Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0353%/8h= −38.6% APRpaid last 24h −0.078%

Price spread now: Phemex against Hibachi+0.048%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hibachi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.561%−$56 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHibachi: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.048% dearer against Hibachi than usual: you sell high and buy low (spread +0.048% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BNB/USDT-P	789.56	0.0416	pay 0.0052% / 1h	23m 45s	$67K	$38K	12x
Short	Phemex BNBUSDT	789.94	0.0063	get 0.0063% / 8h	4h 23m	$69.1M	$49.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hibachi. 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 HibachibpFee PhemexbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$74.07
Price spread: +0.048% → 0.000%: $4.79
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$90.28
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hibachi: no order-book sample; Phemex: live order book, 5 min ago. Net counts fees only.

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 Hibachi no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	1.01 bp	7.2 bp −$7	10.0 bp −$100	12.4 bp −$1,242	doesn't fit

Hibachi: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0187% / S +0.0351%	1h	789.27	−0.037%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.89	+0.042%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.60	+0.005%	$852K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.29	−0.034%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.967%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0040%	8h	789.90	+0.043%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0052%	8h	789.58	+0.002%	—	$13.4M	—	as long as short
Phemex BNBUSDTshort	+0.0063%	8h	789.94	+0.048%	$69.1M	$49.9M	50x
MEXC BNB_USDT	+0.0064%	8h	790.20	+0.081%	$80.2M	$12.4M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.014%	$582K	$1.9M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0064%	8h	789.72	+0.020%	$493.2M	$790.2M	75x	as long as short
Lighter BNB	+0.0096%	1h	789.48	−0.011%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.36	−0.026%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.45	−0.014%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.91	+0.044%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.57	+0.001%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.20	−0.046%	$138.8M	$74.5M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	−0.059%	$53.4M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.40	−0.021%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.20	−0.046%	$35.5M	$57.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.22	−0.043%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.95	−0.078%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.72	+0.020%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.00	−0.071%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.13	+0.071%	$4.1M	$73.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.94	+0.048%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.19	−0.047%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.43	−0.016%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.96	+0.051%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.50	−0.008%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.38	−0.023%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.82	+0.032%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.89	−0.085%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.23	−0.042%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	791.77	+0.280%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0131%	1h	789.35	−0.027%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0145%	8h	790.08	+0.066%	$2.9M	$28.5M	10x	as long as short
Kalshi KXBNBPERP	+0.0178%	8h	790.10	+0.068%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0185%	8h	790.17	+0.077%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.072%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.94	+0.048%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.28	−0.036%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.76	+0.026%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	789.05	−0.065%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-Plong	+0.0416%	1h	789.56	long leg	$67K	$38K	12x
RISEx BNB/USDC	+0.0461%	1h	789.48	−0.011%	$1.1M	$967K	20x	as long as short