Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.102%

Price spread now: dYdX against KuCoin−0.034%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$650.650% of the position

Long on KuCoin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.447%+$45 on $10k

Price spread, last 4 days (all we have)+0.057%+$6 · spread now −0.034%, 7d avg +0.013%

Together, before fees+0.503%+$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.047% cheaper against KuCoin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.013%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.447%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin BNBUSDTM	794.11	0.0100	pay 0.0100% / 8h	6h 57m	$27.8M	$10.0M	75x
Short	dYdX BNB-USD	793.84	0	get 0.0000% / 1h	57m 39s	$160K	$63K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$21
Price spread: −0.034% → +0.013%: −$4.73
Slippage, 4 orders: −$42.98
Fee KuCoin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$90.7
Costs to cover: 0.650%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; dYdX: live order book, 11 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, 6 min ago	1.38 bp	9.5 bp −$10	30.5 bp −$305	62.3 bp −$6,230	doesn't fit
Sell dYdX live order book, 11 min ago	14.44 bp	25.1 bp −$25	63.4 bp −$634	113.2 bp −$11.3K	148.8 bp −$74.4K

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	793.83	−0.036%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	793.74	−0.046%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	793.52	−0.074%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0015%	8h	794.10	−0.001%	$35.7M	$54.7M	75x	as long as short
dYdX BNB-USDshort	0.0000%	1h	793.84	−0.034%	$160K	$63K	10x
GRVT BNB_USDT_Perp	0.0000%	8h	795.32	+0.152%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	795.15	+0.131%	$859K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	793.59	−0.065%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	794.01	−0.012%	$4.1M	$5.1M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.383%	$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	+0.0037%	8h	794.69	+0.073%	$6.1M	$19.8M	200x	as long as short
Bybit BNBUSDT	+0.0055%	8h	793.74	−0.047%	$137.8M	$76.8M	75x	as long as short
BingX BNB-USDC	+0.0055%	8h	793.83	−0.035%	—	$13.3M	—	as long as short
Phemex BNBUSDT	+0.0055%	8h	794.41	+0.038%	$69.4M	$50.4M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	794.32	+0.026%	$608K	$1.1M	50x	as long as short
Binance BNBUSDT	+0.0064%	8h	794.68	+0.072%	$493.7M	$817.2M	75x	as long as short
MEXC BNB_USDT	+0.0065%	8h	794.80	+0.087%	$82.4M	$12.6M	200x	as long as short
Lighter BNB	+0.0096%	1h	794.43	+0.040%	$2.8M	$3.8M	20x	as long as short
Phoenix BNB	+0.0099%	1h	795.43	+0.166%	$171K	$35K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	793.70	−0.052%	$384K	$468K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	793.90	−0.026%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	794.29	+0.023%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	793.90	−0.026%	$53.5M	$110.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	794.50	+0.049%	$52K	$127K	10x	as long as short
KuCoin BNBUSDTMlong	+0.0100%	8h	794.11	long leg	$27.8M	$10.0M	75x
Bitget BNBUSDT	+0.0100%	8h	793.84	−0.034%	$77.7M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	796.74	+0.331%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	797.11	+0.378%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	794.05	−0.008%	$113K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	793.81	−0.037%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	794.74	+0.079%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	793.90	−0.026%	$390K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	793.62	−0.062%	$8.1M	$8.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	794.49	+0.048%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	793.85	−0.032%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	793.69	−0.053%	$381K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	794.33	+0.028%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0139%	1h	794.97	+0.108%	$646K	$10K	10x	as long as short
Kalshi KXBNBPERP	+0.0162%	8h	794.20	+0.011%	$102K	$2.8M	4.8x	as long as short
Hyperliquid BNB	+0.0173%	1h	794.90	+0.099%	$52.8M	$20.2M	10x	as long as short
BloFin BNB-USDT	+0.0186%	8h	795.06	+0.120%	$18.1M	$2.5M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	794.05	−0.008%	$1.6M	$161K	25x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	794.09	−0.003%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	793.77	−0.042%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0424%	1h	794.48	+0.046%	$68K	$38K	12x	as long as short
Backpack BNB_USDC_PERP	+0.0481%	1h	794.79	+0.086%	$2.7M	$5.7M	40x	as long as short