Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.001%

Price spread now: Phoenix against MEXC−0.154%107s7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as 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−$300.300% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.251%+$25 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.154%, 7d avg −0.090%

Together, before fees+0.296%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.064% cheaper against MEXC than usual: you would sell low and buy high (spread −0.154% now, against its 7-day average of −0.090%). If the spread goes back, that is −$6 on $10k: about 6.7 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.251% in total) that is about 43 hours. The two prices were read 107 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	MEXC BNB_USDT	803.60	0.0123	pay 0.0123% / 8h	53m 35s	$83.6M	$13.5M	200x
Short	Phoenix BNB	802.36	0.0155	get 0.0019% / 1h	53m 35s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now −0.154%Rate

Funding earned: $6.74
Price spread: −0.154% → −0.090%: −$6.41
Slippage, 4 orders: −$19.04
Fee MEXC: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$29.71
Costs to cover: 0.300%
Break-even: 37.9 days

Slippage from MEXC: live order book, 10 min ago; Phoenix: live order book, 18 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 MEXC live order book, 10 min ago	0.62 bp	2.6 bp −$3	6.2 bp −$62	25.0 bp −$2,503	44.0 bp −$22.0K
Sell Phoenix live order book, 18 min ago	1.00 bp	12.4 bp −$12	43.2 bp −$432	doesn't fit	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	802.65	−0.118%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.20	−0.050%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.80	−0.100%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.50	−0.137%	$3.0M	$28.2M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.25	−0.044%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.61	−0.123%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	801.64	−0.244%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0053%	8h	802.75	−0.106%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	802.52	−0.134%	$139.4M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.358%	$607K	$998K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	802.85	−0.093%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.40	−0.149%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.97	−0.078%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.60	−0.124%	$54.8M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.50	−0.012%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.85	−0.093%	$35.9M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.73	−0.108%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.65	−0.118%	$79.7M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	802.60	−0.124%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.61	−0.123%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.67	−0.116%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.74	−0.107%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.91	−0.085%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.21	−0.049%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.90	−0.087%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.41	−0.024%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	802.49	−0.138%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.06	−0.067%	$386K	$40K	10x	as long as short
Aster BNBUSDT	+0.0104%	8h	803.30	−0.037%	$6.4M	$18.9M	200x	as long as short
Phemex BNBUSDT	+0.0114%	8h	803.38	−0.027%	$70.2M	$51.0M	50x	as long as short
Kalshi KXBNBPERP	+0.0115%	8h	802.20	−0.174%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDTlong	+0.0123%	8h	803.60	long leg	$83.6M	$13.5M	200x
Binance BNBUSDT	+0.0125%	8h	803.45	−0.018%	$502.6M	$818.3M	75x	as long as short
Phoenix BNBshort	+0.0155%	1h	802.36	−0.154%	$172K	$36K	10x
SoDEX BNB-USD	+0.0234%	1h	802.90	−0.087%	$395K	$1.0M	10x	as long as short
BloFin BNB-USDT	+0.0243%	8h	803.22	−0.047%	$18.2M	$2.6M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.63	−0.121%	$71K	$49K	12x	as long as short
RISEx BNB/USDC	+0.0258%	1h	803.38	−0.027%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	−0.305%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	803.21	−0.048%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.185%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0310%	1h	803.26	−0.042%	$52.0M	$21.3M	10x	as long as short
Backpack BNB_USDC_PERP	+0.0314%	1h	803.58	−0.002%	$2.7M	$5.7M	40x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	802.25	−0.168%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0432%	1h	803.81	+0.026%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0498%	1h	802.23	−0.171%	$162K	$62K	10x	as long as short