Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h −0.008%

Price spread now: Phemex against Phoenix+0.058%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$390.391% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.292%−$29 on $10k

Price spread, last 3 days (all we have)−0.220%−$22 · spread now +0.058%, 7d avg −0.013%

Together, before fees−0.512%−$51 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: Phemex is 0.071% dearer against Phoenix than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	803.93	0.0125	pay 0.0016% / 1h	32m 54s	$173K	$35K	10x
Short	Phemex BNBUSDT	804.40	0.0123	get 0.0123% / 8h	2h 32m	$70.2M	$51.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.058%Rate

Funding earned: −$0.37
Price spread: +0.058% → −0.013%: $7.14
Slippage, 4 orders: −$20.11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$32.33
Costs to cover: 0.391%
Break-even: never at this rate

Slippage from Phoenix: live order book, 50 min ago; Phemex: live order book, 6 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, 50 min ago	0.99 bp	12.3 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.19 bp	7.4 bp −$7	9.1 bp −$91	12.4 bp −$1,243	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	803.74	−0.024%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	804.42	+0.061%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.90	−0.004%	$3.0M	$29.3M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	804.40	+0.058%	$112K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.92	−0.001%	$869K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.83	−0.013%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	803.87	−0.007%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0051%	8h	802.62	−0.163%	$4.0M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0057%	8h	803.83	−0.012%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0076%	8h	803.30	−0.078%	$139.3M	$82.9M	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	+0.032%	$609K	$878K	50x	as long as short
Aster BNBUSDT	+0.0089%	8h	804.46	+0.066%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	804.03	+0.013%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.70	−0.028%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	804.27	+0.042%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	803.60	−0.041%	$55.1M	$115.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	804.10	+0.021%	$52K	$163K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	803.55	−0.047%	$35.9M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.58	−0.044%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	803.47	−0.057%	$79.1M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	804.01	+0.010%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.17	+0.030%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.69	−0.030%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.89	−0.005%	$388K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	803.98	+0.006%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	804.40	+0.058%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	804.29	+0.045%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	804.33	+0.050%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	804.67	+0.091%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	803.38	−0.068%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	804.13	+0.024%	$386K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0105%	8h	804.80	+0.108%	$84.4M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0105%	8h	804.34	+0.050%	$518.8M	$803.1M	75x	as long as short
Phemex BNBUSDTshort	+0.0123%	8h	804.40	+0.058%	$70.2M	$51.7M	50x
Phoenix BNBlong	+0.0125%	1h	803.93	long leg	$173K	$35K	10x
SoDEX BNB-USD	+0.0152%	1h	803.90	−0.004%	$395K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0155%	1h	804.37	+0.055%	$51.7M	$21.3M	10x	as long as short
Bulk BNB-USD	+0.0194%	1h	803.61	−0.040%	$649K	$11K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	804.17	+0.030%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0225%	8h	804.46	+0.066%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	804.08	+0.018%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0260%	1h	804.28	+0.044%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	804.59	+0.082%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	803.51	−0.052%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.123%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0666%	1h	804.74	+0.101%	$3.0M	$5.4M	40x	as long as short