Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.006%

Price spread now: Orderly against Coinbase International−0.305%7-day average +0.044% · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 4 days (all we have)+0.377%+$38 · spread now −0.305%, 7d avg +0.044%

Together, before fees+0.488%+$49 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.349% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.305% now, against its 7-day average of +0.044%). If the spread goes back, that is −$35 on $10k: about 42 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BNB-PERP-INTX	790.26	0.0072	pay 0.0009% / 1h	27m 32s	$580K	$1.9M	50x
Short	Orderly PERP_BNB_USDC	787.85	0.0100	get 0.0100% / 8h	3h 27m	$265K	$492K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now −0.305%Rate

Funding earned: $5.87
Price spread: −0.305% → +0.044%: −$34.9
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$45.03
Costs to cover: 0.160%
Break-even: 60.7 days

Slippage unknown: Coinbase International: live order book, 1 min ago; Orderly: no order-book sample. 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 Coinbase International live order book, 1 min ago	2.22 bp	9.4 bp −$9	14.5 bp −$145	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.308%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.78	−0.313%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.95	−0.292%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.72	−0.195%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.80	−0.311%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0027%	8h	788.38	−0.237%	$6.1M	$18.7M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.877%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0040%	8h	788.10	−0.273%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0046%	8h	788.80	−0.185%	$80.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0046%	8h	788.35	−0.242%	$491.7M	$798.3M	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	−0.239%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTXlong	+0.0072%	1h	790.26	long leg	$580K	$1.9M	50x
Phoenix BNB	+0.0092%	1h	788.66	−0.202%	$169K	$35K	10x	as long as short
dYdX BNB-USD	+0.0096%	1h	787.88	−0.301%	$159K	$64K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.03	−0.282%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	787.85	−0.305%	$265K	$492K	50x
Nado BNB-PERP	+0.0100%	1h	787.90	−0.299%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.51	−0.221%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.12	−0.271%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.74	−0.319%	$138.6M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.70	−0.324%	$53.5M	$111.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.00	−0.286%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.75	−0.318%	$35.9M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.54	−0.344%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.71	−0.323%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.19	−0.262%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.21	−0.259%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.44	−0.230%	$4.1M	$73.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.63	−0.206%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.84	−0.306%	$130K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.95	−0.293%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.53	−0.218%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.00	−0.286%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.16	−0.265%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.15	−0.267%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.47	−0.353%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.84	−0.306%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0125%	8h	788.50	−0.223%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0167%	8h	788.56	−0.215%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0174%	8h	788.73	−0.193%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0219%	1h	788.52	−0.220%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.30	−0.248%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.28	−0.251%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	787.64	−0.332%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	788.23	−0.257%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.12	−0.271%	$1.1M	$893K	20x	as long as short