Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: MEXC against Phoenix+0.111%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$300.300% of the position

Long on Phoenix Short on MEXC

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)−0.001%$0 · spread now +0.111%, 7d avg +0.090%

Together, before fees−0.252%−$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.021% dearer against Phoenix than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	803.21	0.0127	pay 0.0016% / 1h	53m 25s	$173K	$36K	10x
Short	MEXC BNB_USDT	804.10	0.0123	get 0.0123% / 8h	53m 25s	$83.6M	$13.5M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.111%Rate

Funding earned: −$0.78
Price spread: +0.111% → +0.090%: $2.06
Slippage, 4 orders: −$19.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$28.77
Costs to cover: 0.300%
Break-even: never at this rate

Slippage from Phoenix: live order book, 18 min ago; MEXC: live order book, 11 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, 18 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell MEXC live order book, 11 min ago	0.62 bp	2.6 bp −$3	5.0 bp −$50	16.2 bp −$1,622	31.2 bp −$15.6K

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	802.65	−0.069%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.26	+0.006%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.80	−0.051%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.91	−0.038%	$3.0M	$28.2M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.25	+0.005%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.05	−0.020%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	801.64	−0.195%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0053%	8h	803.09	−0.015%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	802.81	−0.050%	$139.5M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.310%	$607K	$998K	50x	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	802.85	−0.045%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.80	−0.051%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.97	−0.030%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.90	−0.039%	$54.8M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.50	+0.036%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.85	−0.045%	$35.9M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.96	−0.031%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.76	−0.056%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.03	−0.022%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.61	−0.075%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.09	−0.015%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.74	−0.059%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.91	−0.037%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.21	0.000%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.90	−0.039%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.41	+0.025%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	802.49	−0.090%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.06	−0.018%	$386K	$40K	10x	as long as short
Aster BNBUSDT	+0.0104%	8h	803.59	+0.048%	$6.4M	$18.9M	200x	as long as short
Phemex BNBUSDT	+0.0114%	8h	803.38	+0.021%	$70.2M	$51.0M	50x	as long as short
Kalshi KXBNBPERP	+0.0115%	8h	802.20	−0.126%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDTshort	+0.0123%	8h	804.10	+0.111%	$83.6M	$13.5M	200x
Binance BNBUSDT	+0.0125%	8h	803.86	+0.081%	$502.8M	$818.3M	75x	as long as short
Phoenix BNBlong	+0.0127%	1h	803.21	long leg	$173K	$36K	10x
SoDEX BNB-USD	+0.0234%	1h	802.90	−0.039%	$395K	$1.0M	10x	as long as short
BloFin BNB-USDT	+0.0243%	8h	803.22	+0.001%	$18.2M	$2.6M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.88	−0.042%	$71K	$49K	12x	as long as short
RISEx BNB/USDC	+0.0258%	1h	803.38	+0.022%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	−0.256%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	803.21	0.000%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.234%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0310%	1h	803.89	+0.085%	$52.0M	$21.3M	10x	as long as short
Backpack BNB_USDC_PERP	+0.0314%	1h	803.58	+0.046%	$2.7M	$5.7M	40x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	802.72	−0.061%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0432%	1h	803.95	+0.092%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0498%	1h	802.23	−0.122%	$162K	$62K	10x	as long as short