Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0037%/8h= +4.1% APRpaid last 24h +0.007%

Price spread now: Phoenix against Binance+0.254%85s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.350% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 on $10k

Price spread, last 3 days (all we have)−0.214%−$21 · spread now +0.254%, 7d avg +0.004%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.250% dearer against Binance than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.004%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BNBUSDT	792.50	0.0062	pay 0.0062% / 8h	6h 53m	$492.4M	$818.7M	75x
Short	Phoenix BNB	794.51	0.0099	get 0.0012% / 1h	53m 56s	$171K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.254%Rate

Funding earned: $7.78
Price spread: +0.254% → +0.004%: $25
Slippage, 4 orders: −$18.04
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$2.26
Costs to cover: 0.350%
Break-even: 9.0 days

Slippage from Binance: live order book, 5 min ago; Phoenix: live order book, 8 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 Binance live order book, 5 min ago	0.06 bp	5.2 bp −$5	7.0 bp −$70	17.9 bp −$1,789	doesn't fit
Sell Phoenix live order book, 8 min ago	1.01 bp	12.4 bp −$12	43.2 bp −$432	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 −0.0161% / S +0.0334%	1h	790.84	−0.209%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	791.78	−0.090%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	791.59	−0.115%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0031%	8h	791.85	−0.082%	$35.6M	$54.9M	75x	as long as short
dYdX BNB-USD	0.0000%	1h	791.77	−0.092%	$160K	$63K	10x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	794.24	+0.220%	$3.0M	$28.1M	10x	as long as short
StandX BNB-USD	0.0000%	1h	792.60	+0.013%	$857K	$3.0M	30x	as long as short
Variational Omni BNB	+0.0006%	8h	791.53	−0.123%	$4.1M	$5.1M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	790.85	−0.208%	$9.6M	—	150x	as long as short
Aster BNBUSDT	+0.0033%	8h	791.81	−0.087%	$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	+1.589%	$19K	$789K	30x	as long as short
Bybit BNBUSDT	+0.0045%	8h	791.80	−0.088%	$137.8M	$77.1M	75x	as long as short
BingX BNB-USDT	+0.0045%	8h	792.16	−0.043%	—	$35.0M	—	as long as short
Phemex BNBUSDT	+0.0048%	8h	791.95	−0.069%	$69.2M	$50.4M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	791.39	−0.140%	$607K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0062%	8h	792.80	+0.038%	$82.2M	$12.7M	200x	as long as short
Binance BNBUSDTlong	+0.0062%	8h	792.50	long leg	$492.4M	$818.7M	75x
Lighter BNB	+0.0096%	1h	791.86	−0.080%	$2.8M	$3.9M	20x	as long as short
Phoenix BNBshort	+0.0099%	1h	794.51	+0.254%	$171K	$36K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	791.46	−0.131%	$382K	$468K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	790.65	−0.233%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	792.62	+0.015%	$52.5M	$19.8M	10x	as long as short
Pacifica BNB	+0.0100%	1h	791.94	−0.070%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	791.70	−0.101%	$53.2M	$110.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	791.60	−0.114%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	791.83	−0.085%	$27.7M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	791.81	−0.087%	$77.6M	$28.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	794.42	+0.242%	$4.1M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	794.47	+0.249%	$160K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	791.07	−0.180%	$112K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	791.50	−0.126%	$31K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	792.17	−0.042%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	791.80	−0.088%	$389K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	791.06	−0.182%	$8.1M	$8.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	791.80	−0.089%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	791.70	−0.101%	$1.7M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	791.55	−0.120%	$380K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	791.39	−0.140%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0139%	1h	794.97	+0.312%	$646K	$10K	10x	as long as short
Kalshi KXBNBPERP	+0.0162%	8h	791.90	−0.076%	$94K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0183%	8h	792.41	−0.011%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	791.58	−0.116%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	791.93	−0.072%	$1.5M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	790.71	−0.226%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0432%	1h	792.10	−0.051%	$68K	$38K	12x	as long as short
Backpack BNB_USDC_PERP	+0.0454%	1h	792.85	+0.044%	$2.7M	$5.7M	40x	as long as short