Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.050%

Price spread now: Phemex against Bulk−0.023%7-day average −0.030% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.281%−$28 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.023%, 7d avg −0.030%

Together, before fees−0.350%−$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	787.88	0.0201	pay 0.0025% / 1h	12m 02s	$639K	$10K	10x
Short	Phemex BNBUSDT	787.70	0.0039	get 0.0039% / 8h	3h 12m	$68.9M	$50.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$34.02
Price spread: −0.023% → −0.030%: $0.68
Slippage, 4 orders: −$3.21
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$55.54
Costs to cover: 0.222%
Break-even: never at this rate

Slippage from Bulk: live order book, 42 min ago; Phemex: live order book, 2 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 Bulk live order book, 42 min ago	0.06 bp	3.6 bp −$4	3.7 bp −$37	4.5 bp −$448	8.3 bp −$4,145
Sell Phemex live order book, 2 min ago	0.82 bp	8.2 bp −$8	8.9 bp −$89	12.4 bp −$1,239	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	786.96	−0.117%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.18	−0.089%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.80	−0.010%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	788.10	+0.028%	$124K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.28	+0.051%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.09	−0.101%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0022%	8h	787.96	+0.010%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDT	+0.0033%	8h	787.53	−0.044%	—	$22.3M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.184%	$19K	$789K	30x	as long as short
Phemex BNBUSDTshort	+0.0039%	8h	787.70	−0.023%	$68.9M	$50.7M	50x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0041%	8h	788.20	+0.041%	$79.9M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0041%	8h	787.95	+0.009%	$491.1M	$802.7M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	788.00	+0.015%	$579K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0081%	1h	787.24	−0.081%	$159K	$63K	10x	as long as short
Phoenix BNB	+0.0092%	1h	787.74	−0.018%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.34	−0.068%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.19	−0.088%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.30	−0.074%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.97	+0.011%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.72	−0.020%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.23	−0.083%	$138.4M	$74.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−0.086%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.70	−0.023%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.35	−0.067%	$36.1M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.13	−0.095%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.04	−0.107%	$76.2M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.79	−0.011%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.31	−0.072%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.93	+0.006%	$4.1M	$74.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.81	−0.009%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.16	−0.091%	$132K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.25	−0.080%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.80	−0.010%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.40	−0.061%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.36	−0.066%	$8.1M	$9.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.82	−0.008%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.83	−0.134%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.25	−0.080%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0161%	8h	787.91	+0.004%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0177%	8h	788.09	+0.027%	$2.9M	$28.7M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.63	−0.032%	$1.5M	$143K	25x	as long as short
Bulk BNB-USDlong	+0.0201%	1h	787.88	long leg	$639K	$10K	10x
01 Exchange BNBUSD	+0.0240%	1h	787.99	+0.014%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	786.95	−0.118%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0424%	1h	787.58	−0.038%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	787.72	−0.020%	$1.1M	$894K	20x	as long as short