Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.005%

Price spread now: Phemex against Extended+0.104%7-day average +0.122% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now +0.104%, 7d avg +0.122%

Together, before fees−0.115%+ Points / potential airdropExtended: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.122%, 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	Extended BNB-USD	785.77	0.0104	pay 0.0013% / 1h	46m 05s	$1.8M	$6.2M	50x
Short	Phemex BNBUSDT	786.59	0.0075	get 0.0075% / 8h	1h 46m	$68.8M	$51.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$6.1
Price spread: +0.104% → +0.122%: −$1.8
Slippage, 4 orders: −$4.42
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.33
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Extended: live order book, 3 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 Extended live order book, 3 min ago	0.06 bp	3.0 bp −$3	4.3 bp −$43	22.4 bp −$2,243	doesn't fit
Sell Phemex live order book, 3 min ago	0.89 bp	7.2 bp −$7	7.4 bp −$74	12.8 bp −$1,280	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	785.95	+0.022%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.95	+0.150%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.33	+0.198%	$849K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.02	+0.032%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.458%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0048%	8h	786.60	+0.105%	$6.0M	$19.0M	200x	as long as short
BingX BNB-USDC	+0.0054%	8h	786.28	+0.065%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0067%	8h	787.20	+0.182%	$80.9M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	786.57	+0.101%	$490.0M	$816.3M	75x	as long as short
dYdX BNB-USD	+0.0068%	1h	786.47	+0.088%	$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 BNBUSDTshort	+0.0075%	8h	786.59	+0.104%	$68.8M	$51.0M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	786.56	+0.100%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.25	+0.060%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.12	+0.044%	$264K	$471K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.25	+0.061%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	786.42	+0.082%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	785.94	+0.021%	$138.3M	$75.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	785.90	+0.016%	$53.4M	$113.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.40	+0.080%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.15	+0.048%	$37.1M	$58.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.00	+0.029%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.11	+0.043%	$76.1M	$31.1M	75x	as long as short
Variational Omni BNB	+0.0100%	8h	786.52	+0.095%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.23	+0.185%	$4.1M	$75.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.07	+0.165%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	785.97	+0.025%	$131K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.29	+0.066%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.54	+0.097%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.30	+0.067%	$387K	$985K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.21	+0.056%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.84	+0.135%	$76K	$17K	50x	as long as short
Extended BNB-USDlong	+0.0104%	1h	785.77	long leg	$1.8M	$6.2M	50x
Aevo BNB-PERP	+0.0104%	1h	786.17	+0.051%	$378K	$110K	10x	as long as short
Hyperliquid BNB	+0.0120%	1h	786.73	+0.122%	$51.5M	$17.6M	10x	as long as short
Backpack BNB_USDC_PERP	+0.0131%	1h	786.50	+0.092%	$2.2M	$6.1M	40x	as long as short
Phoenix BNB	+0.0135%	1h	787.01	+0.157%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0141%	8h	787.10	+0.169%	$170K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0187%	8h	786.90	+0.143%	$17.7M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	785.97	+0.026%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0226%	8h	787.27	+0.191%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	786.58	+0.103%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	786.50	+0.093%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	785.86	+0.011%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0328%	1h	787.20	+0.182%	$638K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.44	+0.085%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0552%	1h	786.67	+0.114%	$67K	$39K	12x	as long as short