Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.001%

Price spread now: Extended against Phemex−0.103%7-day average −0.126% · 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−$17as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 3 days (all we have)+0.071%+$7 · spread now −0.103%, 7d avg −0.126%

Together, before fees+0.161%+ Points / potential airdropExtended: Active · farm board+$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Extended is 0.022% dearer against Phemex than usual: you sell high and buy low (spread −0.103% now, against its 7-day average of −0.126%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.090%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	803.02	0.0115	pay 0.0115% / 8h	54m 42s	$70.2M	$51.1M	50x
Short	Extended BNB-USD	802.19	0.0104	get 0.0013% / 1h	54m 42s	$1.9M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$2.25
Price spread: −0.103% → −0.126%: $2.23
Slippage, 4 orders: −$2.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$19.49
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Extended: 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	0.25 bp	6.8 bp −$7	7.1 bp −$71	12.8 bp −$1,283	doesn't fit
Sell Extended live order book, 4 min ago	0.06 bp	2.6 bp −$3	3.8 bp −$38	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 −0.0201% / S +0.0372%	1h	802.44	−0.072%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.80	−0.027%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.45	−0.071%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.50	−0.065%	$3.0M	$28.2M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.15	+0.016%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.46	−0.069%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	801.64	−0.172%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0053%	8h	802.67	−0.044%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	802.20	−0.102%	$139.4M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.286%	$607K	$998K	50x	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	802.96	−0.007%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.10	−0.115%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.62	−0.050%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.30	−0.090%	$54.8M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.80	−0.027%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.40	−0.077%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.36	−0.082%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.34	−0.085%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	802.60	−0.052%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.61	−0.051%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.39	−0.078%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.52	−0.062%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.72	−0.038%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.97	−0.006%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.22	−0.100%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.98	−0.005%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0103%	8h	803.37	+0.044%	$6.4M	$18.9M	200x	as long as short
Extended BNB-USDshort	+0.0104%	1h	802.19	−0.103%	$1.9M	$6.4M	50x
Aevo BNB-PERP	+0.0104%	1h	802.87	−0.019%	$386K	$40K	10x	as long as short
Phemex BNBUSDTlong	+0.0115%	8h	803.02	long leg	$70.2M	$51.1M	50x
Kalshi KXBNBPERP	+0.0117%	8h	802.60	−0.052%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0122%	8h	803.60	+0.072%	$83.6M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0124%	8h	803.27	+0.031%	$502.5M	$818.3M	75x	as long as short
Phoenix BNB	+0.0155%	1h	802.36	−0.082%	$172K	$36K	10x	as long as short
SoDEX BNB-USD	+0.0223%	1h	802.60	−0.052%	$395K	$1.0M	10x	as long as short
BloFin BNB-USDT	+0.0243%	8h	803.22	+0.025%	$18.2M	$2.6M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.25	−0.096%	$71K	$48K	12x	as long as short
RISEx BNB/USDC	+0.0258%	1h	802.58	−0.054%	$1.1M	$1.4M	20x	as long as short
Backpack BNB_USDC_PERP	+0.0272%	1h	803.33	+0.039%	$2.7M	$5.7M	40x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	−0.233%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	803.01	−0.002%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.258%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0325%	1h	803.43	+0.052%	$52.0M	$21.3M	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	802.03	−0.123%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0432%	1h	803.41	+0.049%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0497%	1h	802.23	−0.098%	$162K	$62K	10x	as long as short