Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.008%

Price spread now: Derive against Phemex−0.074%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Derive is 0.074% cheaper against Phemex than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	806.42	0.0131	pay 0.0131% / 8h	1h 42m	$70.4M	$51.8M	50x
Short	Derive BNB-PERP	805.82	0.0100	get 0.0013% / 1h	42m 45s	$32K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.074%Rate

Funding earned: −$6.55
Price spread: −0.074% → 0.000%: −$7.44
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$31.99
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Derive: no order-book sample. Net counts fees only.

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, 6 min ago	0.06 bp	6.5 bp −$7	7.7 bp −$77	13.7 bp −$1,368	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	805.65	−0.095%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.36	−0.007%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.21	−0.026%	$3.0M	$29.2M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.30	−0.015%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.76	−0.082%	$871K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	805.73	−0.086%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0048%	8h	804.97	−0.179%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0059%	8h	806.44	+0.002%	—	$34.5M	—	as long as short
Hibachi BNB/USDT-P	+0.0080%	1h	805.82	−0.075%	$71K	$48K	12x	as long as short
Bybit BNBUSDT	+0.0083%	8h	806.10	−0.040%	$139.6M	$81.1M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	806.54	+0.015%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.109%	$608K	$881K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	805.67	−0.093%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.62	+0.025%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.30	−0.015%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.80	+0.047%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.30	−0.015%	$36.1M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.20	−0.027%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	806.11	−0.038%	$78.8M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.31	−0.014%	$4.2M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.49	+0.009%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	805.87	−0.068%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	805.67	−0.093%	$389K	$592K	50x	as long as short
Derive BNB-PERPshort	+0.0100%	1h	805.82	−0.074%	$32K	$5K	10x
SunX BNB-USDT	+0.0100%	8h	806.36	−0.008%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	805.84	−0.072%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.01	+0.073%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	806.03	−0.049%	$1.9M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	805.85	−0.070%	$387K	$40K	10x	as long as short
Aster BNBUSDT	+0.0105%	8h	807.03	+0.076%	$6.4M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0120%	8h	807.00	+0.072%	$84.7M	$13.4M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	807.05	+0.078%	$521.3M	$803.5M	75x	as long as short
Phemex BNBUSDTlong	+0.0131%	8h	806.42	long leg	$70.4M	$51.8M	50x
Phoenix BNB	+0.0155%	1h	806.22	−0.025%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0177%	1h	805.80	−0.077%	$396K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0193%	1h	807.21	+0.098%	$52.0M	$22.1M	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	805.74	−0.084%	$2.5M	$929K	50x	as long as short
dYdX BNB-USD	+0.0205%	1h	805.84	−0.072%	$162K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0241%	8h	806.53	+0.014%	$18.8M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0274%	1h	805.55	−0.108%	$651K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	806.12	−0.037%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.165%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	806.17	−0.030%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	805.52	−0.111%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0352%	1h	806.80	+0.047%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0715%	1h	806.97	+0.068%	$3.0M	$5.5M	40x	as long as short