Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0007%/8h= −0.7% APRpaid last 24h −0.002%

Price spread now: Coinbase International against Phemex+0.087%7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$330.331% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.136%−$14 · spread now +0.087%, 7d avg −0.083%

Together, before fees−0.146%−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Coinbase International is 0.171% dearer against Phemex than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	789.95	0.0071	pay 0.0071% / 8h	4h 49m	$69.1M	$50.0M	50x
Short	Coinbase International BNB-PERP-INTX	790.64	0.0064	get 0.0008% / 1h	49m 19s	$583K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$1.38
Price spread: +0.087% → −0.083%: $17.06
Slippage, 4 orders: −$11.15
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$17.46
Costs to cover: 0.331%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 4 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	0.88 bp	7.0 bp −$7	7.0 bp −$70	12.9 bp −$1,286	doesn't fit
Sell Coinbase International live order book, 4 min ago	1.96 bp	10.3 bp −$10	15.9 bp −$159	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 −0.0183% / S +0.0348%	1h	788.66	−0.163%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	790.46	+0.065%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.15	+0.025%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.66	−0.163%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.917%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0043%	8h	789.38	−0.072%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0056%	8h	788.89	−0.134%	—	$34.3M	—	as long as short
Coinbase International BNB-PERP-INTXshort	+0.0064%	1h	790.64	+0.087%	$583K	$1.9M	50x
Binance BNBUSDT	+0.0068%	8h	789.24	−0.090%	$492.4M	$789.4M	75x	as long as short
MEXC BNB_USDT	+0.0068%	8h	789.60	−0.044%	$80.1M	$12.2M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0071%	8h	789.95	long leg	$69.1M	$50.0M	50x
Lighter BNB	+0.0096%	1h	789.24	−0.090%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.71	−0.157%	$265K	$498K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.85	−0.139%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.41	−0.068%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.23	−0.091%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.38	−0.199%	$138.7M	$74.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.50	−0.184%	$53.3M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.10	−0.108%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.65	−0.165%	$35.4M	$56.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.03	−0.116%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.34	−0.204%	$76.3M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.49	−0.058%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.11	−0.106%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.98	+0.131%	$4.1M	$74.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.75	−0.025%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.65	−0.165%	$133K	$952K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.77	−0.150%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.44	−0.064%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.40	−0.070%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.95	0.000%	$8.1M	$9.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.77	−0.023%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.14	−0.229%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.76	−0.150%	$379K	$110K	10x	as long as short
dYdX BNB-USD	+0.0114%	1h	789.06	−0.113%	$160K	$64K	10x	as long as short
Phoenix BNB	+0.0117%	1h	790.37	+0.053%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0138%	8h	791.19	+0.157%	$3.0M	$28.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0183%	8h	790.30	+0.044%	$113K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0188%	8h	789.97	+0.003%	$18.2M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	789.28	−0.085%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0264%	1h	788.60	−0.170%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0296%	1h	791.64	+0.214%	$641K	$9K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.06	−0.113%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.40	−0.196%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.23	−0.091%	$1.1M	$975K	20x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	789.67	−0.036%	$67K	$38K	12x	as long as short