Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0377%/8h= +41.3% APRpaid last 24h +0.021%

Price spread now: Deribit against Aster+0.003%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

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

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.181%+$18 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.003%, 7d avg −0.037%

Together, before fees+0.082%+ Points / potential airdropAster: Stage 5 · farm board+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.040% dearer against Aster than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.037%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.181% in total (about 9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BNBUSDT	787.52	0.0023	pay 0.0023% / 8h	3h 00m	$6.1M	$19.1M	200x
Short	Deribit BNB_USDC-PERPETUAL	787.54	0.0400	get 0.0050% / 1h	0m 47s	$1.5M	$143K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now +0.003%Rate

Funding earned: $79.13
Price spread: +0.003% → −0.037%: $3.96
Slippage, 4 orders: −$23.77
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $44.32
Costs to cover: 0.388%
Break-even: 3.1 days

Slippage from Aster: live order book, 3 min ago; Deribit: live order book, 3 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 Aster live order book, 3 min ago	0.38 bp	4.4 bp −$4	5.1 bp −$51	19.0 bp −$1,902	doesn't fit
Sell Deribit live order book, 3 min ago	4.76 bp	8.3 bp −$8	934.9 bp −$9,349	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	787.00	−0.067%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	786.99	−0.067%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.31	−0.027%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	787.60	+0.010%	$122K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	787.31	−0.027%	$849K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.00	−0.066%	$9.5M	—	150x	as long as short
Aster BNBUSDTlong	+0.0023%	8h	787.52	long leg	$6.1M	$19.1M	200x
BingX BNB-USDT	+0.0033%	8h	787.12	−0.051%	—	$22.3M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.231%	$19K	$789K	30x	as long as short
MEXC BNB_USDT	+0.0044%	8h	787.90	+0.048%	$79.9M	$12.1M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0044%	8h	787.56	+0.005%	$490.2M	$804.6M	75x	as long as short
Phemex BNBUSDT	+0.0051%	8h	787.62	+0.013%	$68.9M	$50.7M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	787.21	−0.040%	$579K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0077%	1h	786.57	−0.121%	$159K	$61K	10x	as long as short
Phoenix BNB	+0.0092%	1h	787.26	−0.033%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.19	−0.042%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.08	−0.056%	$265K	$491K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.55	−0.123%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.45	−0.009%	$51.6M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.11	−0.052%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.90	−0.079%	$138.3M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.80	−0.092%	$53.4M	$111.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.20	−0.041%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.85	−0.085%	$36.2M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.86	−0.084%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.56	−0.122%	$76.1M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.45	−0.009%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.81	−0.090%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.45	−0.009%	$4.1M	$74.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.41	−0.014%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.99	−0.067%	$132K	$956K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.14	−0.048%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.77	+0.032%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.20	−0.041%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.86	−0.084%	$8.1M	$9.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.23	−0.037%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.59	−0.119%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.28	−0.031%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0164%	8h	787.75	+0.029%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0185%	8h	787.96	+0.056%	$2.9M	$28.9M	10x	as long as short
Bulk BNB-USD	+0.0223%	1h	788.23	+0.090%	$639K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	787.77	+0.032%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	786.80	−0.091%	$6K	$3K	40x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0400%	1h	787.54	+0.003%	$1.5M	$143K	25x
RISEx BNB/USDC	+0.0431%	1h	787.31	−0.027%	$1.1M	$907K	20x	as long as short
Hibachi BNB/USDT-P	+0.0440%	1h	786.89	−0.080%	$67K	$39K	12x	as long as short