Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.026%

Price spread now: Phemex against GRVT+0.030%77s7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as 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−$280.277% of the position

Long on GRVT Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now +0.030%, 7d avg −0.013%

Together, before fees−0.089%+ Points / potential airdropGRVT: Active · farm board−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.043% dearer against GRVT than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.013%. The two prices were read 77 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	GRVT BNB_USDT_Perp	799.99	0	get 0.0000% / 8h	7h 39m	$3.0M	$27.6M	10x
Short	Phemex BNBUSDT	800.23	0	get 0.0000% / 8h	7h 39m	$69.9M	$50.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against GRVT. 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 GRVTbpFee PhemexbpOrdersPrice spread, now +0.030%Rate

Funding earned: $0
Price spread: +0.030% → −0.013%: $4.34
Slippage, 4 orders: −$6.74
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$23.4
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from GRVT: live order book, 4 min ago; Phemex: live order book, 4 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 GRVT live order book, 4 min ago	0.06 bp	5.4 bp −$5	7.2 bp −$72	20.5 bp −$2,053	doesn't fit
Sell Phemex live order book, 4 min ago	1.63 bp	9.2 bp −$9	10.1 bp −$101	15.5 bp −$1,550	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	799.62	−0.046%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0120%	1h	799.51	−0.059%	$2.5M	$976K	50x	as long as short
BingX BNB-USDT	−0.0094%	8h	799.68	−0.038%	—	$35.2M	—	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.37	−0.077%	$4K	$239	25x	as long as short
Bybit BNBUSDT	−0.0061%	8h	799.38	−0.076%	$138.8M	$76.3M	75x	as long as short
GRVT BNB_USDT_Perplong	0.0000%	8h	799.99	long leg	$3.0M	$27.6M	10x
StandX BNB-USD	0.0000%	1h	799.91	−0.010%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDTshort	0.0000%	8h	800.23	+0.030%	$69.9M	$50.5M	50x
Variational Omni BNB	+0.0005%	8h	798.83	−0.145%	$4.1M	$5.3M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.68	−0.039%	$9.7M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.638%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.00	−0.248%	$601K	$970K	50x	as long as short
Aster BNBUSDT	+0.0067%	8h	800.24	+0.032%	$6.2M	$19.2M	200x	as long as short
Gate BNB_USDT	+0.0084%	8h	799.50	−0.061%	$35.8M	$56.1M	75x	as long as short
MEXC BNB_USDT	+0.0088%	8h	800.60	+0.077%	$83.2M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0089%	8h	800.32	+0.041%	$496.8M	$810.9M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.92	−0.008%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.69	−0.162%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.87	−0.140%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.39	−0.075%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.40	−0.073%	$54.2M	$110.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.90	−0.011%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.55	−0.055%	$28.0M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.45	−0.067%	$78.9M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.75	−0.029%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.20	−0.098%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.50	−0.061%	$118K	$871K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.69	−0.037%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.83	−0.020%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.16	+0.022%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.80	−0.023%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.87	−0.015%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.44	+0.056%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.25	−0.092%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.64	−0.044%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0118%	1h	798.39	−0.199%	$648K	$11K	10x	as long as short
Hibachi BNB/USDT-P	+0.0136%	1h	799.97	−0.002%	$70K	$36K	12x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.80	−0.023%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0157%	8h	799.70	−0.036%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0209%	8h	799.68	−0.038%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	800.17	+0.023%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0283%	1h	799.47	−0.064%	$161K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.16	+0.022%	$1.6M	$160K	25x	as long as short
Hyperliquid BNB	+0.0316%	1h	800.43	+0.055%	$53.2M	$20.6M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	799.21	−0.097%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0401%	1h	800.52	+0.067%	$2.7M	$5.6M	40x	as long as short