Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.009%

Price spread now: Phemex against Arcus+0.030%7-day average −0.029% · 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−$34as in the Price arb table

costs, in and out, $10k−$400.398% of the position

Long on Arcus Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.106%−$11 on $10k

Price spread, last 3 days (all we have)−0.121%−$12 · spread now +0.030%, 7d avg −0.029%

Together, before fees−0.228%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.059% dearer against Arcus than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.029%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus BNB-USD	799.20	0.0100	pay 0.0013% / 1h	26m 45s	$53K	$133K	10x
Short	Phemex BNBUSDT	799.44	0.0020	get 0.0020% / 8h	7h 26m	$69.8M	$50.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Arcus. 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 ArcusbpFee PhemexbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$16.77
Price spread: +0.030% → −0.029%: $5.92
Slippage, 4 orders: −$23.28
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$50.63
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Arcus: live order book, 46 min ago; Phemex: live order book, 2 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 Arcus live order book, 46 min ago	6.26 bp	9.7 bp −$10	25.6 bp −$256	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.31 bp	7.3 bp −$7	8.6 bp −$86	12.8 bp −$1,280	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 −0.0159% / S +0.0334%	1h	798.72	−0.060%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.69	−0.064%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.51	+0.039%	$4K	$239	25x	as long as short
BingX BNB-USDC	−0.0028%	8h	799.22	+0.003%	—	$13.3M	—	as long as short
Bybit BNBUSDT	−0.0009%	8h	799.20	0.000%	$138.9M	$75.5M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.48	+0.035%	$3.0M	$27.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.70	+0.063%	$864K	$2.9M	30x	as long as short
Gate BNB_USDT	+0.0001%	8h	798.70	−0.063%	$35.8M	$56.4M	75x	as long as short
Variational Omni BNB	+0.0003%	8h	798.43	−0.097%	$4.1M	$5.2M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.83	−0.046%	$9.7M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTshort	+0.0020%	8h	799.44	+0.030%	$69.8M	$50.2M	50x
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.737%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.12	−0.010%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0060%	8h	799.46	+0.033%	$6.2M	$19.2M	200x	as long as short
MEXC BNB_USDT	+0.0081%	8h	800.40	+0.150%	$83.2M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0081%	8h	799.96	+0.095%	$496.4M	$809.6M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.60	+0.050%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.91	−0.036%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.61	−0.074%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.65	+0.057%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.40	+0.025%	$54.3M	$111.1M	50x	as long as short
Arcus BNB-USDlong	+0.0100%	1h	799.20	long leg	$53K	$133K	10x
KuCoin BNBUSDTM	+0.0100%	8h	799.35	+0.019%	$27.9M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.90	−0.038%	$78.8M	$27.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.99	−0.026%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.82	−0.048%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.89	−0.039%	$117K	$878K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.74	−0.058%	$386K	$458K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.85	−0.044%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.26	+0.007%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.90	−0.038%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.70	−0.063%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.29	+0.136%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.43	−0.097%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.73	−0.059%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.28	+0.010%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.96	−0.031%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0155%	8h	799.40	+0.025%	$90K	$2.8M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0200%	1h	799.61	+0.052%	$69K	$38K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	799.17	−0.004%	$1.6M	$161K	25x	as long as short
BloFin BNB-USDT	+0.0201%	8h	799.28	+0.010%	$18.1M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	799.57	+0.046%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0225%	1h	799.33	+0.016%	$161K	$63K	10x	as long as short
Hyperliquid BNB	+0.0307%	1h	799.98	+0.098%	$53.2M	$20.7M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.56	−0.080%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0392%	1h	799.50	+0.038%	$2.7M	$5.7M	40x	as long as short