Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.097%

Price spread now: Phemex against dYdX+0.034%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.519%−$52 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.034%, 7d avg +0.068%

Together, before fees−0.537%−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.033% cheaper against dYdX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.068%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BNB-USD	788.56	0.0097	pay 0.0012% / 1h	30m 50s	$160K	$64K	10x
Short	Phemex BNBUSDT	788.83	0.0048	get 0.0048% / 8h	3h 30m	$69.0M	$50.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$10.17
Price spread: +0.034% → +0.068%: −$3.33
Slippage, 4 orders: −$26.01
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$61.52
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from dYdX: live order book, 23 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 dYdX live order book, 23 min ago	9.99 bp	17.2 bp −$17	35.2 bp −$352	84.3 bp −$8,432	139.0 bp −$69.5K
Sell Phemex live order book, 3 min ago	0.06 bp	7.4 bp −$7	8.5 bp −$85	12.0 bp −$1,199	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	788.41	−0.019%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.39	−0.022%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.29	−0.034%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.91	+0.045%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.44	−0.015%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0028%	8h	788.77	+0.027%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.096%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0040%	8h	788.42	−0.018%	—	$13.4M	—	as long as short
Phemex BNBUSDTshort	+0.0048%	8h	788.83	+0.034%	$69.0M	$50.6M	50x
Binance BNBUSDT	+0.0049%	8h	788.70	+0.018%	$491.9M	$798.8M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0049%	8h	789.30	+0.094%	$80.0M	$12.0M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.216%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.43	−0.016%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.37	−0.024%	$2.7M	$3.8M	20x	as long as short
dYdX BNB-USDlong	+0.0097%	1h	788.56	long leg	$160K	$64K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	788.54	−0.002%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.95	−0.077%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.75	+0.024%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.35	−0.026%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.12	−0.056%	$138.7M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.10	−0.058%	$53.5M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.40	−0.020%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.35	−0.026%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.10	−0.058%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.95	−0.077%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.90	+0.043%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.21	−0.044%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.62	+0.008%	$4.1M	$73.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.47	−0.011%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.16	−0.050%	$130K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.60	+0.005%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.67	+0.014%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.70	+0.018%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.30	−0.033%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.43	−0.017%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.97	−0.075%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.53	−0.004%	$379K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0122%	8h	789.30	+0.094%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0169%	8h	788.97	+0.052%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0174%	8h	789.08	+0.066%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0219%	1h	788.52	−0.005%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.74	+0.023%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.02	+0.058%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	788.14	−0.053%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	788.36	−0.025%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.57	+0.002%	$1.1M	$893K	20x	as long as short