Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0203%/8h= −22.3% APRpaid last 24h −0.062%

Price spread now: Phemex against Reya+0.113%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phemex is 0.113% dearer against Reya than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BNBRUSDPERP	800.60	0.0333	pay 0.0042% / 1h	29m 40s	$6K	$3K	40x
Short	Phemex BNBUSDT	801.50	0.0130	get 0.0130% / 8h	1h 29m	$70.0M	$51.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Reya. 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 ReyabpFee PhemexbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$42.7
Price spread: +0.113% → 0.000%: $11.26
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$49.43
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phemex: live order book, 4 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	7.60 bp	13.8 bp −$14	28.5 bp −$285	133.4 bp −$13.3K	doesn't fit

Reya: 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 −0.0201% / S +0.0372%	1h	800.91	+0.039%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.22	+0.078%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.39	+0.598%	$3.0M	$29.1M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.50	+0.113%	$158K	$2.8M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.20	+0.200%	$867K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.92	+0.040%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0040%	8h	800.85	+0.031%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0067%	8h	801.66	+0.133%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0081%	8h	801.10	+0.063%	$139.6M	$83.0M	75x	as long as short
Lighter BNB	+0.0096%	1h	801.54	+0.118%	$2.8M	$4.2M	20x	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	+0.0096%	1h	801.19	+0.074%	$610K	$1.0M	50x	as long as short
Aster BNBUSDT	+0.0099%	8h	801.60	+0.125%	$6.4M	$19.3M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.51	−0.011%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.68	+0.135%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.40	+0.100%	$54.9M	$117.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.90	+0.163%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.35	+0.094%	$35.8M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.21	+0.076%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.33	+0.091%	$81.0M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	802.78	+0.273%	$4.2M	$77.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.46	+0.233%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.75	+0.019%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.91	+0.039%	$387K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.14	+0.067%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.57	+0.121%	$12K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.56	+0.120%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.93	+0.166%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	801.18	+0.073%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.11	+0.064%	$385K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	802.50	+0.238%	$83.4M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	802.04	+0.180%	$517.3M	$829.5M	75x	as long as short
Phemex BNBUSDTshort	+0.0130%	8h	801.50	+0.113%	$70.0M	$51.7M	50x
SoDEX BNB-USD	+0.0131%	1h	801.10	+0.063%	$394K	$1.0M	10x	as long as short
Hibachi BNB/USDT-P	+0.0152%	1h	801.47	+0.108%	$71K	$48K	12x	as long as short
Phoenix BNB	+0.0155%	1h	804.78	+0.522%	$173K	$35K	10x	as long as short
dYdX BNB-USD	+0.0166%	1h	801.39	+0.099%	$162K	$62K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	801.35	+0.094%	$1.6M	$165K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.11	+0.064%	$2.6M	$983K	50x	as long as short
BloFin BNB-USDT	+0.0239%	8h	801.60	+0.125%	$18.8M	$2.6M	75x	as long as short
Hyperliquid BNB	+0.0273%	1h	802.24	+0.205%	$51.9M	$22.2M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.561%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	801.74	+0.142%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERPlong	+0.0333%	1h	800.60	long leg	$6K	$3K	40x
01 Exchange BNBUSD	+0.0336%	1h	802.25	+0.206%	$28K	$1K	10x	as long as short
Bulk BNB-USD	+0.0354%	1h	801.59	+0.123%	$651K	$21K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0665%	1h	801.91	+0.164%	$3.0M	$5.5M	40x	as long as short