Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0025%/8h= −2.8% APRpaid last 24h −0.010%

Price spread now: KuCoin against Phoenix+0.015%7-day average −0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$22 on $10k

Price spread, last 3 days (all we have)−0.236%−$24 · spread now +0.015%, 7d avg −0.098%

Together, before fees−0.451%−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.113% dearer against Phoenix than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.098%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.215% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	805.78	0.0125	pay 0.0016% / 1h	23m 29s	$173K	$35K	10x
Short	KuCoin BNBUSDTM	805.90	0.0100	get 0.0100% / 8h	2h 23m	$28.2M	$10.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$5.28
Price spread: +0.015% → −0.098%: $11.28
Slippage, 4 orders: −$28.44
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$41.44
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; KuCoin: 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, 59 min ago	0.99 bp	12.3 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	0.44 bp	11.9 bp −$12	19.9 bp −$199	doesn't fit	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	805.96	+0.022%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.56	+0.097%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.40	−0.047%	$3.0M	$29.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.30	+0.065%	$112K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.99	+0.026%	$871K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	806.02	+0.030%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	806.21	+0.053%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0048%	8h	805.22	−0.069%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0052%	8h	806.20	+0.052%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0077%	8h	805.80	+0.002%	$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	804.80	−0.122%	$609K	$879K	50x	as long as short
Aster BNBUSDT	+0.0096%	8h	806.75	+0.120%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	806.34	+0.070%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	805.85	+0.009%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.38	+0.074%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	805.90	+0.015%	$55.2M	$115.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.40	+0.077%	$53K	$168K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	805.90	+0.015%	$36.0M	$58.6M	75x	as long as short
KuCoin BNBUSDTMshort	+0.0100%	8h	805.90	+0.015%	$28.2M	$10.5M	75x
Bitget BNBUSDT	+0.0100%	8h	805.74	−0.005%	$79.3M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	805.49	−0.037%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.60	−0.022%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	805.98	+0.025%	$119K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	806.06	+0.035%	$389K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	806.22	+0.054%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.52	+0.091%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	805.60	−0.022%	$8.2M	$7.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	806.90	+0.139%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	805.69	−0.012%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.18	+0.049%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0110%	8h	807.00	+0.151%	$84.7M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0111%	8h	806.81	+0.128%	$521.0M	$804.2M	75x	as long as short
Phoenix BNBlong	+0.0125%	1h	805.78	long leg	$173K	$35K	10x
Phemex BNBUSDT	+0.0126%	8h	806.68	+0.112%	$70.4M	$51.8M	50x	as long as short
Hyperliquid BNB	+0.0179%	1h	806.82	+0.129%	$51.8M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0197%	1h	804.34	−0.179%	$650K	$11K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	806.60	+0.102%	$1.6M	$165K	25x	as long as short
SoDEX BNB-USD	+0.0200%	1h	806.10	+0.040%	$396K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	806.45	+0.083%	$1.2M	$1.5M	20x	as long as short
BloFin BNB-USDT	+0.0230%	8h	806.35	+0.071%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	805.61	−0.021%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0254%	1h	805.64	−0.018%	$170K	$55K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	805.79	+0.002%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	807.16	+0.171%	$29K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.89	−0.110%	$19K	$627K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0654%	1h	807.02	+0.154%	$3.0M	$5.5M	40x	as long as short