Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.031%

Price spread now: Deribit against Bybit+0.065%7-day average +0.073% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.216%+$22 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.065%, 7d avg +0.073%

Together, before fees+0.163%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.073%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BNBUSDT	787.77	0.0100	pay 0.0100% / 8h	3h 28m	$138.6M	$73.8M	75x
Short	Deribit BNB_USDC-PERPETUAL	788.28	0.0300	get 0.0037% / 1h	28m 05s	$1.5M	$143K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.065%Rate

Funding earned: $42
Price spread: +0.065% → +0.073%: −$0.84
Slippage, 4 orders: −$10.65
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $12.51
Costs to cover: 0.286%
Break-even: 4.9 days

Slippage from Bybit: live order book, 1 min ago; Deribit: live order book, 1 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 Bybit live order book, 1 min ago	0.63 bp	6.1 bp −$6	8.3 bp −$83	21.7 bp −$2,174	155.5 bp −$77.8K
Sell Deribit live order book, 1 min ago	3.36 bp	9.1 bp −$9	13.6 bp −$136	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	787.83	+0.007%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.78	+0.002%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.28	+0.065%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.72	+0.121%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.80	+0.004%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0027%	8h	788.41	+0.082%	$6.1M	$18.7M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.199%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0040%	8h	788.10	+0.042%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0046%	8h	788.80	+0.131%	$80.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0047%	8h	788.37	+0.076%	$491.7M	$798.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0050%	8h	788.37	+0.076%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.316%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.66	+0.113%	$169K	$35K	10x	as long as short
dYdX BNB-USD	+0.0096%	1h	788.56	+0.100%	$160K	$64K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.02	+0.031%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.85	+0.010%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.90	+0.017%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.48	+0.090%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.28	+0.065%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDTlong	+0.0100%	8h	787.77	long leg	$138.6M	$73.8M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	787.60	−0.022%	$53.5M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.30	+0.067%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.85	+0.010%	$35.9M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.55	−0.028%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.71	−0.008%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.19	+0.053%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.21	+0.056%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.67	+0.115%	$4.1M	$73.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.63	+0.109%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.84	+0.009%	$130K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.95	+0.022%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.53	+0.097%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.00	+0.029%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.16	+0.050%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.34	+0.072%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.47	−0.038%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.84	+0.009%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0125%	8h	788.50	+0.093%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0167%	8h	788.56	+0.100%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0174%	8h	789.03	+0.161%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0219%	1h	788.52	+0.095%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.32	+0.070%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0300%	1h	788.28	+0.065%	$1.5M	$143K	25x
Reya BNBRUSDPERP	+0.0325%	1h	787.64	−0.017%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	788.23	+0.059%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.38	+0.077%	$1.1M	$893K	20x	as long as short