Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h 0.000%

Price spread now: Phemex against Injective−0.604%65s7-day average +0.403% · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 3 days (all we have)+1.070%+$107 · spread now −0.604%, 7d avg +0.403%

Together, before fees+1.200%+$120 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 1.006% cheaper against Injective than usual: you would sell low and buy high (−$101 if the spread goes back to its 7-day average of +0.403%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.130%, so the current rate has only just turned against you. 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	Injective BNB/USDC PERP	805.09	0.0033	pay 0.0004% / 1h	39m 43s	$19K	$789K	30x
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 Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.604%Rate

Funding earned: −$7
Price spread: −0.604% → +0.403%: −$100.65
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$119.67
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
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

Injective: 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 −0.0201% / S +0.0372%	1h	799.62	−0.680%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0120%	1h	799.51	−0.693%	$2.5M	$976K	50x	as long as short
BingX BNB-USDC	−0.0094%	8h	799.78	−0.660%	—	$13.4M	—	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.06	−0.625%	$4K	$239	25x	as long as short
Bybit BNBUSDT	−0.0057%	8h	799.27	−0.723%	$138.8M	$76.3M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.99	−0.634%	$3.0M	$27.6M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.91	−0.643%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDTshort	0.0000%	8h	800.23	−0.604%	$69.9M	$50.5M	50x
Variational Omni BNB	+0.0005%	8h	798.83	−0.778%	$4.1M	$5.3M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.68	−0.672%	$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 PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.00	−0.881%	$601K	$970K	50x	as long as short
Aster BNBUSDT	+0.0067%	8h	800.24	−0.602%	$6.2M	$19.2M	200x	as long as short
Gate BNB_USDT	+0.0080%	8h	799.40	−0.707%	$35.7M	$56.1M	75x	as long as short
MEXC BNB_USDT	+0.0088%	8h	800.60	−0.558%	$83.2M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0088%	8h	800.26	−0.600%	$496.8M	$810.9M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.96	−0.637%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.69	−0.795%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.87	−0.773%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.84	−0.652%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.20	−0.732%	$54.2M	$110.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.70	−0.669%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.59	−0.683%	$28.0M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.02	−0.754%	$78.8M	$27.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.75	−0.663%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.20	−0.732%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.50	−0.694%	$118K	$871K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.69	−0.671%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.83	−0.654%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.16	−0.612%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.80	−0.657%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.87	−0.648%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.36	−0.588%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.84	−0.777%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.64	−0.677%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0118%	1h	798.39	−0.832%	$648K	$11K	10x	as long as short
Hibachi BNB/USDT-P	+0.0136%	1h	799.97	−0.636%	$70K	$36K	12x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.39	−0.709%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0157%	8h	799.70	−0.669%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0209%	8h	799.68	−0.672%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	799.60	−0.682%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0275%	1h	799.47	−0.698%	$161K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.16	−0.612%	$1.6M	$160K	25x	as long as short
Hyperliquid BNB	+0.0316%	1h	800.43	−0.579%	$53.2M	$20.6M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	799.21	−0.730%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0401%	1h	800.52	−0.568%	$2.7M	$5.6M	40x	as long as short