Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.012%

Price spread now: Phoenix against SunX+0.073%69s7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as 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−$700.698% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 3 days (all we have)+0.295%+$30 · spread now +0.073%, 7d avg +0.007%

Together, before fees+0.481%+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Phoenix is 0.067% dearer against SunX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.007%. The two prices were read 69 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	SunX BNB-USDT	804.52	0.0100	pay 0.0100% / 8h	2h 55m	$13K	$1.7M	50x
Short	Phoenix BNB	805.11	0.0110	get 0.0014% / 1h	55m 53s	$173K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.073%Rate

Funding earned: $2.1
Price spread: +0.073% → +0.007%: $6.69
Slippage, 4 orders: −$54.81
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$61.02
Costs to cover: 0.698%
Break-even: 210.9 days

Slippage from SunX: live order book, 9 min ago; Phoenix: live order book, 27 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 SunX live order book, 9 min ago	15.07 bp	21.5 bp −$21	29.4 bp −$294	doesn't fit	doesn't fit
Sell Phoenix live order book, 27 min ago	0.99 bp	12.3 bp −$12	43.2 bp −$432	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 −0.0195% / S +0.0371%	1h	803.33	−0.147%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	804.18	−0.042%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.27	+0.094%	$3.0M	$30.4M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	804.10	−0.052%	$110K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.78	−0.092%	$869K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.32	−0.149%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	803.66	−0.106%	$2.5M	$915K	50x	as long as short
Variational Omni BNB	+0.0067%	8h	804.96	+0.055%	$4.1M	$5.4M	—	as long as short
Aster BNBUSDT	+0.0088%	8h	804.07	−0.056%	$6.4M	$18.9M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0088%	1h	805.24	+0.090%	$609K	$899K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	803.79	−0.091%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.50	−0.127%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	804.09	−0.053%	$1.2M	$923K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	803.02	−0.186%	$139.1M	$83.3M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	803.30	−0.152%	$55.0M	$115.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.80	−0.089%	$52K	$191K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	803.30	−0.152%	$35.9M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.33	−0.148%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	803.12	−0.174%	$79.0M	$24.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	805.56	+0.130%	$4.2M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.39	+0.108%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.15	−0.170%	$118K	$869K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.55	−0.120%	$388K	$595K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	803.67	−0.105%	$32K	$5K	10x	as long as short
SunX BNB-USDTlong	+0.0100%	8h	804.52	long leg	$13K	$1.7M	50x
SoDEX BNB-USD	+0.0100%	1h	803.70	−0.102%	$395K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	803.53	−0.123%	$8.2M	$7.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	804.30	−0.027%	$78K	$19K	50x	as long as short
BingX BNB-USDC	+0.0100%	8h	803.66	−0.107%	—	$13.3M	—	as long as short
Binance BNBUSDT	+0.0102%	8h	804.14	−0.047%	$518.9M	$809.1M	75x	as long as short
MEXC BNB_USDT	+0.0102%	8h	804.60	+0.010%	$84.5M	$13.5M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	803.06	−0.182%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.74	−0.096%	$386K	$40K	10x	as long as short
Phoenix BNBshort	+0.0110%	1h	805.11	+0.073%	$173K	$35K	10x
Phemex BNBUSDT	+0.0115%	8h	804.18	−0.042%	$70.2M	$51.8M	50x	as long as short
Bulk BNB-USD	+0.0140%	1h	805.09	+0.070%	$650K	$11K	10x	as long as short
dYdX BNB-USD	+0.0198%	1h	803.90	−0.077%	$170K	$55K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	803.79	−0.091%	$1.1M	$1.4M	20x	as long as short
Hyperliquid BNB	+0.0211%	1h	804.25	−0.033%	$51.6M	$21.4M	10x	as long as short
BloFin BNB-USDT	+0.0222%	8h	804.51	−0.001%	$18.9M	$3.0M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	804.46	−0.007%	$71K	$49K	12x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	804.24	−0.035%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	804.07	−0.056%	$1.6M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0335%	1h	802.90	−0.202%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.050%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0653%	1h	804.61	+0.011%	$3.0M	$5.3M	40x	as long as short