Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h −0.023%

Price spread now: BingX against Phoenix−0.258%49s7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as 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−$390.391% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.228%−$23 on $10k

Price spread, last 3 days (all we have)+0.137%+$14 · spread now −0.258%, 7d avg −0.074%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.184% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.074%). Swap the legs. The two prices were read 49 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	799.13	0.0099	pay 0.0012% / 1h	18m 41s	$172K	$36K	10x
Short	BingX BNB-USDC	797.07	−0.0007	pay 0.0007% / 8h	7h 18m	—	$13.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.258%Rate

Funding earned: −$22.27
Price spread: −0.258% → −0.074%: −$18.36
Slippage, 4 orders: −$22.1
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$79.73
Costs to cover: 0.391%
Break-even: never at this rate

Slippage from Phoenix: live order book, 48 min ago; BingX: 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 Phoenix live order book, 48 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	0.31 bp	6.8 bp −$7	9.3 bp −$93	17.9 bp −$1,791	64.7 bp −$32.4K

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 −0.0159% / S +0.0335%	1h	798.43	−0.088%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.53	−0.200%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.74	−0.049%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0010%	8h	796.85	−0.285%	$35.8M	$56.8M	75x	as long as short
BingX BNB-USDCshort	−0.0007%	8h	797.07	−0.258%	—	$13.3M	—
GRVT BNB_USDT_Perp	0.0000%	8h	798.85	−0.035%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.95	−0.023%	$863K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0004%	8h	797.72	−0.177%	$4.1M	$5.0M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.37	−0.095%	$9.7M	—	150x	as long as short
Bybit BNBUSDT	+0.0013%	8h	796.90	−0.279%	$138.4M	$76.3M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0016%	8h	798.03	−0.138%	$69.7M	$50.2M	50x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.746%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	−0.008%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0053%	8h	797.41	−0.216%	$6.1M	$19.4M	200x	as long as short
Binance BNBUSDT	+0.0075%	8h	797.41	−0.215%	$495.1M	$811.4M	75x	as long as short
MEXC BNB_USDT	+0.0076%	8h	798.00	−0.141%	$83.0M	$13.7M	200x	as long as short
Lighter BNB	+0.0096%	1h	797.32	−0.227%	$2.8M	$4.0M	20x	as long as short
Phoenix BNBlong	+0.0099%	1h	799.13	long leg	$172K	$36K	10x
Nado BNB-PERP	+0.0100%	1h	798.10	−0.129%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	797.18	−0.245%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.10	−0.254%	$54.1M	$110.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	797.40	−0.216%	$52K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	797.07	−0.258%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	796.77	−0.295%	$78.0M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.91	−0.028%	$4.2M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.95	−0.023%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.38	−0.094%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.08	−0.131%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.19	−0.117%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.83	−0.038%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	797.70	−0.179%	$392K	$997K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	797.02	−0.264%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	797.64	−0.186%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	796.83	−0.288%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.12	−0.126%	$383K	$110K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.28	+0.018%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.40	−0.091%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0156%	8h	798.70	−0.054%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0196%	8h	798.72	−0.051%	$18.1M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	798.86	−0.034%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.23	−0.112%	$1.6M	$161K	25x	as long as short
dYdX BNB-USD	+0.0201%	1h	796.94	−0.274%	$161K	$63K	10x	as long as short
Hibachi BNB/USDT-P	+0.0272%	1h	798.92	−0.027%	$68K	$38K	12x	as long as short
Hyperliquid BNB	+0.0295%	1h	797.79	−0.167%	$53.0M	$20.3M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.16	−0.121%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0420%	1h	798.50	−0.079%	$2.7M	$5.7M	40x	as long as short