Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.014%

Price spread now: Phemex against Deribit+0.020%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$22 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now +0.020%, 7d avg +0.026%

Together, before fees−0.226%−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	799.94	0.0200	pay 0.0025% / 1h	10m 47s	$1.6M	$165K	25x
Short	Phemex BNBUSDT	800.10	0.0116	get 0.0116% / 8h	1h 10m	$69.9M	$51.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$17.71
Price spread: +0.020% → +0.026%: −$0.57
Slippage, 4 orders: −$11.87
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.15
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Phemex: live order book, 3 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 Deribit live order book, 3 min ago	1.87 bp	8.0 bp −$8	13.9 bp −$139	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.06 bp	6.4 bp −$6	7.1 bp −$71	12.3 bp −$1,234	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 −0.0201% / S +0.0372%	1h	799.51	−0.053%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.16	+0.028%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.06	+0.015%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	800.10	+0.020%	$140K	$2.8M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	800.45	+0.064%	$865K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.55	−0.049%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0035%	8h	799.95	+0.001%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0055%	8h	799.57	−0.046%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0065%	8h	799.00	−0.117%	$139.1M	$79.1M	75x	as long as short
Aster BNBUSDT	+0.0095%	8h	800.11	+0.021%	$6.3M	$19.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	799.73	−0.026%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	+0.154%	$610K	$994K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.48	−0.057%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.94	0.000%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.10	−0.105%	$54.6M	$115.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.00	+0.008%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	799.25	−0.086%	$35.7M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.36	−0.072%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.22	−0.090%	$80.8M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.31	+0.047%	$4.2M	$77.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.33	+0.049%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.56	−0.047%	$121K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.56	−0.047%	$386K	$512K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.68	−0.033%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.16	+0.028%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.70	−0.030%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.73	−0.026%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.25	+0.039%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.13	−0.101%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.63	−0.039%	$384K	$40K	10x	as long as short
Phemex BNBUSDTshort	+0.0116%	8h	800.10	+0.020%	$69.9M	$51.7M	50x
Binance BNBUSDT	+0.0116%	8h	800.01	+0.009%	$502.5M	$817.6M	75x	as long as short
MEXC BNB_USDT	+0.0116%	8h	800.60	+0.083%	$83.2M	$13.8M	200x	as long as short
Phoenix BNB	+0.0155%	1h	800.04	+0.013%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0200%	1h	799.74	−0.025%	$71K	$49K	12x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0200%	1h	799.94	long leg	$1.6M	$165K	25x
Kraken Futures PF_BNBUSD	+0.0207%	1h	799.35	−0.074%	$2.6M	$969K	50x	as long as short
BloFin BNB-USDT	+0.0236%	8h	800.21	+0.034%	$18.3M	$2.5M	75x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.644%	$19K	$789K	30x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	800.35	+0.051%	$28K	$1K	10x	as long as short
Bulk BNB-USD	+0.0314%	1h	802.70	+0.345%	$652K	$21K	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	799.89	−0.006%	$1.1M	$1.4M	20x	as long as short
Hyperliquid BNB	+0.0321%	1h	800.24	+0.038%	$51.8M	$21.9M	10x	as long as short
dYdX BNB-USD	+0.0330%	1h	799.94	0.000%	$161K	$62K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.22	−0.090%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0578%	1h	800.36	+0.053%	$2.7M	$5.7M	40x	as long as short