Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.028%

Price spread now: HTX against Deribit−0.011%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now −0.011%, 7d avg −0.056%

Together, before fees−0.204%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.045% dearer against Deribit than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.056%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 7 days (−0.104% in total) that is about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	787.41	0.0200	pay 0.0025% / 1h	27m 26s	$1.5M	$145K	25x
Short	HTX BNB-USDT	787.33	0.0100	get 0.0100% / 8h	1h 27m	$8.0M	$10.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$21
Price spread: −0.011% → −0.056%: $4.46
Slippage, 4 orders: −$15.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$50.82
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; HTX: live order book, 2 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, 2 min ago	3.11 bp	8.5 bp −$8	15.3 bp −$153	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	0.01 bp	11.9 bp −$12	13.3 bp −$133	44.6 bp −$4,462	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 −0.0170% / S +0.0337%	1h	786.96	−0.057%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.74	+0.041%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.56	+0.018%	$849K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.93	−0.062%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.245%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0051%	8h	787.74	+0.041%	—	$22.3M	—	as long as short
Aster BNBUSDT	+0.0051%	8h	788.22	+0.102%	$6.1M	$18.8M	200x	as long as short
Binance BNBUSDT	+0.0065%	8h	788.13	+0.091%	$490.8M	$816.7M	75x	as long as short
MEXC BNB_USDT	+0.0065%	8h	788.90	+0.189%	$81.2M	$12.0M	200x	as long as short
dYdX BNB-USD	+0.0074%	1h	787.26	−0.020%	$160K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0078%	8h	787.54	+0.016%	$68.9M	$51.0M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.67	+0.032%	$569K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.77	+0.046%	$2.7M	$3.8M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.50	+0.011%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.17	+0.096%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.79	+0.047%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.44	+0.003%	$138.6M	$75.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.40	−0.002%	$53.5M	$113.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.70	+0.036%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.70	+0.036%	$37.5M	$59.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.33	−0.011%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.42	+0.001%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.49	+0.010%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.11	−0.165%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.78	+0.047%	$4.1M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.02	+0.077%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.51	+0.012%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.98	−0.055%	$265K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.03	−0.176%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.59	+0.022%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.10	−0.040%	$387K	$982K	10x	as long as short
HTX BNB-USDTshort	+0.0100%	8h	787.33	−0.011%	$8.0M	$10.2M	75x
Paradex BNB-USD-PERP	+0.0101%	8h	788.16	+0.095%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.21	−0.026%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.01	−0.051%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0135%	1h	787.67	+0.032%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0138%	8h	787.40	−0.002%	$170K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0185%	8h	787.65	+0.030%	$17.8M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0200%	1h	787.41	long leg	$1.5M	$145K	25x
Kraken Futures PF_BNBUSD	+0.0206%	1h	786.91	−0.064%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0229%	8h	787.15	−0.034%	$2.9M	$29.4M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	788.12	+0.090%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0291%	1h	787.29	−0.016%	$638K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	786.91	−0.064%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.87	+0.057%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0520%	1h	787.21	−0.026%	$67K	$39K	12x	as long as short