Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0275%/8h= +30.1% APRpaid last 24h +0.068%

Price spread now: Bybit against GMX−0.095%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.095% cheaper against GMX than usual: you would sell low and buy high (spread −0.095% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 28 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BNB/USD [WBTC.b-USDC]	801.49	L −0.0201% / S +0.0372%	get 0.0025% / 1h	18m 55s	$48K	—	200x
Short	Bybit BNBUSDT	800.73	0.0074	get 0.0074% / 8h	1h 18m	$139.4M	$81.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now −0.095%Rate

Funding earned: $57.73
Price spread: −0.095% → 0.000%: −$9.52
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $25.21
Costs to cover: 0.230%
Break-even: 3.9 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.62 bp	6.3 bp −$6	8.8 bp −$88	24.4 bp −$2,438	128.6 bp −$64.3K

GMX: 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]long	L −0.0201% / S +0.0372%	1h	801.49	long leg	$48K	—	200x
Hotstuff BNB-PERP	−0.0080%	1h	801.91	+0.052%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.84	+0.168%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.70	+0.026%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.75	+0.157%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.45	−0.006%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0038%	8h	801.85	+0.044%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0062%	8h	801.56	+0.008%	—	$13.3M	—	as long as short
Bybit BNBUSDTshort	+0.0074%	8h	800.73	−0.095%	$139.4M	$81.6M	75x
Lighter BNB	+0.0096%	1h	801.60	+0.013%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	−0.040%	$610K	$998K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	801.24	−0.031%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.50	+0.001%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.00	−0.062%	$54.7M	$115.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.70	+0.026%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.00	−0.062%	$35.8M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.17	−0.040%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.86	−0.079%	$81.0M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.01	+0.190%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.69	+0.149%	$162K	$443K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.29	−0.025%	$121K	$878K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.28	−0.027%	$387K	$568K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.48	−0.002%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.80	+0.038%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	801.40	−0.012%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.38	−0.015%	$8.2M	$7.9M	75x	as long as short
Aster BNBUSDT	+0.0100%	8h	801.95	+0.057%	$6.3M	$19.0M	200x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.93	+0.054%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.79	−0.088%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.51	+0.002%	$385K	$40K	10x	as long as short
Binance BNBUSDT	+0.0118%	8h	801.80	+0.038%	$503.8M	$821.6M	75x	as long as short
MEXC BNB_USDT	+0.0119%	8h	802.30	+0.101%	$83.4M	$13.8M	200x	as long as short
Phemex BNBUSDT	+0.0121%	8h	801.80	+0.038%	$70.1M	$51.8M	50x	as long as short
Phoenix BNB	+0.0155%	1h	802.83	+0.167%	$173K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	802.63	+0.142%	$71K	$48K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	801.76	+0.033%	$1.6M	$165K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.20	−0.036%	$2.6M	$977K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	802.00	+0.063%	$18.3M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0276%	1h	801.29	−0.025%	$162K	$62K	10x	as long as short
Hyperliquid BNB	+0.0309%	1h	802.15	+0.082%	$51.9M	$21.9M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.449%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0314%	1h	802.70	+0.150%	$652K	$21K	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	801.52	+0.003%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	802.02	+0.066%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.12	−0.046%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0603%	1h	802.05	+0.069%	$2.7M	$5.7M	40x	as long as short