Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0021%/8h= +2.4% APRpaid last 24h +0.104%

Price spread now: dYdX against Phemex−0.030%7-day average −0.068% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.516%+$52 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now −0.030%, 7d avg −0.068%

Together, before fees+0.509%+$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and dYdX is 0.039% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	795.60	0.0054	pay 0.0054% / 8h	6h 23m	$69.6M	$50.8M	50x
Short	dYdX BNB-USD	795.36	0.0075	get 0.0009% / 1h	23m 23s	$161K	$63K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $4.51
Price spread: −0.030% → −0.068%: $3.87
Slippage, 4 orders: −$36.42
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$50.04
Costs to cover: 0.584%
Break-even: 84.6 days

Slippage from Phemex: live order book, 6 min ago; dYdX: live order book, 46 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, 6 min ago	0.82 bp	7.0 bp −$7	7.4 bp −$74	13.5 bp −$1,355	doesn't fit
Sell dYdX live order book, 46 min ago	14.44 bp	25.1 bp −$25	63.4 bp −$634	113.2 bp −$11.3K	148.8 bp −$74.4K

BNB on 45 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 −0.0167% / S +0.0335%	1h	794.91	−0.087%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0131%	1h	794.86	−0.093%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	795.41	−0.024%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	795.71	+0.014%	$860K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	794.95	−0.082%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	795.62	+0.002%	$4.1M	$4.8M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.193%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0037%	8h	795.60	0.000%	$6.1M	$19.7M	200x	as long as short
BingX BNB-USDC	+0.0050%	8h	795.17	−0.054%	—	$13.3M	—	as long as short
Gate BNB_USDT	+0.0051%	8h	794.90	−0.088%	$35.4M	$56.3M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0054%	8h	795.60	long leg	$69.6M	$50.8M	50x
Coinbase International BNB-PERP-INTX	+0.0056%	1h	795.53	−0.009%	$610K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0063%	8h	795.70	+0.013%	$82.6M	$12.8M	200x	as long as short
Binance BNBUSDT	+0.0063%	8h	795.53	−0.009%	$495.0M	$810.1M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0068%	8h	796.16	+0.070%	$3.0M	$28.5M	10x	as long as short
dYdX BNB-USDshort	+0.0075%	1h	795.36	−0.030%	$161K	$63K	10x
Phoenix BNB	+0.0088%	1h	795.80	+0.025%	$171K	$36K	10x	as long as short
Lighter BNB	+0.0096%	1h	795.38	−0.028%	$2.8M	$4.0M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	794.87	−0.092%	$384K	$409K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	795.00	−0.075%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	795.55	−0.006%	$52.1M	$19.3M	10x	as long as short
Pacifica BNB	+0.0100%	1h	795.35	−0.031%	$1.2M	$925K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	794.95	−0.082%	$139.0M	$75.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	794.70	−0.113%	$53.3M	$110.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	795.20	−0.050%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	794.76	−0.106%	$27.7M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	794.67	−0.117%	$77.4M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	795.83	+0.029%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	795.67	+0.009%	$160K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	794.91	−0.087%	$111K	$886K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	795.13	−0.060%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	795.40	−0.025%	$12K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	795.10	−0.063%	$391K	$998K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	795.34	−0.033%	$8.2M	$8.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	795.72	+0.016%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	794.64	−0.121%	$1.7M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	795.01	−0.074%	$382K	$110K	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	795.39	−0.027%	$1.1M	$1.1M	20x	as long as short
Kalshi KXBNBPERP	+0.0156%	8h	795.40	−0.025%	$112K	$2.7M	4.8x	as long as short
Bulk BNB-USD	+0.0195%	1h	795.93	+0.041%	$644K	$16K	10x	as long as short
01 Exchange BNBUSD	+0.0256%	1h	795.53	−0.009%	$28K	$2K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	795.42	−0.022%	$1.6M	$160K	25x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	794.70	−0.113%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0381%	1h	795.86	+0.033%	$2.7M	$5.7M	40x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	795.40	−0.026%	$68K	$38K	12x	as long as short