Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.005%

Price spread now: Phemex against Aevo+0.070%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$750.748% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.070%, 7d avg +0.059%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.059%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo BNB-PERP	786.54	0.0104	pay 0.0013% / 1h	48m 30s	$378K	$110K	10x
Short	Phemex BNBUSDT	787.09	0.0075	get 0.0075% / 8h	1h 48m	$68.9M	$51.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$6.13
Price spread: +0.070% → +0.059%: $1.08
Slippage, 4 orders: −$46.83
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$79.88
Costs to cover: 0.748%
Break-even: never at this rate

Slippage from Aevo: live order book, 61 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 Aevo live order book, 61 min ago	8.25 bp	29.8 bp −$30	34.7 bp −$347	56.6 bp −$5,663	doesn't fit
Sell Phemex live order book, 6 min ago	0.06 bp	6.3 bp −$6	6.5 bp −$65	10.1 bp −$1,015	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 −0.0170% / S +0.0337%	1h	786.51	−0.003%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.06	+0.066%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.44	+0.114%	$849K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.58	+0.005%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.358%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0048%	8h	787.16	+0.079%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDT	+0.0054%	8h	786.79	+0.032%	—	$22.2M	—	as long as short
dYdX BNB-USD	+0.0060%	1h	787.12	+0.074%	$159K	$62K	10x	as long as short
Binance BNBUSDT	+0.0067%	8h	787.04	+0.063%	$490.3M	$816.7M	75x	as long as short
MEXC BNB_USDT	+0.0067%	8h	787.50	+0.122%	$81.0M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTshort	+0.0075%	8h	787.09	+0.070%	$68.9M	$51.1M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	786.56	+0.002%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.87	+0.042%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.58	+0.005%	$265K	$471K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.15	−0.050%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	786.91	+0.047%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.50	−0.005%	$138.4M	$75.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.40	−0.018%	$53.5M	$113.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.80	+0.033%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.75	+0.027%	$37.1M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.25	−0.037%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.41	−0.017%	$76.1M	$31.1M	75x	as long as short
Variational Omni BNB	+0.0100%	8h	786.52	−0.003%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.76	+0.027%	$4.1M	$75.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.43	−0.014%	$158K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.45	−0.012%	$131K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.74	+0.026%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.25	+0.090%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.70	+0.020%	$387K	$986K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.98	+0.056%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	787.06	+0.066%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.44	−0.013%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERPlong	+0.0104%	1h	786.54	long leg	$378K	$110K	10x
Hyperliquid BNB	+0.0129%	1h	787.14	+0.076%	$51.5M	$17.6M	10x	as long as short
Kalshi KXBNBPERP	+0.0134%	8h	787.40	+0.109%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	787.01	+0.060%	$169K	$35K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0172%	1h	787.13	+0.075%	$2.2M	$6.1M	40x	as long as short
BloFin BNB-USDT	+0.0187%	8h	787.17	+0.080%	$17.8M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	786.42	−0.016%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0226%	8h	787.27	+0.093%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	787.05	+0.065%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	786.95	+0.052%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	786.31	−0.030%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0328%	1h	787.20	+0.084%	$638K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.87	+0.042%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0552%	1h	787.52	+0.124%	$67K	$39K	12x	as long as short