Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h −0.007%

Price spread now: edgeX against Phoenix+0.001%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.389% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now +0.001%, 7d avg −0.012%

Together, before fees−0.185%+ Points / potential airdropedgeX: Active · farm board−$18 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	787.74	0.0092	pay 0.0012% / 1h	11m 30s	$169K	$35K	10x
Short	edgeX BNBUSDC	787.75	0.0100	get 0.0050% / 4h	3h 11m	$4.1M	$74.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.001%Rate

Funding earned: $1.64
Price spread: +0.001% → −0.012%: $1.27
Slippage, 4 orders: −$22.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$35.99
Costs to cover: 0.389%
Break-even: 161.1 days

Slippage from Phoenix: live order book, 35 min ago; edgeX: live order book, 3 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, 35 min ago	1.01 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell edgeX live order book, 3 min ago	2.54 bp	7.0 bp −$7	7.0 bp −$70	10.6 bp −$1,064	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 −0.0192% / S +0.0356%	1h	786.96	−0.099%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.18	−0.071%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.79	+0.006%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	788.10	+0.046%	$124K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.16	+0.053%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.09	−0.083%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0022%	8h	787.98	+0.030%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDT	+0.0033%	8h	787.60	−0.018%	—	$22.3M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.203%	$19K	$789K	30x	as long as short
Phemex BNBUSDT	+0.0039%	8h	787.70	−0.005%	$68.9M	$50.7M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0041%	8h	788.50	+0.096%	$79.9M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0041%	8h	787.87	+0.017%	$491.0M	$802.5M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	788.00	+0.033%	$579K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0079%	1h	787.24	−0.063%	$159K	$63K	10x	as long as short
Phoenix BNBlong	+0.0092%	1h	787.74	long leg	$169K	$35K	10x
Lighter BNB	+0.0096%	1h	787.65	−0.011%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.19	−0.070%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.35	−0.050%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.06	+0.041%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.79	+0.006%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.20	−0.069%	$138.4M	$74.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.10	−0.081%	$53.4M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.60	−0.018%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.35	−0.050%	$36.1M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.15	−0.075%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.98	−0.096%	$76.2M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.79	+0.006%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.31	−0.054%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDCshort	+0.0100%	4h	787.75	+0.001%	$4.1M	$74.1M	30x
ApeX Omni BNBUSDT	+0.0100%	1h	787.52	−0.028%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.14	−0.076%	$132K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.25	−0.062%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.80	+0.008%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.40	−0.043%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.36	−0.048%	$8.1M	$9.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.79	+0.006%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.12	−0.078%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.25	−0.062%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0161%	8h	787.91	+0.022%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0178%	8h	787.99	+0.032%	$2.9M	$28.7M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.63	−0.014%	$1.5M	$143K	25x	as long as short
Bulk BNB-USD	+0.0201%	1h	787.88	+0.018%	$639K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	787.93	+0.024%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	787.00	−0.094%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0424%	1h	787.58	−0.020%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	787.77	+0.004%	$1.1M	$894K	20x	as long as short