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: SunX against Phoenix+0.023%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on Phoenix Short on SunX

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)−0.133%−$13 · spread now +0.023%, 7d avg −0.005%

Together, before fees−0.312%−$31 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: SunX is 0.028% dearer against Phoenix than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.005%.

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	10m 46s	$169K	$35K	10x
Short	SunX BNB-USDT	787.92	0.0100	get 0.0100% / 8h	3h 10m	$12K	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.023%Rate

Funding earned: $1.64
Price spread: +0.023% → −0.005%: $2.76
Slippage, 4 orders: −$55.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$66.24
Costs to cover: 0.706%
Break-even: 290.6 days

Slippage from Phoenix: live order book, 35 min ago; SunX: live order book, 4 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 SunX live order book, 4 min ago	15.07 bp	23.6 bp −$24	31.1 bp −$311	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 −0.0192% / S +0.0356%	1h	787.22	−0.066%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.21	−0.068%	$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	788.20	+0.058%	$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	787.19	−0.070%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0022%	8h	787.58	−0.020%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.203%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0034%	8h	787.45	−0.037%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0038%	8h	787.74	0.000%	$68.9M	$50.8M	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	787.90	+0.020%	$79.9M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0041%	8h	787.59	−0.019%	$490.8M	$802.8M	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	787.37	−0.046%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.32	−0.053%	$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	787.48	−0.033%	$51.6M	$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	786.80	−0.119%	$138.4M	$74.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.80	−0.119%	$53.3M	$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	786.95	−0.100%	$36.1M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.92	−0.104%	$27.5M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.58	−0.147%	$76.1M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.49	−0.032%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.00	−0.093%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.75	+0.001%	$4.1M	$74.1M	30x	as long as short
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	787.37	−0.047%	$31K	$12K	10x	as long as short
SunX BNB-USDTshort	+0.0100%	8h	787.92	+0.023%	$12K	$1.5M	50x
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	786.58	−0.148%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.33	−0.052%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0161%	8h	787.93	+0.024%	$17.8M	$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
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
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	787.70	−0.005%	$1.5M	$143K	25x	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	787.38	−0.046%	$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