Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.032%

Price spread now: Phoenix against BloFin+0.107%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.107%, 7d avg −0.005%

Together, before fees−0.063%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.111% dearer against BloFin than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of −0.005%): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BNB-USDT	786.92	0.0177	pay 0.0177% / 8h	1h 01m	$17.7M	$2.2M	75x
Short	Phoenix BNB	787.76	0.0135	get 0.0017% / 1h	1m 01s	$169K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$8.88
Price spread: +0.107% → −0.005%: $11.14
Slippage, 4 orders: −$17.98
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$34.72
Costs to cover: 0.370%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Phoenix: live order book, 35 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 BloFin live order book, 3 min ago	0.13 bp	6.1 bp −$6	6.6 bp −$66	11.0 bp −$1,103	doesn't fit
Sell Phoenix live order book, 35 min ago	1.02 bp	12.4 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 −0.0170% / S +0.0337%	1h	786.23	−0.088%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.78	−0.018%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.83	+0.116%	$850K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.29	−0.080%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.309%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0048%	8h	786.47	−0.057%	—	$13.4M	—	as long as short
Aster BNBUSDT	+0.0048%	8h	786.76	−0.020%	$6.1M	$18.8M	200x	as long as short
Binance BNBUSDT	+0.0057%	8h	786.77	−0.018%	$489.0M	$821.2M	75x	as long as short
MEXC BNB_USDT	+0.0058%	8h	787.50	+0.074%	$81.0M	$12.1M	200x	as long as short
dYdX BNB-USD	+0.0064%	1h	786.64	−0.035%	$159K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0075%	8h	786.83	−0.011%	$68.7M	$51.1M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.43	+0.065%	$564K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.44	−0.061%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.15	−0.098%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.85	−0.009%	$51.5M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.64	−0.035%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.10	−0.104%	$138.3M	$75.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.10	−0.104%	$53.5M	$113.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.60	−0.041%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.20	−0.091%	$37.9M	$59.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	785.96	−0.122%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	785.98	−0.119%	$76.7M	$31.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.65	−0.034%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.51	+0.075%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.27	+0.045%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.69	+0.098%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.26	−0.084%	$131K	$953K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.32	−0.076%	$264K	$460K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.05	+0.017%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.89	−0.004%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.50	−0.053%	$387K	$977K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.77	−0.019%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.87	−0.006%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	785.93	−0.126%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.31	−0.078%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0117%	8h	786.90	−0.003%	$171K	$2.7M	4.8x	as long as short
Phoenix BNBshort	+0.0135%	1h	787.76	+0.107%	$169K	$35K	10x
BloFin BNB-USDTlong	+0.0177%	8h	786.92	long leg	$17.7M	$2.2M	75x
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	786.73	−0.024%	$1.5M	$145K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	786.23	−0.088%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0222%	1h	787.85	+0.118%	$639K	$831	10x	as long as short
GRVT BNB_USDT_Perp	+0.0227%	8h	787.38	+0.058%	$2.9M	$28.6M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	786.86	−0.008%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0321%	1h	786.00	−0.116%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.64	−0.035%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0464%	1h	786.60	−0.041%	$67K	$39K	12x	as long as short