Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h −0.034%

Price spread now: Phemex against Deribit+0.025%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

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

costs, in and out, $10k−$320.319% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.200%−$20 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now +0.025%, 7d avg +0.024%

Together, before fees−0.196%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.024%, 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	Deribit BNB_USDC-PERPETUAL	786.64	0.0200	pay 0.0025% / 1h	42m 08s	$1.5M	$141K	25x
Short	Phemex BNBUSDT	786.83	0.0153	get 0.0153% / 8h	7h 42m	$68.6M	$51.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$9.87
Price spread: +0.025% → +0.024%: $0.03
Slippage, 4 orders: −$12.87
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$41.71
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 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 Deribit live order book, 2 min ago	3.50 bp	10.0 bp −$10	16.0 bp −$160	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.06 bp	8.5 bp −$8	9.2 bp −$92	12.1 bp −$1,205	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 −0.0168% / S +0.0337%	1h	786.16	−0.060%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.29	+0.083%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	786.04	−0.075%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.44	+0.102%	$3.0M	$27.6M	10x	as long as short
StandX BNB-USD	0.0000%	1h	787.05	+0.053%	$849K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.22	−0.053%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0025%	8h	786.63	−0.001%	$6.0M	$18.5M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.346%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0036%	8h	786.19	−0.057%	—	$13.4M	—	as long as short
Binance BNBUSDT	+0.0041%	8h	786.49	−0.018%	$489.3M	$812.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0042%	8h	787.70	+0.135%	$82.5M	$12.2M	200x	as long as short
Lighter BNB	+0.0096%	1h	786.13	−0.064%	$2.7M	$3.6M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	785.85	−0.100%	$1.3M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.87	+0.030%	$51.6M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.26	−0.048%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	785.90	−0.093%	$138.4M	$73.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	785.90	−0.093%	$53.5M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.30	−0.043%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.25	−0.049%	$39.2M	$55.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	785.87	−0.097%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	785.84	−0.101%	$75.4M	$32.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.39	−0.031%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.82	+0.024%	$4.3M	$4.9M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.34	+0.090%	$4.1M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.16	+0.067%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.45	−0.024%	$131K	$942K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.23	−0.052%	$264K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.51	−0.016%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.55	−0.010%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.30	−0.043%	$387K	$946K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.13	−0.064%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.58	−0.007%	$78K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	785.85	−0.100%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.13	−0.065%	$378K	$110K	10x	as long as short
dYdX BNB-USD	+0.0106%	1h	786.39	−0.031%	$157K	$64K	10x	as long as short
Kalshi KXBNBPERP	+0.0113%	8h	786.70	+0.008%	$159K	$2.6M	4.8x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	786.59	−0.006%	$548K	$1.9M	50x	as long as short
Phoenix BNB	+0.0120%	1h	787.48	+0.107%	$158K	$38K	10x	as long as short
Phemex BNBUSDTshort	+0.0153%	8h	786.83	+0.025%	$68.6M	$51.2M	50x
BloFin BNB-USDT	+0.0163%	8h	786.56	−0.010%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0200%	1h	786.64	long leg	$1.5M	$141K	25x
Bulk BNB-USD	+0.0215%	1h	787.68	+0.133%	$638K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	786.77	+0.017%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0319%	1h	785.96	−0.086%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	786.38	−0.032%	$1.1M	$911K	20x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	786.70	+0.009%	$67K	$39K	12x	as long as short