Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0121%/8h= +13.2% APRpaid last 24h −0.019%

Price spread now: Phemex against Kraken Futures+0.083%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.083%, 7d avg +0.076%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.076%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BNBUSD	799.20	−0.0121	get 0.0015% / 1h	37m 04s	$2.5M	$974K	50x
Short	Phemex BNBUSDT	799.87	0	get 0.0000% / 8h	7h 37m	$69.9M	$50.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.083%Rate

Funding earned: $25.31
Price spread: +0.083% → +0.076%: $0.72
Slippage, 4 orders: −$13.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$9.44
Costs to cover: 0.355%
Break-even: 9.6 days

Slippage from Kraken Futures: live order book, 2 min ago; Phemex: live order book, 2 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 Kraken Futures live order book, 2 min ago	2.82 bp	10.1 bp −$10	15.3 bp −$153	29.2 bp −$2,925	70.5 bp −$35.3K
Sell Phemex live order book, 2 min ago	0.44 bp	6.5 bp −$6	6.6 bp −$66	9.8 bp −$976	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	799.35	+0.018%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSDlong	−0.0121%	1h	799.20	long leg	$2.5M	$974K	50x
Hotstuff BNB-PERP	−0.0080%	1h	799.42	+0.027%	$4K	$239	25x	as long as short
BingX BNB-USDT	−0.0057%	8h	799.68	+0.060%	—	$35.0M	—	as long as short
Bybit BNBUSDT	−0.0046%	8h	799.20	0.000%	$138.8M	$75.8M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.67	+0.058%	$3.0M	$27.4M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.07	+0.108%	$865K	$2.9M	30x	as long as short
Phemex BNBUSDTshort	0.0000%	8h	799.87	+0.083%	$69.9M	$50.5M	50x
Variational Omni BNB	+0.0005%	8h	798.83	−0.047%	$4.1M	$5.3M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.35	+0.018%	$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	+0.737%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.00	−0.151%	$601K	$969K	50x	as long as short
Aster BNBUSDT	+0.0065%	8h	799.77	+0.071%	$6.2M	$19.1M	200x	as long as short
Binance BNBUSDT	+0.0087%	8h	800.13	+0.116%	$496.7M	$807.9M	75x	as long as short
MEXC BNB_USDT	+0.0087%	8h	800.30	+0.137%	$83.2M	$13.5M	200x	as long as short
Gate BNB_USDT	+0.0092%	8h	799.35	+0.018%	$35.7M	$56.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.60	+0.050%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	799.23	+0.003%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.73	−0.059%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.31	+0.013%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.60	+0.050%	$54.2M	$110.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.30	+0.012%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.25	+0.006%	$28.0M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.40	+0.025%	$78.9M	$27.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.78	+0.072%	$4.2M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.89	+0.086%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.21	+0.001%	$118K	$871K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.26	+0.007%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.46	+0.032%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.84	+0.080%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.60	+0.050%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.44	+0.029%	$8.2M	$8.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.80	+0.074%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.88	−0.040%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.38	+0.022%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.69	+0.061%	$649K	$10K	10x	as long as short
Hibachi BNB/USDT-P	+0.0144%	1h	798.96	−0.030%	$69K	$37K	12x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.15	−0.006%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0155%	8h	799.60	+0.050%	$90K	$2.8M	4.8x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	799.80	+0.074%	$1.6M	$160K	25x	as long as short
BloFin BNB-USDT	+0.0207%	8h	799.67	+0.058%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	799.65	+0.056%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0263%	1h	798.82	−0.048%	$161K	$63K	10x	as long as short
Hyperliquid BNB	+0.0318%	1h	800.50	+0.162%	$53.2M	$20.6M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.90	−0.038%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0398%	1h	800.43	+0.154%	$2.7M	$5.6M	40x	as long as short