Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h −0.014%

Price spread now: Injective against Phemex−0.240%65s7-day average −0.429% · you buy dearer than you sell

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 3 days (all we have)−0.283%−$28 · spread now −0.240%, 7d avg −0.429%

Together, before fees−0.462%−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Injective is 0.188% dearer against Phemex than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.429%. Mind the row above: over the last 7 days funding on this pair cost −0.179%, so the current rate has only just turned in your favour. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	807.03	0.0135	pay 0.0135% / 8h	1h 37m	$70.4M	$51.7M	50x
Short	Injective BNB/USDC PERP	805.09	0.0311	get 0.0039% / 1h	37m 55s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.240%Rate

Funding earned: $36.94
Price spread: −0.240% → −0.429%: $18.84
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $43.77
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 6 min ago; Injective: 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	0.31 bp	6.8 bp −$7	7.8 bp −$78	11.5 bp −$1,146	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0201% / S +0.0372%	1h	806.68	−0.043%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.83	−0.025%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	807.25	+0.027%	$3.0M	$29.1M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	807.00	−0.004%	$106K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.95	−0.010%	$872K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.75	−0.034%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0044%	8h	806.56	−0.059%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0058%	8h	806.32	−0.088%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0083%	8h	805.90	−0.140%	$139.6M	$81.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	806.68	−0.043%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi BNB/USDT-P	+0.0096%	1h	807.09	+0.007%	$72K	$48K	12x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.185%	$608K	$881K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.25	−0.097%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.62	−0.051%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.10	−0.115%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.90	−0.016%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.10	−0.115%	$36.1M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.16	−0.108%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.80	−0.152%	$78.8M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	807.43	+0.050%	$4.2M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	807.11	+0.010%	$162K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.62	−0.051%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	806.68	−0.043%	$390K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.94	−0.011%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	807.39	+0.045%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.40	−0.078%	$8.2M	$7.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.10	+0.009%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	805.93	−0.137%	$1.9M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.52	−0.063%	$387K	$40K	10x	as long as short
Aster BNBUSDT	+0.0107%	8h	806.95	−0.010%	$6.4M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0121%	8h	807.40	+0.046%	$84.8M	$13.4M	200x	as long as short
Binance BNBUSDT	+0.0122%	8h	806.95	−0.010%	$521.0M	$804.1M	75x	as long as short
Phemex BNBUSDTlong	+0.0135%	8h	807.03	long leg	$70.4M	$51.7M	50x
Phoenix BNB	+0.0155%	1h	807.20	+0.021%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0184%	1h	806.60	−0.053%	$397K	$1.0M	10x	as long as short
dYdX BNB-USD	+0.0193%	1h	806.57	−0.057%	$163K	$63K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	806.38	−0.081%	$2.5M	$929K	50x	as long as short
Hyperliquid BNB	+0.0229%	1h	807.17	+0.018%	$52.0M	$21.8M	10x	as long as short
BloFin BNB-USDT	+0.0242%	8h	806.92	−0.014%	$18.8M	$2.6M	75x	as long as short
Bulk BNB-USD	+0.0295%	1h	807.66	+0.078%	$652K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	806.89	−0.017%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERPshort	+0.0311%	1h	805.09	−0.240%	$19K	$789K	30x
RISEx BNB/USDC	+0.0318%	1h	806.79	−0.029%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	806.33	−0.087%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0360%	1h	807.29	+0.032%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0695%	1h	807.41	+0.047%	$3.0M	$5.5M	40x	as long as short