Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.036%

Price spread now: BloFin against Phoenix+0.129%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 3 days (all we have)−0.285%−$28 · spread now +0.129%, 7d avg +0.004%

Together, before fees−0.317%−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.125% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	803.30	0.0125	pay 0.0016% / 1h	33m 45s	$173K	$35K	10x
Short	BloFin BNB-USDT	804.34	0.0225	get 0.0225% / 8h	2h 33m	$18.8M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.129%Rate

Funding earned: $20.87
Price spread: +0.129% → +0.004%: $12.5
Slippage, 4 orders: −$19.62
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$5.24
Costs to cover: 0.386%
Break-even: 8.8 days

Slippage from Phoenix: live order book, 49 min ago; BloFin: 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, 49 min ago	0.99 bp	12.3 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.19 bp	6.2 bp −$6	7.5 bp −$75	13.0 bp −$1,303	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	803.89	+0.074%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	804.57	+0.158%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	804.19	+0.110%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	804.50	+0.149%	$112K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.92	+0.077%	$869K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	804.01	+0.089%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	803.97	+0.084%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0051%	8h	802.62	−0.084%	$4.0M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0057%	8h	803.81	+0.063%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0076%	8h	803.60	+0.037%	$139.4M	$82.8M	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	804.19	+0.111%	$609K	$878K	50x	as long as short
Aster BNBUSDT	+0.0089%	8h	804.56	+0.157%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	804.22	+0.115%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	804.14	+0.104%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	804.27	+0.120%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	803.90	+0.075%	$55.1M	$115.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	804.30	+0.124%	$52K	$162K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	803.80	+0.062%	$35.9M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.70	+0.050%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	803.57	+0.034%	$79.1M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.02	−0.035%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.17	+0.108%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.93	+0.078%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.99	+0.086%	$388K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	804.10	+0.100%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	804.58	+0.159%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	804.44	+0.141%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	803.72	+0.053%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	804.67	+0.170%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	803.61	+0.039%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	804.17	+0.108%	$386K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0105%	8h	804.90	+0.199%	$84.4M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0105%	8h	804.61	+0.163%	$519.0M	$803.0M	75x	as long as short
Phemex BNBUSDT	+0.0123%	8h	804.60	+0.162%	$70.2M	$51.7M	50x	as long as short
Phoenix BNBlong	+0.0125%	1h	803.30	long leg	$173K	$35K	10x
SoDEX BNB-USD	+0.0148%	1h	804.00	+0.087%	$395K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0155%	1h	804.63	+0.166%	$51.7M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0194%	1h	803.61	+0.039%	$649K	$11K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	804.54	+0.155%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDTshort	+0.0225%	8h	804.34	+0.129%	$18.8M	$3.1M	75x
Hibachi BNB/USDT-P	+0.0248%	1h	803.30	0.000%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0260%	1h	804.28	+0.122%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	805.08	+0.222%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	803.72	+0.052%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.202%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0668%	1h	804.90	+0.199%	$3.0M	$5.4M	40x	as long as short