Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.004%

Price spread now: Phemex against Lighter+0.027%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$170.168% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 3 days (all we have)−0.053%−$5 · spread now +0.027%, 7d avg +0.047%

Together, before fees−0.093%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.047%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BNB	802.36	0.0096	pay 0.0012% / 1h	33m 00s	$2.8M	$4.2M	20x
Short	Phemex BNBUSDT	802.58	0.0129	get 0.0129% / 8h	1h 33m	$70.1M	$51.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.027%Rate

Funding earned: $6.99
Price spread: +0.027% → +0.047%: −$1.94
Slippage, 4 orders: −$4.81
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$11.76
Costs to cover: 0.168%
Break-even: 18.8 days

Slippage from Lighter: live order book, 5 min ago; Phemex: live order book, 6 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 Lighter live order book, 5 min ago	0.27 bp	1.3 bp −$1	4.4 bp −$44	14.6 bp −$1,458	64.1 bp −$32.1K
Sell Phemex live order book, 6 min ago	0.50 bp	7.2 bp −$7	8.0 bp −$80	13.2 bp −$1,317	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	802.19	−0.021%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.61	+0.031%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.39	+0.378%	$3.0M	$29.1M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	802.90	+0.067%	$158K	$2.8M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.11	+0.343%	$870K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.24	−0.015%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0041%	8h	805.56	+0.399%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0058%	8h	801.26	−0.137%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0082%	8h	801.50	−0.107%	$139.7M	$82.9M	75x	as long as short
Lighter BNBlong	+0.0096%	1h	802.36	long leg	$2.8M	$4.2M	20x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	799.92	−0.304%	$603K	$963K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.30	−0.007%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.57	+0.026%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.70	−0.082%	$55.0M	$117.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.70	+0.042%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.85	−0.064%	$35.8M	$58.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.63	−0.091%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.92	−0.055%	$81.1M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	805.46	+0.386%	$4.2M	$77.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.51	+0.393%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.06	−0.037%	$121K	$879K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.11	−0.031%	$388K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.36	+0.001%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.66	+0.037%	$11K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.44	+0.010%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.76	+0.050%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0101%	8h	802.36	0.000%	$6.4M	$19.2M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	801.51	−0.106%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.03	+0.083%	$386K	$40K	10x	as long as short
Binance BNBUSDT	+0.0120%	8h	802.38	+0.003%	$517.5M	$827.9M	75x	as long as short
MEXC BNB_USDT	+0.0122%	8h	802.90	+0.067%	$83.4M	$13.8M	200x	as long as short
Hibachi BNB/USDT-P	+0.0128%	1h	805.18	+0.352%	$71K	$48K	12x	as long as short
Phemex BNBUSDTshort	+0.0129%	8h	802.58	+0.027%	$70.1M	$51.7M	50x
Phoenix BNB	+0.0155%	1h	804.78	+0.302%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0157%	1h	802.20	−0.020%	$395K	$1.0M	10x	as long as short
dYdX BNB-USD	+0.0186%	1h	802.20	−0.020%	$162K	$64K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	802.06	−0.038%	$2.6M	$983K	50x	as long as short
BloFin BNB-USDT	+0.0240%	8h	802.70	+0.042%	$18.8M	$2.6M	75x	as long as short
Hyperliquid BNB	+0.0247%	1h	803.00	+0.080%	$51.9M	$22.2M	10x	as long as short
Bulk BNB-USD	+0.0295%	1h	807.66	+0.661%	$652K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	802.66	+0.037%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.340%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	802.55	+0.024%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.82	−0.067%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	802.90	+0.067%	$28K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0677%	1h	803.05	+0.086%	$3.0M	$5.5M	40x	as long as short