Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h +0.025%

Price spread now: Deribit against OKX+0.170%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 4 days (all we have)−0.146%−$15 · spread now +0.170%, 7d avg +0.067%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.103% dearer against OKX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.067%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.152% in total (about 7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BNB-USDT-SWAP	783.80	0.0100	pay 0.0100% / 8h	2h 28m	$53.3M	$112.1M	50x
Short	Deribit BNB_USDC-PERPETUAL	785.13	0.0400	get 0.0050% / 1h	28m 36s	$1.5M	$143K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.170%Rate

Funding earned: $63
Price spread: +0.170% → +0.067%: $10.26
Slippage, 4 orders: −$12.19
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $44.07
Costs to cover: 0.292%
Break-even: 2.1 days

Slippage from OKX: live order book, 5 min ago; Deribit: live order book, just now.

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	0.64 bp	6.8 bp −$7	7.9 bp −$79	21.8 bp −$2,180	doesn't fit
Sell Deribit live order book, just now	2.99 bp	7.1 bp −$7	12.4 bp −$124	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 −0.0192% / S +0.0356%	1h	784.56	+0.098%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.16	+0.174%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	785.52	+0.219%	$847K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.65	+0.109%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0031%	8h	784.62	+0.105%	$6.0M	$18.9M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.716%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0042%	8h	784.12	+0.041%	—	$22.1M	—	as long as short
Phemex BNBUSDT	+0.0050%	8h	784.99	+0.152%	$68.7M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0053%	8h	784.90	+0.140%	$79.5M	$11.9M	200x	as long as short
Binance BNBUSDT	+0.0054%	8h	784.60	+0.102%	$488.7M	$809.8M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	784.34	+0.070%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	784.32	+0.066%	$577K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.04	+0.031%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.74	+0.120%	$264K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.40	+0.077%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.71	+0.116%	$51.3M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.32	+0.066%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.90	+0.013%	$137.7M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAPlong	+0.0100%	8h	783.80	long leg	$53.3M	$112.1M	50x
Arcus BNB-USD	+0.0100%	1h	784.30	+0.064%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	783.95	+0.019%	$36.4M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.90	+0.013%	$27.5M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.62	−0.023%	$75.9M	$30.9M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.83	+0.131%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.13	+0.042%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.38	+0.201%	$4.1M	$75.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.10	+0.166%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.88	+0.138%	$131K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.80	+0.127%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.66	+0.237%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.60	+0.102%	$386K	$994K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.67	+0.111%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.39	+0.075%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.58	−0.028%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.97	+0.149%	$377K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	785.13	+0.170%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0139%	8h	785.10	+0.166%	$154K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0150%	1h	784.37	+0.072%	$159K	$61K	10x	as long as short
BloFin BNB-USDT	+0.0174%	8h	785.33	+0.195%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0206%	8h	784.96	+0.148%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0288%	1h	785.88	+0.265%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0298%	1h	785.69	+0.241%	$637K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	784.61	+0.104%	$6K	$3K	40x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0400%	1h	785.13	+0.170%	$1.5M	$143K	25x
RISEx BNB/USDC	+0.0432%	1h	784.37	+0.073%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0496%	1h	785.03	+0.157%	$67K	$39K	12x	as long as short