Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h +0.004%

Price spread now: Phemex against Coinbase International+0.060%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now +0.060%, 7d avg +0.076%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.076%, 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	Coinbase International BNB-PERP-INTX	787.48	0.0120	pay 0.0015% / 1h	49m 40s	$545K	$1.9M	50x
Short	Phemex BNBUSDT	787.95	0.0097	get 0.0097% / 8h	5h 49m	$68.5M	$51.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$4.75
Price spread: +0.060% → +0.076%: −$1.68
Slippage, 4 orders: −$8.26
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.69
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Phemex: live order book, 3 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 Coinbase International live order book, 2 min ago	1.02 bp	8.6 bp −$9	14.6 bp −$146	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.25 bp	6.3 bp −$6	7.0 bp −$70	10.3 bp −$1,027	doesn't fit

BNB on 45 exchanges

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 −0.0166% / S +0.0336%	1h	787.06	−0.054%	$43K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0085%	1h	787.15	−0.041%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.09	+0.077%	$4K	—	25x	as long as short
Aster BNBUSDT	0.0000%	8h	787.73	+0.032%	$5.9M	$17.0M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.73	+0.032%	$2.9M	$26.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	787.70	+0.028%	$139K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	787.93	+0.057%	$850K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.21	−0.034%	$9.5M	—	150x	as long as short
MEXC BNB_USDT	+0.0014%	8h	788.80	+0.168%	$83.3M	$11.7M	200x	as long as short
Binance BNBUSDT	+0.0015%	8h	787.75	+0.034%	$481.4M	$762.8M	75x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.236%	$19K	$789K	30x	as long as short
Bybit BNBUSDT	+0.0038%	8h	786.90	−0.074%	$138.6M	$66.0M	75x	as long as short
BloFin BNB-USDT	+0.0061%	8h	787.98	+0.063%	$18.4M	$2.2M	75x	as long as short
Lighter BNB	+0.0096%	1h	787.29	−0.024%	$2.7M	$3.3M	20x	as long as short
Phemex BNBUSDTshort	+0.0097%	8h	787.95	+0.060%	$68.5M	$51.0M	50x
Nado BNB-PERP	+0.0100%	1h	786.94	−0.068%	$1.4M	$2.4M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.79	+0.039%	$51.9M	$16.8M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.43	−0.007%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.00	−0.061%	$53.3M	$101.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.40	−0.010%	$57K	$122K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.10	−0.048%	$41.2M	$53.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.04	−0.056%	$28.2M	$9.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.87	−0.077%	$75.8M	$30.9M	75x	as long as short
BingX BNB-USDT	+0.0100%	8h	787.27	−0.027%	—	$50.2M	—	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.73	+0.032%	$2.2M	$6.0M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.35	−0.144%	$4.3M	$4.5M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.36	−0.015%	$4.1M	$74.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.38	−0.013%	$158K	$444K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.29	−0.024%	$130K	$905K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.25	−0.029%	$264K	$297K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.00	+0.066%	$12K	$1.3M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.40	−0.010%	$387K	$926K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	787.60	+0.015%	$1.5M	$157K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.27	−0.027%	$8.0M	$9.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.73	+0.031%	$78K	$481K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.65	−0.106%	$1.8M	$5.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.22	−0.033%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0120%	1h	787.92	+0.056%	$158K	$45K	10x	as long as short
Coinbase International BNB-PERP-INTXlong	+0.0120%	1h	787.48	long leg	$545K	$1.9M	50x
01 Exchange BNBUSD	+0.0240%	1h	787.68	+0.025%	$28K	$3K	10x	as long as short
Bulk BNB-USD	+0.0282%	1h	788.09	+0.078%	$639K	$0	10x	as long as short
Reya BNBRUSDPERP	+0.0317%	1h	786.56	−0.116%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0320%	1h	787.18	−0.038%	$67K	$37K	12x	as long as short
RISEx BNB/USDC	+0.0393%	1h	787.47	−0.002%	$1.1M	$901K	20x	as long as short
dYdX BNB-USD	+0.1136%	1h	787.47	−0.001%	$158K	$34K	10x	as long as short