Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0090%/8h= −9.9% APRpaid last 24h −0.015%

Price spread now: Variational Omni against Nado−0.091%7-day average −0.026% · you buy dearer than you sell

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.091%, 7d avg −0.026%

Together, before fees−0.036%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.065% cheaper against Nado than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado BNB-PERP	793.25	0.0100	pay 0.0012% / 1h	42m 55s	$1.4M	$2.7M	20x
Short	Variational Omni BNB	792.53	0.0010	get 0.0010% / 8h	6h 42m	$4.1M	$5.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpFee Variational OmnibpOrdersPrice spread, now −0.091%Rate

Funding earned: −$18.94
Price spread: −0.091% → −0.026%: −$6.54
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$32.48
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 Nado live order book, 1 min ago	0.06 bp	3.6 bp −$4	8.5 bp −$85	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.34 bp	doesn't fit	5.8 bp −$58	doesn't fit	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 −0.0167% / S +0.0335%	1h	793.27	+0.002%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	793.02	−0.030%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	793.65	+0.050%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0009%	8h	791.90	−0.170%	$35.3M	$55.4M	75x	as long as short
StandX BNB-USD	0.0000%	1h	793.84	+0.074%	$858K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	793.25	0.000%	$9.7M	—	150x	as long as short
Variational Omni BNBshort	+0.0010%	8h	792.53	−0.091%	$4.1M	$5.0M	—
GRVT BNB_USDT_Perp	+0.0011%	8h	793.23	−0.003%	$3.0M	$28.4M	10x	as long as short
Phemex BNBUSDT	+0.0018%	8h	793.54	+0.037%	$69.3M	$50.3M	50x	as long as short
Aster BNBUSDT	+0.0031%	8h	792.84	−0.051%	$6.1M	$19.9M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.493%	$19K	$789K	30x	as long as short
dYdX BNB-USD	+0.0039%	1h	793.18	−0.009%	$160K	$63K	10x	as long as short
BingX BNB-USDC	+0.0050%	8h	792.59	−0.083%	—	$13.3M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	792.52	−0.092%	$608K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0061%	8h	792.70	−0.069%	$82.2M	$12.7M	200x	as long as short
Binance BNBUSDT	+0.0061%	8h	792.45	−0.101%	$492.6M	$816.2M	75x	as long as short
Phoenix BNB	+0.0088%	1h	793.02	−0.029%	$170K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	793.23	−0.003%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	793.06	−0.024%	$383K	$409K	50x	as long as short
Nado BNB-PERPlong	+0.0100%	1h	793.25	long leg	$1.4M	$2.7M	20x
Pacifica BNB	+0.0100%	1h	793.70	+0.057%	$1.2M	$932K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	792.00	−0.158%	$138.0M	$77.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	791.90	−0.170%	$53.1M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	793.50	+0.032%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	791.96	−0.163%	$27.7M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	791.68	−0.198%	$77.3M	$28.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	793.14	−0.014%	$4.1M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	793.32	+0.009%	$160K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	793.25	0.000%	$111K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	793.23	−0.002%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	794.07	+0.103%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	793.20	−0.006%	$390K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	793.04	−0.027%	$8.1M	$8.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	793.89	+0.081%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	791.75	−0.189%	$1.7M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	793.15	−0.013%	$381K	$110K	10x	as long as short
Hyperliquid BNB	+0.0121%	1h	793.18	−0.009%	$52.6M	$19.9M	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	793.47	+0.027%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0160%	8h	793.80	+0.069%	$111K	$2.8M	4.8x	as long as short
Bulk BNB-USD	+0.0167%	1h	793.21	−0.005%	$644K	$10K	10x	as long as short
BloFin BNB-USDT	+0.0182%	8h	794.06	+0.102%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	793.90	+0.082%	$28K	$2K	10x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	793.06	−0.024%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0386%	1h	793.52	+0.034%	$2.7M	$5.7M	40x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	793.58	+0.042%	$1.6M	$161K	25x	as long as short
Hibachi BNB/USDT-P	+0.0480%	1h	792.90	−0.044%	$68K	$38K	12x	as long as short