Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0305%/8h= +33.4% APRpaid last 24h −0.009%

Price spread now: Injective against Variational Omni−0.041%7-day average −0.323% · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.063%+$6 on $10k

Price spread, last 3 days (all we have)−0.482%−$48 · spread now −0.041%, 7d avg −0.323%

Together, before fees−0.420%+ Points / potential airdropVariational Omni: Active · farm board−$42 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 Injective is 0.282% dearer against Variational Omni than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.323%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.063% in total (about 7.1% 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	Variational Omni BNB	805.22	0.0048	pay 0.0048% / 8h	2h 21m	$4.0M	$5.4M	—
Short	Injective BNB/USDC PERP	804.89	0.0353	get 0.0044% / 1h	21m 12s	$19K	$627K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −0.041%Rate

Funding earned: $64.06
Price spread: −0.041% → −0.323%: $28.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $92.21
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Injective: no order-book sample. 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 Variational Omni RFQ quote, 3 min ago	3.33 bp	doesn't fit	7.0 bp −$70	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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]	L −0.0195% / S +0.0371%	1h	806.17	+0.118%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.58	+0.169%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.55	+0.165%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.90	+0.208%	$114K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.16	+0.117%	$871K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.18	+0.119%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	806.28	+0.131%	$2.5M	$908K	50x	as long as short
Variational Omni BNBlong	+0.0048%	8h	805.22	long leg	$4.0M	$5.4M	—
BingX BNB-USDT	+0.0054%	8h	806.92	+0.211%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0077%	8h	805.92	+0.087%	$139.8M	$82.4M	75x	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	+0.0088%	1h	804.80	−0.052%	$609K	$879K	50x	as long as short
Aster BNBUSDT	+0.0096%	8h	806.82	+0.199%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	806.51	+0.159%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.12	+0.112%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.66	+0.179%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.10	+0.109%	$55.3M	$115.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.90	+0.208%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.15	+0.115%	$36.1M	$58.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.33	+0.138%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	806.33	+0.138%	$79.3M	$24.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.75	+0.190%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.35	+0.140%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.19	+0.120%	$119K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	806.23	+0.125%	$390K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.45	+0.153%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.74	+0.188%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	806.74	+0.189%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.11	+0.110%	$8.2M	$7.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.10	+0.233%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	805.90	+0.085%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.33	+0.138%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0111%	8h	807.20	+0.246%	$84.7M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0113%	8h	806.92	+0.211%	$521.1M	$804.9M	75x	as long as short
Phemex BNBUSDT	+0.0123%	8h	806.85	+0.202%	$70.4M	$51.8M	50x	as long as short
Phoenix BNB	+0.0125%	1h	806.38	+0.144%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0187%	1h	807.53	+0.287%	$52.0M	$21.4M	10x	as long as short
SoDEX BNB-USD	+0.0206%	1h	806.30	+0.134%	$396K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	806.60	+0.171%	$1.2M	$1.5M	20x	as long as short
Bulk BNB-USD	+0.0217%	1h	806.94	+0.214%	$652K	$11K	10x	as long as short
BloFin BNB-USDT	+0.0233%	8h	806.96	+0.216%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	806.21	+0.122%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0251%	1h	806.37	+0.143%	$171K	$55K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	805.80	+0.071%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	807.24	+0.251%	$29K	$1K	10x	as long as short
Injective BNB/USDC PERPshort	+0.0353%	1h	804.89	−0.041%	$19K	$627K	30x
Backpack BNB_USDC_PERP	+0.0650%	1h	807.80	+0.320%	$3.0M	$5.5M	40x	as long as short