Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.010%

Price spread now: Phoenix against Bitget+0.132%7-day average +0.126% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.391% of the position

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.225%+$23 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now +0.132%, 7d avg +0.126%

Together, before fees+0.258%+$26 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget BNBUSDT	798.08	0.0100	pay 0.0100% / 8h	7h 20m	$78.2M	$28.1M	75x
Short	Phoenix BNB	799.13	0.0099	get 0.0012% / 1h	20m 45s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.132%Rate

Funding earned: −$0.2
Price spread: +0.132% → +0.126%: $0.6
Slippage, 4 orders: −$20.06
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$38.66
Costs to cover: 0.391%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Phoenix: live order book, 46 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 Bitget live order book, 3 min ago	0.06 bp	7.4 bp −$7	10.5 bp −$105	25.4 bp −$2,542	doesn't fit
Sell Phoenix live order book, 46 min ago	1.00 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 −0.0159% / S +0.0335%	1h	798.30	+0.027%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.41	+0.041%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.95	+0.109%	$4K	$239	25x	as long as short
BingX BNB-USDT	−0.0007%	8h	798.59	+0.064%	—	$35.0M	—	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.63	+0.320%	$3.0M	$27.7M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.35	+0.159%	$864K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0004%	8h	797.72	−0.045%	$4.1M	$5.0M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.24	+0.020%	$9.7M	—	150x	as long as short
Phemex BNBUSDT	+0.0009%	8h	798.92	+0.105%	$69.8M	$50.0M	50x	as long as short
Gate BNB_USDT	+0.0010%	8h	798.20	+0.015%	$35.9M	$56.7M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BNBUSDT	+0.0014%	8h	798.23	+0.019%	$138.7M	$76.3M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.878%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	+0.124%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0055%	8h	798.71	+0.079%	$6.2M	$19.4M	200x	as long as short
Binance BNBUSDT	+0.0077%	8h	799.06	+0.123%	$496.1M	$811.5M	75x	as long as short
MEXC BNB_USDT	+0.0078%	8h	799.30	+0.153%	$83.1M	$13.7M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.55	+0.058%	$2.8M	$4.0M	20x	as long as short
Phoenix BNBshort	+0.0099%	1h	799.13	+0.132%	$172K	$36K	10x
Nado BNB-PERP	+0.0100%	1h	798.25	+0.021%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.83	+0.093%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.20	+0.015%	$54.2M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.90	+0.103%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.12	+0.005%	$27.9M	$10.1M	75x	as long as short
Bitget BNBUSDTlong	+0.0100%	8h	798.08	long leg	$78.2M	$28.1M	75x
edgeX BNBUSDC	+0.0100%	4h	800.04	+0.246%	$4.2M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.98	+0.238%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.35	+0.034%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.26	+0.023%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.39	+0.039%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.94	+0.108%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.50	+0.053%	$393K	$998K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.09	+0.002%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.17	+0.137%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.12	+0.005%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.42	+0.043%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.28	+0.150%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.55	+0.060%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0156%	8h	799.20	+0.140%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0197%	8h	798.81	+0.091%	$18.0M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	798.75	+0.084%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.74	+0.083%	$1.6M	$161K	25x	as long as short
dYdX BNB-USD	+0.0202%	1h	799.08	+0.126%	$161K	$63K	10x	as long as short
Hibachi BNB/USDT-P	+0.0256%	1h	799.00	+0.115%	$68K	$38K	12x	as long as short
Hyperliquid BNB	+0.0300%	1h	798.99	+0.114%	$53.1M	$20.3M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	797.81	−0.034%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0400%	1h	799.37	+0.162%	$2.7M	$5.7M	40x	as long as short