Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.008%

Price spread now: Phemex against Binance+0.013%52s7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as 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−$270.267% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.088%−$9 · spread now +0.013%, 7d avg −0.013%

Together, before fees−0.129%−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.026% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.013%. The two prices were read 52 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	Binance BNBUSDT	799.53	0.0108	pay 0.0108% / 8h	18m 28s	$498.2M	$818.5M	75x
Short	Phemex BNBUSDT	799.63	0.0108	get 0.0108% / 8h	18m 28s	$69.9M	$50.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$0.07
Price spread: +0.013% → −0.013%: $2.58
Slippage, 4 orders: −$4.71
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.2
Costs to cover: 0.267%
Break-even: never at this rate

Slippage from Binance: live order book, 10 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 Binance live order book, 10 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	11.6 bp −$1,159	doesn't fit
Sell Phemex live order book, 6 min ago	1.38 bp	8.6 bp −$9	9.8 bp −$98	13.2 bp −$1,324	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 −0.0201% / S +0.0372%	1h	799.00	−0.066%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.30	−0.028%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	799.01	−0.065%	$2.5M	$970K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.68	−0.106%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.85	+0.040%	$864K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.98	−0.068%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0012%	8h	798.04	−0.186%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0035%	8h	798.99	−0.067%	—	$34.7M	—	as long as short
Bybit BNBUSDT	+0.0042%	8h	798.60	−0.116%	$138.6M	$76.8M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	+0.045%	$606K	$985K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0088%	8h	799.48	−0.006%	$6.2M	$19.1M	200x	as long as short
Lighter BNB	+0.0096%	1h	799.13	−0.050%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.74	−0.099%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.01	−0.065%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.80	−0.091%	$54.3M	$112.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.20	−0.041%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.75	−0.097%	$35.8M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.85	−0.085%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.70	−0.103%	$79.1M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.50	−0.128%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.21	−0.040%	$161K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.86	−0.083%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.93	−0.075%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.33	−0.025%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.47	−0.007%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.30	−0.028%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	799.56	+0.004%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.98	−0.069%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.52	−0.001%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.54	−0.123%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.25	−0.035%	$384K	$40K	10x	as long as short
Phemex BNBUSDTshort	+0.0108%	8h	799.63	+0.013%	$69.9M	$50.6M	50x
MEXC BNB_USDT	+0.0108%	8h	799.90	+0.047%	$83.1M	$13.6M	200x	as long as short
Binance BNBUSDTlong	+0.0108%	8h	799.53	long leg	$498.2M	$818.5M	75x
Phoenix BNB	+0.0127%	1h	798.57	−0.120%	$172K	$36K	10x	as long as short
Kalshi KXBNBPERP	+0.0134%	8h	799.40	−0.016%	$89K	$2.9M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0168%	1h	799.22	−0.039%	$70K	$43K	12x	as long as short
Bulk BNB-USD	+0.0214%	1h	799.38	−0.018%	$649K	$17K	10x	as long as short
Hyperliquid BNB	+0.0217%	1h	799.75	+0.028%	$52.4M	$21.2M	10x	as long as short
BloFin BNB-USDT	+0.0229%	8h	799.63	+0.013%	$18.2M	$2.5M	75x	as long as short
RISEx BNB/USDC	+0.0258%	1h	799.06	−0.058%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0280%	1h	799.59	+0.008%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.696%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.59	−0.117%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0357%	1h	798.70	−0.104%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0386%	1h	799.56	+0.004%	$2.7M	$5.7M	40x	as long as short