Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0027%/8h= −2.9% APRpaid last 24h +0.001%

Price spread now: Aster against Phoenix+0.047%55s7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.344% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.269%−$27 on $10k

Price spread, last 3 days (all we have)−0.163%−$16 · spread now +0.047%, 7d avg −0.004%

Together, before fees−0.432%+ Points / potential airdropAster: Stage 5 · farm board−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.051% dearer against Phoenix than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.004%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.4 days. At the pace of the last 7 days (−0.269% in total) that is about 32 hours. The two prices were read 55 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	Phoenix BNB	806.38	0.0125	pay 0.0016% / 1h	16m 31s	$173K	$35K	10x
Short	Aster BNBUSDT	806.76	0.0098	get 0.0098% / 8h	2h 16m	$6.4M	$18.8M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$5.62
Price spread: +0.047% → −0.004%: $5.12
Slippage, 4 orders: −$19.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$34.86
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Phoenix: live order book, 66 min ago; Aster: live order book, 2 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 Phoenix live order book, 66 min ago	0.99 bp	12.3 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	0.37 bp	5.0 bp −$5	6.0 bp −$60	19.5 bp −$1,955	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	806.59	+0.026%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.55	+0.021%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	807.05	+0.083%	$3.0M	$29.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.80	+0.052%	$114K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.62	+0.030%	$872K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.69	+0.038%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	806.58	+0.025%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0050%	8h	805.91	−0.059%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0054%	8h	806.48	+0.012%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0077%	8h	805.70	−0.084%	$139.8M	$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	806.90	+0.064%	$610K	$883K	50x	as long as short
Lighter BNB	+0.0096%	1h	806.54	+0.020%	$2.8M	$4.2M	20x	as long as short
Aster BNBUSDTshort	+0.0098%	8h	806.76	+0.047%	$6.4M	$18.8M	200x
Nado BNB-PERP	+0.0100%	1h	806.05	−0.041%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.64	+0.032%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	805.90	−0.060%	$55.2M	$116.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.60	+0.027%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.15	−0.029%	$36.1M	$58.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.23	−0.019%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.65	−0.091%	$79.1M	$24.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	807.34	+0.119%	$4.2M	$77.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.58	+0.025%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.02	−0.045%	$114K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	806.71	+0.041%	$390K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.86	+0.059%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	807.35	+0.120%	$14K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	807.22	+0.104%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.84	+0.057%	$8.2M	$7.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.02	+0.080%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	805.80	−0.072%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.85	+0.059%	$388K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0114%	8h	807.30	+0.114%	$84.7M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0114%	8h	806.74	+0.045%	$521.2M	$806.0M	75x	as long as short
Phoenix BNBlong	+0.0125%	1h	806.38	long leg	$173K	$35K	10x
Phemex BNBUSDT	+0.0127%	8h	807.14	+0.094%	$70.4M	$51.8M	50x	as long as short
Hyperliquid BNB	+0.0204%	1h	806.86	+0.060%	$52.3M	$21.6M	10x	as long as short
SoDEX BNB-USD	+0.0206%	1h	806.70	+0.040%	$397K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	806.42	+0.006%	$1.2M	$1.5M	20x	as long as short
Bulk BNB-USD	+0.0217%	1h	806.94	+0.070%	$652K	$11K	10x	as long as short
BloFin BNB-USDT	+0.0234%	8h	807.24	+0.107%	$18.8M	$3.1M	75x	as long as short
dYdX BNB-USD	+0.0241%	1h	806.40	+0.002%	$171K	$55K	10x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	806.68	+0.037%	$71K	$48K	12x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	805.74	−0.079%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	806.79	+0.051%	$29K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.89	−0.185%	$19K	$627K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0654%	1h	807.45	+0.133%	$3.0M	$5.5M	40x	as long as short