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: KuCoin against Deribit−0.075%7-day average −0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 4 days (all we have)+0.057%+$6 · spread now −0.075%, 7d avg −0.055%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.055%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	787.85	0.0200	pay 0.0025% / 1h	19m 19s	$1.5M	$145K	25x
Short	KuCoin BNBUSDTM	787.26	0.0100	get 0.0100% / 8h	1h 19m	$27.7M	$10.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$21
Price spread: −0.075% → −0.055%: −$1.97
Slippage, 4 orders: −$16.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$58.25
Costs to cover: 0.353%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; KuCoin: live order book, 10 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, 5 min ago	3.24 bp	10.4 bp −$10	17.3 bp −$173	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	0.44 bp	7.8 bp −$8	15.9 bp −$159	47.2 bp −$4,724	doesn't fit

BNB on 45 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	787.41	−0.056%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.91	+0.008%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.46	+0.078%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.72	−0.017%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.188%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0051%	8h	788.00	+0.019%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0051%	8h	787.66	−0.024%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0062%	8h	788.60	+0.095%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0063%	8h	788.00	+0.019%	$490.8M	$819.7M	75x	as long as short
dYdX BNB-USD	+0.0065%	1h	787.95	+0.013%	$160K	$62K	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0073%	8h	788.43	+0.074%	$68.9M	$51.1M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.30	−0.070%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.65	−0.025%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.55	−0.038%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.20	+0.045%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.76	−0.012%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.32	−0.067%	$138.5M	$75.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−0.082%	$53.6M	$113.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.80	−0.006%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.50	−0.044%	$37.7M	$59.3M	75x	as long as short
KuCoin BNBUSDTMshort	+0.0100%	8h	787.26	−0.075%	$27.7M	$10.2M	75x
Bitget BNBUSDT	+0.0100%	8h	787.19	−0.084%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.04	+0.024%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.41	−0.055%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.00	+0.019%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.19	+0.043%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.52	−0.042%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.45	−0.051%	$265K	$470K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.99	+0.017%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.60	−0.032%	$387K	$979K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.87	+0.003%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	788.21	+0.046%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.05	−0.101%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.45	−0.051%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0129%	8h	788.40	+0.070%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	787.70	−0.019%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0183%	8h	788.19	+0.043%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0200%	1h	787.85	long leg	$1.5M	$145K	25x
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.37	−0.061%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0230%	8h	788.19	+0.044%	$2.9M	$29.6M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	788.11	+0.033%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0262%	1h	788.32	+0.060%	$639K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	787.31	−0.069%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.76	−0.011%	$1.1M	$914K	20x	as long as short
Hibachi BNB/USDT-P	+0.0504%	1h	787.94	+0.012%	$67K	$39K	12x	as long as short