Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.008%

Price spread now: Phemex against SoDEX+0.056%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.051%−$5 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now +0.056%, 7d avg +0.049%

Together, before fees−0.066%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.049%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BNB-USD	787.60	0.0157	pay 0.0020% / 1h	53m 04s	$387K	$997K	10x
Short	Phemex BNBUSDT	788.04	0.0055	get 0.0055% / 8h	2h 53m	$69.0M	$50.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$21.27
Price spread: +0.056% → +0.049%: $0.69
Slippage, 4 orders: −$4.83
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.42
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from SoDEX: live order book, 6 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 SoDEX live order book, 6 min ago	0.64 bp	5.3 bp −$5	9.0 bp −$90	85.3 bp −$8,533	doesn't fit
Sell Phemex live order book, 6 min ago	0.06 bp	7.1 bp −$7	8.9 bp −$89	12.6 bp −$1,263	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	787.36	−0.031%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.69	+0.011%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.57	−0.004%	$849K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.39	−0.027%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0027%	8h	788.12	+0.066%	$6.1M	$19.1M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.221%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0037%	8h	787.73	+0.017%	—	$22.2M	—	as long as short
MEXC BNB_USDT	+0.0049%	8h	788.60	+0.127%	$79.9M	$11.8M	200x	as long as short
Binance BNBUSDT	+0.0050%	8h	788.20	+0.076%	$490.7M	$805.6M	75x	as long as short
Phemex BNBUSDTshort	+0.0055%	8h	788.04	+0.056%	$69.0M	$50.8M	50x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	787.50	−0.012%	$2.5M	$1.2M	50x	as long as short
dYdX BNB-USD	+0.0076%	1h	787.06	−0.069%	$159K	$61K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.46	−0.018%	$578K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.72	+0.015%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.40	−0.025%	$265K	$491K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.15	−0.057%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.11	+0.065%	$51.7M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.56	−0.005%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.60	0.000%	$138.4M	$74.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.50	−0.013%	$53.5M	$112.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.50	−0.013%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.50	−0.013%	$36.2M	$57.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.33	−0.034%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.23	−0.047%	$76.2M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.96	+0.046%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.61	−0.125%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.04	−0.071%	$4.1M	$74.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.54	−0.008%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.34	−0.033%	$132K	$956K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.59	−0.002%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.57	−0.004%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.14	−0.058%	$8.1M	$9.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.59	−0.001%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.24	−0.046%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.58	−0.003%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	787.41	−0.024%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0117%	8h	787.50	−0.013%	$122K	$2.7M	4.8x	as long as short
SoDEX BNB-USDlong	+0.0157%	1h	787.60	long leg	$387K	$997K	10x
BloFin BNB-USDT	+0.0170%	8h	788.00	+0.051%	$17.8M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0192%	8h	787.74	+0.018%	$2.9M	$29.1M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.96	+0.045%	$1.5M	$143K	25x	as long as short
Bulk BNB-USD	+0.0223%	1h	788.23	+0.080%	$639K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	788.00	+0.051%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	787.25	−0.044%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	787.56	−0.005%	$1.1M	$908K	20x	as long as short
Hibachi BNB/USDT-P	+0.0448%	1h	787.10	−0.064%	$67K	$39K	12x	as long as short