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: Orderly against Phoenix−0.016%66s7-day average −0.048% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 3 days (all we have)−0.163%−$16 · spread now −0.016%, 7d avg −0.048%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.032% dearer against Phoenix than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.048%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 7 days (−0.183% in total) that is about 30 hours. The two prices were read 66 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	802.78	0.0125	pay 0.0016% / 1h	46m 14s	$173K	$35K	10x
Short	Orderly PERP_BNB_USDC	802.65	0.0100	get 0.0100% / 8h	2h 46m	$388K	$593K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.016%Rate

Funding earned: −$5.28
Price spread: −0.016% → −0.048%: $3.23
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.05
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 36 min ago; Orderly: no order-book sample. Net counts fees only.

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, 36 min ago	0.99 bp	12.3 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	802.73	−0.006%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.36	+0.072%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.69	−0.011%	$3.0M	$30.0M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	803.30	+0.065%	$116K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.32	+0.067%	$868K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.78	0.000%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	802.66	−0.015%	$2.5M	$909K	50x	as long as short
Variational Omni BNB	+0.0063%	8h	802.15	−0.078%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0068%	8h	802.84	+0.007%	—	$34.5M	—	as long as short
Aster BNBUSDT	+0.0086%	8h	803.35	+0.071%	$6.3M	$18.8M	200x	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	803.99	+0.151%	$608K	$888K	50x	as long as short
Bybit BNBUSDT	+0.0091%	8h	802.00	−0.097%	$138.7M	$82.6M	75x	as long as short
Lighter BNB	+0.0096%	1h	802.72	−0.008%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.63	−0.018%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.99	+0.026%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.30	−0.060%	$54.9M	$115.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.00	+0.027%	$52K	$161K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.55	−0.029%	$35.9M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.49	−0.036%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.31	−0.059%	$78.9M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	802.91	+0.017%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.32	+0.067%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.74	−0.005%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	802.65	−0.016%	$388K	$593K	50x
Derive BNB-PERP	+0.0100%	1h	802.76	−0.002%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.51	+0.091%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	802.70	−0.010%	$395K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	803.06	+0.035%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.95	+0.021%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.65	+0.108%	$78K	$19K	50x	as long as short
MEXC BNB_USDT	+0.0101%	8h	803.40	+0.077%	$84.4M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0102%	8h	803.15	+0.046%	$518.0M	$803.5M	75x	as long as short
Extended BNB-USD	+0.0104%	1h	802.10	−0.085%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.81	+0.003%	$386K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0120%	8h	803.19	+0.051%	$70.1M	$51.6M	50x	as long as short
Phoenix BNBlong	+0.0125%	1h	802.78	long leg	$173K	$35K	10x
Hyperliquid BNB	+0.0161%	1h	803.34	+0.070%	$51.6M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0161%	1h	803.45	+0.084%	$649K	$11K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	803.22	+0.054%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0222%	8h	803.39	+0.076%	$18.8M	$3.0M	75x	as long as short
dYdX BNB-USD	+0.0224%	1h	803.00	+0.027%	$170K	$55K	10x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	802.79	+0.001%	$71K	$48K	12x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	803.69	+0.113%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0335%	1h	802.52	−0.032%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.267%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0698%	1h	803.75	+0.121%	$3.0M	$5.3M	40x	as long as short