Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.008%

Price spread now: SoDEX against Phemex−0.050%7-day average −0.049% · 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−$23as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.053%+$5 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now −0.050%, 7d avg −0.049%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, 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	786.89	0.0076	pay 0.0076% / 8h	1h 31m	$68.8M	$50.9M	50x
Short	SoDEX BNB-USD	786.50	0.0100	get 0.0013% / 1h	31m 28s	$387K	$982K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $4.95
Price spread: −0.050% → −0.049%: −$0.03
Slippage, 4 orders: −$3.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$18.13
Costs to cover: 0.231%
Break-even: 32.6 days

Slippage from Phemex: live order book, 3 min ago; SoDEX: live order book, 22 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, 3 min ago	0.13 bp	7.0 bp −$7	8.3 bp −$83	11.4 bp −$1,137	doesn't fit
Sell SoDEX live order book, 22 min ago	0.63 bp	5.3 bp −$5	9.2 bp −$92	82.3 bp −$8,232	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 −0.0170% / S +0.0337%	1h	786.30	−0.075%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.78	−0.014%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.19	+0.038%	$849K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.38	−0.065%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.313%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0050%	8h	786.75	−0.018%	$6.0M	$18.8M	200x	as long as short
BingX BNB-USDT	+0.0051%	8h	786.55	−0.043%	—	$22.3M	—	as long as short
MEXC BNB_USDT	+0.0064%	8h	787.60	+0.090%	$81.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0065%	8h	786.98	+0.011%	$490.3M	$815.5M	75x	as long as short
dYdX BNB-USD	+0.0075%	1h	786.36	−0.068%	$159K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0076%	8h	786.89	long leg	$68.8M	$50.9M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	786.21	−0.086%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.37	−0.067%	$2.7M	$3.8M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.10	−0.100%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.96	+0.009%	$51.5M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.50	−0.049%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.30	−0.075%	$138.4M	$75.3M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.30	−0.075%	$53.5M	$113.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.50	−0.050%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.40	−0.062%	$37.4M	$59.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.10	−0.100%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.24	−0.083%	$76.1M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.65	−0.030%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.51	−0.175%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.71	−0.023%	$4.1M	$76.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.63	−0.033%	$158K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.33	−0.071%	$131K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.39	−0.064%	$265K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.03	−0.109%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.96	+0.008%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USDshort	+0.0100%	1h	786.50	−0.050%	$387K	$982K	10x
HTX BNB-USDT	+0.0100%	8h	786.13	−0.097%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.91	+0.003%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.11	−0.099%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.39	−0.064%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0134%	8h	787.40	+0.065%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	786.26	−0.080%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0184%	8h	787.22	+0.042%	$17.7M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	786.34	−0.070%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0229%	8h	787.25	+0.046%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	786.97	+0.010%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0291%	1h	787.29	+0.051%	$638K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	786.81	−0.010%	$1.5M	$144K	25x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	786.16	−0.093%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.73	−0.021%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0536%	1h	786.65	−0.031%	$67K	$39K	12x	as long as short