Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.014%

Price spread now: Deribit against Phemex−0.012%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.217%+$22 on $10k

Price spread, last 3 days (all we have)+0.011%+$1 · spread now −0.012%, 7d avg −0.026%

Together, before fees+0.228%+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	804.77	0.0124	pay 0.0124% / 8h	2h 30m	$70.2M	$51.7M	50x
Short	Deribit BNB_USDC-PERPETUAL	804.67	0.0200	get 0.0025% / 1h	30m 23s	$1.6M	$165K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.012%Rate

Funding earned: $15.93
Price spread: −0.012% → −0.026%: $1.4
Slippage, 4 orders: −$12.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$14.36
Costs to cover: 0.317%
Break-even: 13.3 days

Slippage from Phemex: live order book, 4 min ago; Deribit: 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, 4 min ago	0.44 bp	6.9 bp −$7	6.9 bp −$69	12.0 bp −$1,202	doesn't fit
Sell Deribit live order book, 4 min ago	2.36 bp	10.1 bp −$10	16.2 bp −$162	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 −0.0195% / S +0.0371%	1h	804.07	−0.088%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	804.19	−0.072%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.90	−0.109%	$3.0M	$29.3M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	804.50	−0.034%	$112K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	804.20	−0.071%	$869K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.86	−0.113%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	804.33	−0.055%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0051%	8h	802.62	−0.267%	$4.0M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0054%	8h	804.01	−0.094%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0075%	8h	803.70	−0.133%	$139.4M	$82.8M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0088%	1h	804.19	−0.072%	$609K	$878K	50x	as long as short
Aster BNBUSDT	+0.0090%	8h	804.51	−0.032%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	804.30	−0.058%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.88	−0.111%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	804.34	−0.053%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	803.70	−0.133%	$55.1M	$115.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	804.30	−0.058%	$53K	$165K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	803.95	−0.102%	$35.9M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.74	−0.128%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	803.79	−0.122%	$79.1M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	804.49	−0.034%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.32	−0.056%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.74	−0.128%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	804.15	−0.077%	$389K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	804.28	−0.061%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	804.48	−0.036%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	803.84	−0.115%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	804.81	+0.004%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	803.77	−0.125%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	804.35	−0.053%	$386K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0106%	8h	804.90	+0.016%	$84.4M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0106%	8h	804.52	−0.031%	$519.1M	$803.1M	75x	as long as short
Phemex BNBUSDTlong	+0.0124%	8h	804.77	long leg	$70.2M	$51.7M	50x
Phoenix BNB	+0.0125%	1h	803.93	−0.104%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0157%	1h	804.49	−0.035%	$51.7M	$21.3M	10x	as long as short
SoDEX BNB-USD	+0.0169%	1h	804.20	−0.071%	$396K	$1.0M	10x	as long as short
Bulk BNB-USD	+0.0197%	1h	804.34	−0.053%	$650K	$11K	10x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0200%	1h	804.67	−0.012%	$1.6M	$165K	25x
RISEx BNB/USDC	+0.0209%	1h	804.38	−0.048%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0226%	8h	804.88	+0.014%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	804.11	−0.082%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0277%	1h	804.28	−0.061%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	804.86	+0.011%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	803.52	−0.156%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.019%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0660%	1h	805.11	+0.042%	$3.0M	$5.4M	40x	as long as short