Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0496%/8h= −54.4% APRpaid last 24h −0.128%

Price spread now: GMX against Phemex−0.092%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 GMX

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 −$15 a day on $10k at the current rate, and GMX is 0.092% cheaper against Phemex than usual: you would sell low and buy high (−$9 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	804.61	0.0125	pay 0.0125% / 8h	2h 29m	$70.2M	$51.7M	50x
Short	GMX BNB/USD [WBTC.b-USDC]	803.87	L −0.0195% / S +0.0371%	pay 0.0046% / 1h	29m 11s	$48K	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.092%Rate

Funding earned: −$104.26
Price spread: −0.092% → 0.000%: −$9.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$137.5
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; GMX: 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, 5 min ago	0.44 bp	6.9 bp −$7	6.9 bp −$69	12.0 bp −$1,202	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0195% / S +0.0371%	1h	803.87	−0.092%	$48K	—	200x
Hotstuff BNB-PERP	−0.0080%	1h	804.28	−0.041%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	804.60	−0.001%	$3.0M	$29.3M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	804.60	−0.001%	$112K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	804.09	−0.065%	$869K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.92	−0.086%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	804.29	−0.040%	$2.5M	$909K	50x	as long as short
Variational Omni BNB	+0.0049%	8h	803.71	−0.111%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0054%	8h	804.12	−0.061%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0075%	8h	803.71	−0.112%	$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	−0.052%	$609K	$878K	50x	as long as short
Aster BNBUSDT	+0.0090%	8h	804.60	−0.001%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	804.30	−0.039%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.76	−0.105%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	804.19	−0.052%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	803.80	−0.101%	$55.1M	$115.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	804.30	−0.039%	$53K	$165K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	804.00	−0.076%	$35.9M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.88	−0.091%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	803.81	−0.099%	$79.1M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	804.62	+0.001%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.73	+0.015%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.85	−0.094%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	804.14	−0.058%	$389K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	804.27	−0.042%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	804.66	+0.006%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	804.61	0.000%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	804.24	−0.045%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	804.69	+0.010%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	803.73	−0.109%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	804.15	−0.057%	$386K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0106%	8h	805.10	+0.061%	$84.4M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0107%	8h	804.78	+0.021%	$519.2M	$803.1M	75x	as long as short
Phemex BNBUSDTlong	+0.0125%	8h	804.61	long leg	$70.2M	$51.7M	50x
Phoenix BNB	+0.0125%	1h	803.93	−0.085%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0161%	1h	804.79	+0.022%	$51.7M	$21.3M	10x	as long as short
SoDEX BNB-USD	+0.0181%	1h	804.10	−0.063%	$396K	$1.0M	10x	as long as short
Bulk BNB-USD	+0.0197%	1h	804.34	−0.034%	$650K	$11K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	804.35	−0.033%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0227%	8h	804.67	+0.007%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	804.11	−0.062%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0272%	1h	804.28	−0.041%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	804.92	+0.039%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	803.68	−0.116%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.89	+0.035%	$19K	$627K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0653%	1h	805.01	+0.050%	$3.0M	$5.4M	40x	as long as short