Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0254%/8h= −27.8% APRpaid last 24h −0.062%

Price spread now: Variational Omni against Bulk−0.260%7-day average −0.119% · you buy dearer than you sell

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

Long on Bulk Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.281%−$28 on $10k

Price spread, last 4 days (all we have)+0.177%+$18 · spread now −0.260%, 7d avg −0.119%

Together, before fees−0.104%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Variational Omni is 0.142% cheaper against Bulk than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.119%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	807.66	0.0295	pay 0.0037% / 1h	31m 43s	$652K	$14K	10x
Short	Variational Omni BNB	805.56	0.0041	get 0.0041% / 8h	1h 31m	$4.1M	$5.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bulk. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BulkbpFee Variational OmnibpOrdersPrice spread, now −0.260%Rate

Funding earned: −$53.28
Price spread: −0.260% → −0.119%: −$14.17
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$74.45
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 52 min ago; Variational Omni: RFQ quote, 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 Bulk live order book, 52 min ago	0.06 bp	3.6 bp −$4	3.7 bp −$37	6.0 bp −$597	13.9 bp −$6,931
Sell Variational Omni RFQ quote, 2 min ago	3.33 bp	doesn't fit	6.7 bp −$67	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 −0.0201% / S +0.0372%	1h	801.36	−0.781%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.96	−0.706%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.39	−0.281%	$3.0M	$29.1M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	802.00	−0.701%	$158K	$2.8M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.96	−0.582%	$868K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.40	−0.775%	$9.7M	—	150x	as long as short
Variational Omni BNBshort	+0.0041%	8h	805.56	−0.260%	$4.1M	$5.3M	—
BingX BNB-USDC	+0.0058%	8h	801.21	−0.799%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0081%	8h	801.10	−0.812%	$139.6M	$83.0M	75x	as long as short
Lighter BNB	+0.0096%	1h	801.71	−0.737%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.19	−0.801%	$610K	$1.0M	50x	as long as short
Aster BNBUSDT	+0.0100%	8h	801.93	−0.710%	$6.4M	$19.3M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	801.67	−0.741%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.67	−0.742%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.20	−0.800%	$54.9M	$117.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.80	−0.726%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.20	−0.800%	$35.8M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.14	−0.807%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.28	−0.790%	$81.0M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	805.46	−0.273%	$4.2M	$77.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.51	−0.266%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.36	−0.780%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.31	−0.786%	$387K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.65	−0.744%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.03	−0.697%	$11K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.38	−0.778%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.04	−0.696%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.98	−0.827%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.54	−0.634%	$386K	$40K	10x	as long as short
Binance BNBUSDT	+0.0119%	8h	802.03	−0.697%	$517.3M	$828.7M	75x	as long as short
MEXC BNB_USDT	+0.0120%	8h	802.50	−0.639%	$83.4M	$13.8M	200x	as long as short
Phemex BNBUSDT	+0.0130%	8h	802.22	−0.674%	$70.0M	$51.7M	50x	as long as short
Hibachi BNB/USDT-P	+0.0144%	1h	802.60	−0.626%	$71K	$48K	12x	as long as short
SoDEX BNB-USD	+0.0150%	1h	801.60	−0.750%	$394K	$1.0M	10x	as long as short
Phoenix BNB	+0.0155%	1h	804.78	−0.357%	$173K	$35K	10x	as long as short
dYdX BNB-USD	+0.0173%	1h	801.39	−0.777%	$162K	$64K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	801.87	−0.717%	$1.6M	$165K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.62	−0.747%	$2.6M	$983K	50x	as long as short
BloFin BNB-USDT	+0.0240%	8h	802.70	−0.614%	$18.8M	$2.6M	75x	as long as short
Hyperliquid BNB	+0.0258%	1h	802.54	−0.634%	$51.9M	$22.2M	10x	as long as short
Bulk BNB-USDlong	+0.0295%	1h	807.66	long leg	$652K	$14K	10x
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.318%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	801.64	−0.745%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.00	−0.824%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	802.20	−0.676%	$28K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0672%	1h	802.25	−0.670%	$3.0M	$5.5M	40x	as long as short