Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.054%

Price spread now: Phemex against Bulk−0.089%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$220.225% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.270%−$27 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now −0.089%, 7d avg −0.033%

Together, before fees−0.218%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.056% cheaper against Bulk than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	789.39	0.0340	pay 0.0043% / 1h	54m 57s	$639K	$13K	10x
Short	Phemex BNBUSDT	788.69	0.0060	get 0.0060% / 8h	5h 54m	$69.0M	$50.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$58.82
Price spread: −0.089% → −0.033%: −$5.56
Slippage, 4 orders: −$3.48
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$86.86
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Bulk: live order book, 9 min ago; Phemex: live order book, 4 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 Bulk live order book, 9 min ago	0.06 bp	3.6 bp −$4	3.8 bp −$38	6.6 bp −$659	15.4 bp −$7,688
Sell Phemex live order book, 4 min ago	0.06 bp	6.3 bp −$6	6.7 bp −$67	10.1 bp −$1,008	doesn't fit

BNB on 45 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 −0.0167% / S +0.0335%	1h	788.05	−0.170%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.91	−0.061%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.38	+0.125%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.03	−0.173%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.989%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0036%	8h	788.94	−0.057%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.66	+0.034%	$619K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0054%	8h	788.71	−0.086%	—	$34.5M	—	as long as short
Phemex BNBUSDTshort	+0.0060%	8h	788.69	−0.089%	$69.0M	$50.8M	50x
Variational Omni BNB	+0.0066%	8h	789.32	−0.009%	$4.1M	$4.8M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0069%	8h	789.40	+0.001%	$80.4M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0069%	8h	789.22	−0.022%	$494.1M	$808.6M	75x	as long as short
Gate BNB_USDT	+0.0081%	8h	788.40	−0.125%	$35.4M	$56.3M	75x	as long as short
Phoenix BNB	+0.0088%	1h	789.07	−0.041%	$170K	$35K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	788.10	−0.164%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.67	−0.092%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.07	−0.167%	$381K	$380K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.35	−0.132%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.08	−0.039%	$51.7M	$18.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.66	−0.092%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.52	−0.110%	$138.7M	$78.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.20	−0.151%	$53.3M	$112.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.70	−0.087%	$52K	$135K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.35	−0.132%	$27.8M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.28	−0.141%	$76.9M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.79	−0.076%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.30	−0.138%	$4.1M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.22	−0.148%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.00	−0.176%	$137K	$945K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.19	−0.151%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.92	−0.060%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.58	−0.103%	$8.1M	$9.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	789.23	−0.020%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.31	−0.137%	$1.8M	$5.9M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0104%	8h	788.27	−0.141%	$2.9M	$27.9M	10x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.26	−0.144%	$379K	$110K	10x	as long as short
SoDEX BNB-USD	+0.0115%	1h	788.30	−0.138%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0175%	8h	788.70	−0.087%	$91K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0219%	1h	788.97	−0.054%	$160K	$64K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.54	−0.107%	$1.5M	$160K	25x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	789.04	−0.044%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	787.81	−0.201%	$6K	$3K	40x	as long as short
Bulk BNB-USDlong	+0.0340%	1h	789.39	long leg	$639K	$13K	10x
RISEx BNB/USDC	+0.0361%	1h	788.75	−0.082%	$1.1M	$1.1M	20x	as long as short
Hibachi BNB/USDT-P	+0.0544%	1h	789.41	+0.002%	$67K	$39K	12x	as long as short