit	doesn't fit

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 −0.0192% / S +0.0356%	1h	786.52	−0.019%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.47	+0.102%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.51	+0.234%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.68	+0.002%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	787.40	+0.093%	$6.1M	$19.0M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.342%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0039%	8h	787.02	+0.044%	—	$22.1M	—	as long as short
MEXC BNB_USDT	+0.0051%	8h	787.70	+0.131%	$79.8M	$11.8M	200x	as long as short
Binance BNBUSDT	+0.0052%	8h	787.26	+0.075%	$490.4M	$804.3M	75x	as long as short
Phemex BNBUSDT	+0.0052%	8h	787.98	+0.167%	$68.9M	$50.7M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	787.41	+0.095%	$2.5M	$1.2M	50x	as long as short
dYdX BNB-USD	+0.0071%	1h	787.77	+0.139%	$159K	$61K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.46	+0.100%	$578K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.34	+0.085%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.59	−0.010%	$265K	$490K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.75	+0.010%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.27	+0.076%	$51.6M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.37	+0.089%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.65	−0.003%	$138.2M	$74.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.50	−0.022%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.20	+0.067%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.75	+0.010%	$36.1M	$57.9M	75x	as long as short
KuCoin BNBUSDTMlong	+0.0100%	8h	786.67	long leg	$27.6M	$10.2M	75x
Bitget BNBUSDT	+0.0100%	8h	786.36	−0.039%	$76.1M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.72	+0.133%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.11	+0.056%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.78	+0.141%	$4.1M	$74.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.86	+0.151%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.72	+0.006%	$131K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.78	+0.014%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.35	+0.214%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.29	+0.078%	$8.1M	$9.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.34	+0.085%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.74	+0.008%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.72	+0.007%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	787.34	+0.085%	$169K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0122%	1h	787.50	+0.106%	$387K	$997K	10x	as long as short
Kalshi KXBNBPERP	+0.0137%	8h	788.00	+0.169%	$122K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0171%	8h	787.95	+0.163%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0198%	8h	788.06	+0.176%	$2.9M	$29.2M	10x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0200%	1h	787.87	+0.153%	$1.5M	$143K	25x
Bulk BNB-USD	+0.0260%	1h	788.17	+0.191%	$639K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	787.48	+0.103%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	786.60	−0.008%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	787.29	+0.079%	$1.1M	$908K	20x	as long as short
Hibachi BNB/USDT-P	+0.0456%	1h	787.92	+0.159%	$67K	$39K	12x	as long as short