Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.006%

Price spread now: Kraken Futures against Phemex−0.081%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$390.395% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.081%, 7d avg −0.076%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.076%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	787.43	0.0057	pay 0.0057% / 8h	2h 53m	$68.9M	$50.7M	50x
Short	Kraken Futures PF_BNBUSD	786.79	0.0069	get 0.0009% / 1h	53m 25s	$2.5M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.081%Rate

Funding earned: $2.63
Price spread: −0.081% → −0.076%: −$0.51
Slippage, 4 orders: −$17.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$37.34
Costs to cover: 0.395%
Break-even: 106.3 days

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: live order book, 5 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	0.06 bp	7.8 bp −$8	8.1 bp −$81	11.5 bp −$1,155	doesn't fit
Sell Kraken Futures live order book, 5 min ago	4.45 bp	11.8 bp −$12	15.3 bp −$153	30.7 bp −$3,067	101.4 bp −$50.7K

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 −0.0192% / S +0.0356%	1h	787.36	−0.009%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.69	+0.033%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.57	+0.018%	$849K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.39	−0.006%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0027%	8h	787.92	+0.062%	$6.1M	$19.1M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.243%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0034%	8h	787.07	−0.046%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0049%	8h	788.40	+0.123%	$79.9M	$11.8M	200x	as long as short
Binance BNBUSDT	+0.0050%	8h	787.95	+0.066%	$490.5M	$805.4M	75x	as long as short
Phemex BNBUSDTlong	+0.0057%	8h	787.43	long leg	$68.9M	$50.7M	50x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSDshort	+0.0069%	1h	786.79	−0.081%	$2.5M	$1.2M	50x
dYdX BNB-USD	+0.0076%	1h	787.06	−0.047%	$159K	$61K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.21	−0.028%	$579K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.48	+0.007%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.87	−0.071%	$265K	$491K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.15	−0.036%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.92	+0.062%	$51.7M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.56	+0.017%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.26	−0.022%	$138.3M	$74.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−0.029%	$53.4M	$111.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.50	+0.009%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.20	−0.029%	$36.2M	$57.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.06	−0.047%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.99	−0.056%	$76.2M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.26	−0.022%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.61	−0.104%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.04	−0.049%	$4.1M	$74.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.54	+0.014%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.34	−0.011%	$132K	$956K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.00	−0.055%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.25	−0.023%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.60	−0.106%	$8.1M	$9.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.59	+0.020%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.94	−0.063%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.97	−0.058%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	787.41	−0.003%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0110%	8h	787.30	−0.017%	$122K	$2.7M	4.8x	as long as short
SoDEX BNB-USD	+0.0138%	1h	787.00	−0.055%	$387K	$998K	10x	as long as short
BloFin BNB-USDT	+0.0169%	8h	787.06	−0.047%	$17.8M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0192%	8h	787.74	+0.039%	$2.9M	$29.1M	10x	as long as short
Bulk BNB-USD	+0.0223%	1h	788.23	+0.101%	$639K	$10K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	787.32	−0.014%	$1.5M	$143K	25x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	788.00	+0.072%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	787.25	−0.022%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	787.56	+0.017%	$1.1M	$908K	20x	as long as short
Hibachi BNB/USDT-P	+0.0448%	1h	787.10	−0.042%	$67K	$39K	12x	as long as short