Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.043%

Price spread now: Bulk against OKX+0.170%7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$190.188% of the position

Long on OKX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.239%+$24 on $10k

Price spread, last 4 days (all we have)−0.223%−$22 · spread now +0.170%, 7d avg +0.121%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bulk is 0.049% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.121%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BNB-USDT-SWAP	787.40	0.0100	pay 0.0100% / 8h	6h 58m	$53.7M	$107.6M	50x
Short	Bulk BNB-USD	788.74	0.0150	get 0.0019% / 1h	58m 57s	$639K	$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against OKX. 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 OKXbpFee BulkbpOrdersPrice spread, now +0.170%Rate

Funding earned: $10.53
Price spread: +0.170% → +0.121%: $4.9
Slippage, 4 orders: −$1.79
Fee OKX: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$3.36
Costs to cover: 0.188%
Break-even: 9.2 days

Slippage from OKX: live order book, 5 min ago; Bulk: live order book, 35 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 OKX live order book, 5 min ago	0.63 bp	5.6 bp −$6	7.2 bp −$72	19.5 bp −$1,946	doesn't fit
Sell Bulk live order book, 35 min ago	0.06 bp	3.6 bp −$4	4.3 bp −$43	7.4 bp −$738	16.0 bp −$7,984

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 −0.0166% / S +0.0336%	1h	787.50	+0.013%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.87	+0.060%	$4K	—	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	788.33	+0.118%	$2.9M	$26.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	788.48	+0.137%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.53	+0.017%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0008%	8h	787.99	+0.075%	$6.0M	$17.7M	200x	as long as short
BingX BNB-USDT	+0.0022%	8h	787.67	+0.034%	—	$22.3M	—	as long as short
MEXC BNB_USDT	+0.0027%	8h	789.30	+0.241%	$83.1M	$11.7M	200x	as long as short
Binance BNBUSDT	+0.0027%	8h	788.03	+0.080%	$482.9M	$797.2M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.247%	$19K	$789K	30x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0035%	1h	787.45	+0.007%	$2.5M	$1.2M	50x	as long as short
Phemex BNBUSDT	+0.0065%	8h	788.04	+0.081%	$68.5M	$51.4M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.55	+0.019%	$2.7M	$3.4M	20x	as long as short
Nado BNB-PERP	+0.0097%	1h	787.25	−0.019%	$1.4M	$2.5M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.16	+0.097%	$51.8M	$17.3M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.87	+0.059%	$1.2M	$940K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.40	0.000%	$138.8M	$70.8M	75x	as long as short
OKX BNB-USDT-SWAPlong	+0.0100%	8h	787.40	long leg	$53.7M	$107.6M	50x
Arcus BNB-USD	+0.0100%	1h	787.80	+0.051%	$52K	$124K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.50	+0.013%	$39.9M	$53.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.23	−0.022%	$27.8M	$9.7M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.13	−0.034%	$75.7M	$32.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.91	+0.065%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.30	−0.012%	$4.3M	$4.9M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.05	+0.083%	$4.1M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.09	+0.088%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.53	+0.017%	$130K	$916K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.42	+0.003%	$264K	$304K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.94	+0.068%	$12K	$1.4M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.60	+0.025%	$387K	$940K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.59	+0.024%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.01	+0.077%	$78K	$267K	50x	as long as short
Kalshi KXBNBPERP	+0.0102%	8h	788.50	+0.140%	$161K	$2.5M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	787.03	−0.047%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.39	−0.002%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0109%	8h	788.43	+0.131%	$17.6M	$2.3M	75x	as long as short
Phoenix BNB	+0.0120%	1h	788.35	+0.121%	$158K	$37K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0136%	1h	787.77	+0.047%	$550K	$1.9M	50x	as long as short
Bulk BNB-USDshort	+0.0150%	1h	788.74	+0.170%	$639K	$0	10x
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.85	+0.057%	$1.5M	$138K	25x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	788.26	+0.109%	$28K	$3K	10x	as long as short
dYdX BNB-USD	+0.0315%	1h	787.36	−0.005%	$158K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0318%	1h	787.19	−0.027%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0345%	1h	787.74	+0.043%	$1.1M	$895K	20x	as long as short
Hibachi BNB/USDT-P	+0.0424%	1h	787.78	+0.048%	$67K	$38K	12x	as long as short