Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.035%

Price spread now: Deribit against Variational Omni+0.101%7-day average +0.080% · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.091%+$9 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.101%, 7d avg +0.080%

Together, before fees−0.035%+ Points / potential airdropVariational Omni: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.020% dearer against Variational Omni than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BNB	789.00	0.0100	pay 0.0100% / 8h	4h 21m	$4.1M	$4.6M	—
Short	Deribit BNB_USDC-PERPETUAL	789.80	0.0300	get 0.0037% / 1h	21m 40s	$1.5M	$143K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now +0.101%Rate

Funding earned: $42
Price spread: +0.101% → +0.080%: $2.03
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $37.03
Costs to cover: 0.070%
Break-even: 0.8 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Deribit: live order book, 2 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 Variational Omni RFQ quote, 2 min ago	3.34 bp	doesn't fit	6.4 bp −$64	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	2.28 bp	9.2 bp −$9	15.1 bp −$151	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 −0.0187% / S +0.0351%	1h	789.31	+0.039%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.67	+0.084%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.36	+0.045%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.31	+0.038%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.039%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0039%	8h	789.76	+0.096%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0052%	8h	789.37	+0.046%	—	$34.4M	—	as long as short
MEXC BNB_USDT	+0.0063%	8h	790.10	+0.139%	$80.2M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0063%	8h	789.70	+0.088%	$492.8M	$790.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	+0.057%	$582K	$1.9M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0065%	8h	789.78	+0.098%	$69.1M	$50.0M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.27	+0.034%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.40	+0.050%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.20	+0.025%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.76	+0.096%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.39	+0.049%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.10	+0.012%	$138.8M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	+0.012%	$53.4M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.50	+0.063%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.25	+0.031%	$35.5M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.15	+0.019%	$27.9M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.89	−0.014%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.44	+0.055%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNBlong	+0.0100%	8h	789.00	long leg	$4.1M	$4.6M	—
edgeX BNBUSDC	+0.0100%	4h	789.89	+0.112%	$4.1M	$73.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	790.13	+0.143%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.24	+0.030%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.55	+0.069%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.97	+0.122%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.50	+0.063%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.38	+0.048%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.83	+0.105%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.89	−0.014%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.32	+0.040%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.73	+0.092%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0128%	1h	789.35	+0.044%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0145%	8h	790.08	+0.136%	$2.9M	$28.5M	10x	as long as short
Kalshi KXBNBPERP	+0.0178%	8h	789.80	+0.101%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0184%	8h	789.74	+0.093%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.142%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.96	+0.121%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.04	+0.004%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0300%	1h	789.80	+0.101%	$1.5M	$143K	25x
Reya BNBRUSDPERP	+0.0326%	1h	789.15	+0.018%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	789.51	+0.064%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.63	+0.080%	$1.1M	$967K	20x	as long as short