Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.004%

Price spread now: Phemex against Polymarket Perps−0.049%46s7-day average +0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$320.319% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.188%−$19 · spread now −0.049%, 7d avg +0.072%

Together, before fees−0.266%−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.121% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.072%). Swap the legs. The two prices were read 46 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	Polymarket Perps BNB-USD	788.63	0.0100	pay 0.0013% / 1h	40m 34s	$137K	$946K	10x
Short	Phemex BNBUSDT	788.24	0.0084	get 0.0084% / 8h	5h 40m	$69.0M	$51.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$3.46
Price spread: −0.049% → +0.072%: −$12.15
Slippage, 4 orders: −$11.91
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$47.51
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 22 min ago; Phemex: 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 Polymarket Perps live order book, 22 min ago	2.03 bp	8.3 bp −$8	8.9 bp −$89	14.5 bp −$1,451	doesn't fit
Sell Phemex live order book, 4 min ago	2.22 bp	8.4 bp −$8	8.9 bp −$89	12.2 bp −$1,225	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 −0.0167% / S +0.0335%	1h	787.73	−0.114%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.97	+0.043%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.22	+0.202%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	787.79	−0.106%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.087%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0041%	8h	789.11	+0.061%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.09	+0.058%	$618K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0057%	8h	788.87	+0.030%	—	$34.4M	—	as long as short
MEXC BNB_USDT	+0.0074%	8h	789.70	+0.136%	$80.3M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0074%	8h	789.48	+0.108%	$493.7M	$805.9M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTshort	+0.0084%	8h	788.24	−0.049%	$69.0M	$51.0M	50x
Variational Omni BNB	+0.0086%	8h	787.60	−0.131%	$4.1M	$4.6M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	787.62	−0.128%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.70	+0.009%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.73	−0.114%	$265K	$497K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.65	+0.003%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.26	+0.080%	$51.7M	$18.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.88	+0.031%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.80	+0.022%	$138.7M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.70	+0.009%	$53.5M	$112.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.90	+0.034%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.65	+0.003%	$35.3M	$56.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.23	−0.051%	$27.7M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.50	−0.016%	$76.9M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.09	−0.068%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.32	+0.087%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.87	+0.030%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USDlong	+0.0100%	1h	788.63	long leg	$137K	$946K	10x
Derive BNB-PERP	+0.0100%	1h	787.96	−0.085%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.57	−0.008%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.36	−0.034%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	789.45	+0.103%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.43	−0.026%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.72	−0.116%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	789.13	+0.063%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0132%	8h	789.50	+0.111%	$2.9M	$28.2M	10x	as long as short
SoDEX BNB-USD	+0.0149%	1h	787.80	−0.105%	$387K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0186%	8h	788.50	−0.016%	$95K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0195%	8h	788.40	−0.029%	$18.2M	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0237%	1h	788.16	−0.060%	$159K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.11	−0.066%	$1.5M	$152K	25x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	789.47	+0.107%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.45	−0.023%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	789.12	+0.061%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−0.073%	$638K	$13K	10x	as long as short
Hibachi BNB/USDT-P	+0.0584%	1h	789.66	+0.130%	$67K	$38K	12x	as long as short