Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0027%/8h= −2.9% APRpaid last 24h −0.004%

Price spread now: Phemex against Nado+0.105%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.105%, 7d avg +0.099%

Together, before fees−0.147%+ Points / potential airdropNado: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.099%, 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	Nado BNB-PERP	788.20	0.0100	pay 0.0012% / 1h	46m 27s	$1.5M	$2.6M	20x
Short	Phemex BNBUSDT	789.03	0.0073	get 0.0073% / 8h	4h 46m	$69.1M	$50.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$5.63
Price spread: +0.105% → +0.099%: $0.64
Slippage, 4 orders: −$5.57
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.56
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from Nado: live order book, 2 min ago; Phemex: live order book, 3 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 Nado live order book, 2 min ago	0.13 bp	4.6 bp −$5	10.2 bp −$102	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.71 bp	7.8 bp −$8	7.8 bp −$78	14.9 bp −$1,488	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 −0.0183% / S +0.0349%	1h	788.63	+0.054%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.19	+0.126%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.61	+0.179%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.59	+0.049%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.143%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0040%	8h	789.03	+0.105%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0056%	8h	788.91	+0.090%	—	$13.4M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	790.64	+0.310%	$583K	$1.9M	50x	as long as short
MEXC BNB_USDT	+0.0066%	8h	789.70	+0.190%	$80.1M	$12.2M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	789.46	+0.160%	$492.5M	$789.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTshort	+0.0073%	8h	789.03	+0.105%	$69.1M	$50.0M	50x
Lighter BNB	+0.0096%	1h	788.76	+0.071%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.46	+0.033%	$265K	$498K	50x	as long as short
Nado BNB-PERPlong	+0.0100%	1h	788.20	long leg	$1.5M	$2.6M	20x
Hyperliquid BNB	+0.0100%	1h	789.38	+0.150%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.99	+0.101%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.60	+0.051%	$138.7M	$74.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.70	+0.063%	$53.3M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.00	+0.101%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.80	+0.076%	$35.3M	$56.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.51	+0.039%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.60	+0.051%	$76.3M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.93	+0.093%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.11	+0.116%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.39	+0.151%	$4.1M	$74.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.41	+0.154%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.72	+0.066%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.52	+0.041%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.32	+0.142%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.50	+0.038%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.49	+0.036%	$8.1M	$9.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.70	+0.190%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.44	+0.031%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.46	+0.033%	$379K	$110K	10x	as long as short
dYdX BNB-USD	+0.0114%	1h	788.41	+0.026%	$159K	$64K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.31	+0.141%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0134%	8h	789.57	+0.174%	$2.9M	$28.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0183%	8h	789.10	+0.114%	$124K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0187%	8h	789.38	+0.150%	$18.1M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	789.37	+0.148%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0264%	1h	788.09	−0.014%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0296%	1h	791.64	+0.436%	$641K	$9K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.83	+0.080%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.40	+0.025%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.24	+0.132%	$1.1M	$975K	20x	as long as short
Hibachi BNB/USDT-P	+0.0528%	1h	788.77	+0.073%	$67K	$38K	12x	as long as short