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 +0.010%

Price spread now: Arcus against Phemex−0.032%7-day average +0.026% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.114%+$11 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now −0.032%, 7d avg +0.026%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.058% cheaper against Phemex than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of +0.026%). If the spread goes back, that is −$6 on $10k: about 8.1 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.114% in total) that is about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	786.55	0.0076	pay 0.0076% / 8h	1h 37m	$68.8M	$51.0M	50x
Short	Arcus BNB-USD	786.30	0.0100	get 0.0013% / 1h	37m 21s	$52K	$129K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.032%Rate

Funding earned: $5.05
Price spread: −0.032% → +0.026%: −$5.81
Slippage, 4 orders: −$14.81
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$32.07
Costs to cover: 0.313%
Break-even: 51.4 days

Slippage from Phemex: live order book, 2 min ago; Arcus: 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 Phemex live order book, 2 min ago	0.25 bp	6.5 bp −$7	6.6 bp −$66	12.9 bp −$1,291	doesn't fit
Sell Arcus live order book, 6 min ago	2.54 bp	10.4 bp −$10	21.7 bp −$217	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	786.02	−0.067%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.49	−0.008%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	786.63	+0.010%	$848K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	785.91	−0.081%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.357%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0049%	8h	786.71	+0.020%	$6.0M	$18.9M	200x	as long as short
BingX BNB-USDT	+0.0052%	8h	786.25	−0.038%	—	$22.3M	—	as long as short
MEXC BNB_USDT	+0.0064%	8h	787.30	+0.095%	$81.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0064%	8h	786.71	+0.020%	$490.1M	$814.8M	75x	as long as short
dYdX BNB-USD	+0.0065%	1h	785.68	−0.111%	$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	786.55	long leg	$68.8M	$51.0M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	786.88	+0.042%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.23	−0.041%	$2.7M	$3.8M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.00	−0.070%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.72	+0.022%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.37	−0.022%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	785.91	−0.081%	$138.3M	$75.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.00	−0.070%	$53.4M	$113.0M	50x	as long as short
Arcus BNB-USDshort	+0.0100%	1h	786.30	−0.032%	$52K	$129K	10x
Gate BNB_USDT	+0.0100%	8h	786.15	−0.051%	$37.2M	$58.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	785.85	−0.089%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	785.94	−0.078%	$76.1M	$31.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.43	−0.015%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.91	−0.081%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.30	−0.032%	$4.1M	$75.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.60	+0.006%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	785.98	−0.072%	$131K	$949K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.14	−0.052%	$264K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.14	−0.052%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.53	−0.002%	$13K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.30	−0.032%	$387K	$983K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.07	−0.061%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.64	+0.011%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	785.76	−0.101%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.13	−0.053%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0135%	1h	786.77	+0.028%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0138%	8h	786.40	−0.019%	$171K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0185%	8h	786.74	+0.024%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	786.55	0.000%	$1.5M	$143K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	785.95	−0.076%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0229%	8h	787.18	+0.080%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0256%	1h	786.67	+0.015%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0305%	1h	787.08	+0.068%	$638K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	785.81	−0.094%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.40	−0.019%	$1.1M	$914K	20x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	786.12	−0.054%	$67K	$39K	12x	as long as short