Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h +0.001%

Price spread now: Binance against Phoenix−0.028%105s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as 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−$350.352% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now −0.028%, 7d avg −0.004%

Together, before fees−0.309%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.024% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.004%). Swap the legs. The two prices were read 105 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	807.20	0.0155	pay 0.0019% / 1h	39m 43s	$173K	$35K	10x
Short	Binance BNBUSDT	806.97	0.0122	get 0.0122% / 8h	1h 39m	$521.0M	$803.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.028%Rate

Funding earned: −$6.96
Price spread: −0.028% → −0.004%: −$2.42
Slippage, 4 orders: −$18.2
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$44.58
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Phoenix: live order book, 36 min ago; Binance: 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 Phoenix live order book, 36 min ago	0.99 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.06 bp	5.4 bp −$5	6.7 bp −$67	16.0 bp −$1,596	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 −0.0201% / S +0.0372%	1h	806.94	−0.032%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.78	−0.052%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.21	−0.123%	$3.0M	$29.2M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	807.40	+0.025%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	806.73	−0.058%	$872K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.95	−0.030%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0044%	8h	806.56	−0.080%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0059%	8h	806.37	−0.103%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0083%	8h	806.00	−0.149%	$139.6M	$81.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0088%	1h	806.88	−0.039%	$72K	$48K	12x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	806.58	−0.077%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.206%	$608K	$881K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.60	−0.074%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.73	−0.058%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.20	−0.124%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.70	−0.062%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.30	−0.111%	$36.1M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.39	−0.100%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.83	−0.170%	$78.8M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.39	−0.100%	$4.2M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.49	−0.088%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.85	−0.043%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	806.94	−0.032%	$390K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	807.23	+0.004%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	807.57	+0.045%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	806.92	−0.035%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.09	−0.014%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	805.91	−0.159%	$1.9M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	807.04	−0.020%	$388K	$40K	10x	as long as short
Aster BNBUSDT	+0.0107%	8h	807.37	+0.021%	$6.4M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0121%	8h	807.30	+0.012%	$84.8M	$13.4M	200x	as long as short
Binance BNBUSDTshort	+0.0122%	8h	806.97	−0.028%	$521.0M	$803.4M	75x
Phemex BNBUSDT	+0.0132%	8h	807.53	+0.041%	$70.5M	$51.7M	50x	as long as short
Phoenix BNBlong	+0.0155%	1h	807.20	long leg	$173K	$35K	10x
SoDEX BNB-USD	+0.0188%	1h	807.00	−0.025%	$397K	$1.0M	10x	as long as short
dYdX BNB-USD	+0.0195%	1h	806.57	−0.078%	$163K	$63K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	806.94	−0.032%	$2.5M	$929K	50x	as long as short
Hyperliquid BNB	+0.0213%	1h	807.40	+0.025%	$52.0M	$21.8M	10x	as long as short
BloFin BNB-USDT	+0.0241%	8h	807.24	+0.005%	$18.8M	$2.6M	75x	as long as short
Bulk BNB-USD	+0.0295%	1h	807.66	+0.057%	$652K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	807.45	+0.031%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.261%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	806.58	−0.077%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	806.47	−0.091%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0360%	1h	807.09	−0.014%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0704%	1h	807.97	+0.095%	$3.0M	$5.5M	40x	as long as short