Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.013%

Price spread now: Phoenix against Bybit+0.135%65s7-day average +0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as 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−$380.383% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.293%+$29 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now +0.135%, 7d avg +0.115%

Together, before fees+0.392%+$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.115%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 65 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	Bybit BNBUSDT	802.03	0.0096	pay 0.0096% / 8h	2h 48m	$138.8M	$82.8M	75x
Short	Phoenix BNB	803.11	0.0125	get 0.0016% / 1h	48m 21s	$173K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.135%Rate

Funding earned: $6.18
Price spread: +0.135% → +0.115%: $1.95
Slippage, 4 orders: −$20.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$30.18
Costs to cover: 0.383%
Break-even: 41.2 days

Slippage from Bybit: live order book, 6 min ago; Phoenix: live order book, 34 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 Bybit live order book, 6 min ago	0.62 bp	6.3 bp −$6	8.1 bp −$81	21.5 bp −$2,152	126.7 bp −$63.3K
Sell Phoenix live order book, 34 min ago	0.99 bp	12.3 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 −0.0195% / S +0.0371%	1h	802.58	+0.068%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.66	+0.079%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.08	+0.131%	$3.0M	$30.0M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	802.90	+0.108%	$109K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.05	+0.127%	$868K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.61	+0.072%	$9.7M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	802.31	+0.035%	$2.5M	$916K	50x	as long as short
Variational Omni BNB	+0.0063%	8h	802.15	+0.015%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0070%	8h	802.48	+0.056%	—	$13.3M	—	as long as short
Aster BNBUSDT	+0.0085%	8h	802.94	+0.113%	$6.4M	$18.9M	200x	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	803.99	+0.244%	$608K	$898K	50x	as long as short
Bybit BNBUSDTlong	+0.0096%	8h	802.03	long leg	$138.8M	$82.8M	75x
Lighter BNB	+0.0096%	1h	802.57	+0.067%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.25	+0.027%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.65	+0.077%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.50	+0.059%	$54.9M	$115.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.70	+0.084%	$52K	$161K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.30	+0.034%	$35.9M	$58.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.39	+0.045%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.19	+0.020%	$78.9M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.76	+0.216%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.32	+0.161%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.45	+0.052%	$118K	$869K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.72	+0.086%	$388K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.85	+0.102%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.83	+0.099%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	802.30	+0.034%	$395K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	802.72	+0.086%	$1.6M	$162K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.58	+0.069%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.09	+0.132%	$78K	$19K	50x	as long as short
Binance BNBUSDT	+0.0102%	8h	803.23	+0.150%	$518.1M	$806.6M	75x	as long as short
MEXC BNB_USDT	+0.0102%	8h	803.60	+0.196%	$84.3M	$13.5M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	802.35	+0.040%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.83	+0.100%	$386K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0123%	8h	802.78	+0.094%	$70.1M	$51.6M	50x	as long as short
Phoenix BNBshort	+0.0125%	1h	803.11	+0.135%	$173K	$35K	10x
Hyperliquid BNB	+0.0161%	1h	803.16	+0.141%	$51.6M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0161%	1h	803.45	+0.177%	$649K	$11K	10x	as long as short
dYdX BNB-USD	+0.0207%	1h	802.35	+0.040%	$170K	$55K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	802.86	+0.103%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0222%	8h	802.79	+0.095%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.53	+0.062%	$71K	$48K	12x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	803.23	+0.150%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0335%	1h	802.26	+0.029%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.360%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0682%	1h	803.45	+0.177%	$3.0M	$5.3M	40x	as long as short