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: Bybit against Deribit−0.043%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Deribit Short on Bybit

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)+0.031%+$3 · spread now −0.043%, 7d avg −0.073%

Together, before fees−0.185%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.030% dearer against Deribit than usual: you sell high and buy low (spread −0.043% now, against its 7-day average of −0.073%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	789.24	0.0300	pay 0.0037% / 1h	50m 05s	$1.5M	$143K	25x
Short	Bybit BNBUSDT	788.90	0.0100	get 0.0100% / 8h	3h 50m	$138.8M	$74.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$42
Price spread: −0.043% → −0.073%: $3.03
Slippage, 4 orders: −$11.32
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$68.29
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Bybit: live order book, 4 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 Deribit live order book, 4 min ago	3.10 bp	7.1 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.63 bp	6.3 bp −$6	9.3 bp −$93	27.8 bp −$2,782	111.9 bp −$56.0K

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 −0.0191% / S +0.0355%	1h	788.82	−0.053%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.89	−0.044%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.66	+0.053%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	789.50	+0.033%	$135K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	790.39	+0.146%	$852K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.89	−0.045%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.008%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0036%	8h	789.45	+0.026%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0046%	8h	789.59	+0.045%	—	$13.4M	—	as long as short
Binance BNBUSDT	+0.0056%	8h	789.52	+0.036%	$493.1M	$795.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0056%	8h	789.90	+0.084%	$80.1M	$12.0M	200x	as long as short
Phemex BNBUSDT	+0.0062%	8h	789.41	+0.022%	$69.0M	$50.3M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.129%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	790.40	+0.147%	$170K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	789.22	−0.003%	$2.8M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.79	−0.057%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.05	−0.024%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.52	+0.036%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.22	−0.002%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDTshort	+0.0100%	8h	788.90	−0.043%	$138.8M	$74.1M	75x
OKX BNB-USDT-SWAP	+0.0100%	8h	788.90	−0.043%	$53.4M	$111.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.10	−0.018%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.05	−0.024%	$35.8M	$56.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.82	−0.053%	$28.1M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.59	−0.082%	$76.3M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.42	+0.023%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.31	+0.009%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.26	+0.129%	$4.1M	$73.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	790.15	+0.116%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.76	−0.061%	$130K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.92	−0.040%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.50	+0.034%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.00	−0.030%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.27	+0.004%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	789.27	+0.004%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.48	−0.096%	$1.9M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.78	−0.058%	$379K	$110K	10x	as long as short
dYdX BNB-USD	+0.0116%	1h	789.27	+0.004%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0169%	8h	790.73	+0.189%	$3.0M	$28.6M	10x	as long as short
BloFin BNB-USDT	+0.0177%	8h	789.73	+0.062%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0234%	1h	790.66	+0.180%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	789.57	+0.042%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0300%	1h	789.24	long leg	$1.5M	$143K	25x
Reya BNBRUSDPERP	+0.0325%	1h	788.66	−0.074%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0384%	1h	789.79	+0.070%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	789.37	+0.016%	$1.1M	$892K	20x	as long as short