Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.004%

Price spread now: ApeX Omni against Phemex−0.029%77s7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as 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−$340.340% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.029%, 7d avg −0.005%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.025% cheaper against Phemex than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of −0.005%). If the spread goes back, that is −$2 on $10k: about 3.5 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.103% in total) that is about 40 hours. The two prices were read 77 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	Phemex BNBUSDT	786.47	0.0076	pay 0.0076% / 8h	1h 33m	$68.8M	$51.0M	50x
Short	ApeX Omni BNBUSDT	786.24	0.0100	get 0.0013% / 1h	33m 40s	$158K	$437K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.029%Rate

Funding earned: $5
Price spread: −0.029% → −0.005%: −$2.47
Slippage, 4 orders: −$12.01
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$31.48
Costs to cover: 0.340%
Break-even: 51.0 days

Slippage from Phemex: live order book, 5 min ago; ApeX Omni: live order book, 9 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 Phemex live order book, 5 min ago	0.25 bp	6.5 bp −$7	6.6 bp −$66	12.9 bp −$1,291	doesn't fit
Sell ApeX Omni live order book, 9 min ago	5.15 bp	10.3 bp −$10	32.1 bp −$321	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 −0.0170% / S +0.0337%	1h	785.92	−0.070%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.27	−0.025%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	786.66	+0.024%	$848K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	785.83	−0.082%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.368%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0050%	8h	786.71	+0.031%	$6.0M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0052%	8h	786.24	−0.029%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0064%	8h	787.10	+0.080%	$81.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0064%	8h	786.72	+0.031%	$490.1M	$814.3M	75x	as long as short
dYdX BNB-USD	+0.0071%	1h	785.68	−0.101%	$159K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0076%	8h	786.47	long leg	$68.8M	$51.0M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	786.88	+0.052%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.36	−0.014%	$2.7M	$3.8M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	785.75	−0.092%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.51	+0.005%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.33	−0.018%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.08	−0.050%	$138.4M	$75.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.10	−0.047%	$53.4M	$113.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.50	+0.004%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.00	−0.060%	$37.3M	$59.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	785.87	−0.076%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.10	−0.047%	$76.1M	$31.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.50	+0.004%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.51	−0.122%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.54	+0.010%	$4.1M	$75.9M	30x	as long as short
ApeX Omni BNBUSDTshort	+0.0100%	1h	786.24	−0.029%	$158K	$437K	50x
Polymarket Perps BNB-USD	+0.0100%	1h	785.70	−0.098%	$131K	$949K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	785.91	−0.071%	$264K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.03	−0.056%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.41	−0.007%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.00	−0.060%	$386K	$983K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.03	−0.056%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	787.03	+0.071%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	785.97	−0.064%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	785.93	−0.068%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0135%	1h	786.29	−0.023%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0135%	8h	786.50	+0.004%	$170K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0184%	8h	786.45	−0.003%	$17.7M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	785.71	−0.097%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0228%	8h	786.80	+0.042%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	786.40	−0.009%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0305%	1h	787.08	+0.078%	$638K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	785.51	−0.122%	$6K	$3K	40x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	786.40	−0.009%	$1.5M	$143K	25x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.60	+0.016%	$1.1M	$914K	20x	as long as short
Hibachi BNB/USDT-P	+0.0544%	1h	786.11	−0.046%	$67K	$39K	12x	as long as short