Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.003%

Price spread now: Nado against Phemex−0.098%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$210.209% of the position

Long on Phemex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.039%+$4 on $10k

Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.098%, 7d avg −0.098%

Together, before fees+0.141%+ Points / potential airdropNado: Active · farm board+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.098%, so right now this pair is about funding alone: −$1 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	806.04	0.0127	pay 0.0127% / 8h	2h 24m	$70.3M	$51.8M	50x
Short	Nado BNB-PERP	805.25	0.0100	get 0.0012% / 1h	24m 54s	$1.4M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.098%Rate

Funding earned: −$5.66
Price spread: −0.098% → −0.098%: $0.02
Slippage, 4 orders: −$1.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$26.57
Costs to cover: 0.209%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Nado: 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	0.31 bp	6.7 bp −$7	6.7 bp −$67	10.1 bp −$1,011	doesn't fit
Sell Nado live order book, 4 min ago	0.06 bp	4.1 bp −$4	8.7 bp −$87	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 −0.0195% / S +0.0371%	1h	805.34	−0.087%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	805.10	−0.117%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.40	−0.079%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.00	−0.005%	$112K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.57	−0.058%	$871K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	805.37	−0.083%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	805.52	−0.065%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0048%	8h	805.22	−0.102%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	805.95	−0.011%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0075%	8h	805.60	−0.055%	$139.7M	$82.5M	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	804.80	−0.154%	$609K	$879K	50x	as long as short
Aster BNBUSDT	+0.0094%	8h	806.52	+0.060%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	805.63	−0.051%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERPshort	+0.0100%	1h	805.25	−0.098%	$1.4M	$2.8M	20x
Pacifica BNB	+0.0100%	1h	805.78	−0.032%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	805.90	−0.017%	$55.2M	$115.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.00	−0.005%	$53K	$168K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	805.75	−0.036%	$36.0M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	805.59	−0.056%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.59	−0.056%	$79.3M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	805.49	−0.069%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.60	−0.055%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	805.27	−0.096%	$119K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	805.44	−0.074%	$389K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	805.58	−0.057%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.08	+0.005%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	805.91	−0.016%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	805.41	−0.078%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	806.26	+0.028%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	805.58	−0.057%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	805.58	−0.058%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0108%	8h	806.80	+0.094%	$84.6M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0110%	8h	806.57	+0.066%	$520.8M	$804.2M	75x	as long as short
Phoenix BNB	+0.0125%	1h	805.78	−0.032%	$173K	$35K	10x	as long as short
Phemex BNBUSDTlong	+0.0127%	8h	806.04	long leg	$70.3M	$51.8M	50x
Hyperliquid BNB	+0.0173%	1h	806.23	+0.024%	$51.8M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0197%	1h	804.34	−0.211%	$650K	$11K	10x	as long as short
SoDEX BNB-USD	+0.0199%	1h	805.40	−0.079%	$396K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	805.78	−0.032%	$1.1M	$1.5M	20x	as long as short
BloFin BNB-USDT	+0.0230%	8h	806.35	+0.038%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	805.69	−0.044%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0264%	1h	805.64	−0.050%	$170K	$55K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	805.11	−0.115%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0336%	1h	806.38	+0.042%	$29K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.89	−0.143%	$19K	$627K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0653%	1h	806.67	+0.078%	$3.0M	$5.5M	40x	as long as short