Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.003%

Price spread now: Phemex against Injective−2.134%7-day average +0.299% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 4 days (all we have)+2.657%+$266 · spread now −2.134%, 7d avg +0.299%

Together, before fees+2.724%+$272 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 2.433% cheaper against Injective than usual: you would sell low and buy high (spread −2.134% now, against its 7-day average of +0.299%). If the spread goes back, that is −$243 on $10k: about 23 months of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.067% in total) that is about 9 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BNB/USDC PERP	805.09	0.0033	pay 0.0004% / 1h	21m 06s	$19K	$789K	30x
Short	Phemex BNBUSDT	787.91	0.0045	get 0.0045% / 8h	3h 21m	$68.9M	$50.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhemexbpOrdersPrice spread, now −2.134%Rate

Funding earned: $2.47
Price spread: −2.134% → +0.299%: −$243.27
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$252.81
Costs to cover: 0.120%
Break-even: 722.6 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	0.06 bp	6.8 bp −$7	7.8 bp −$78	10.2 bp −$1,016	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0192% / S +0.0356%	1h	787.65	−2.166%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.60	−2.172%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.00	−2.123%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	788.10	−2.110%	$126K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.54	−2.056%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.64	−2.167%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0024%	8h	788.09	−2.111%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
BingX BNB-USDT	+0.0036%	8h	787.61	−2.171%	—	$22.3M	—	as long as short
MEXC BNB_USDT	+0.0043%	8h	788.40	−2.073%	$79.9M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0043%	8h	787.96	−2.128%	$491.3M	$800.7M	75x	as long as short
Phemex BNBUSDTshort	+0.0045%	8h	787.91	−2.134%	$68.9M	$50.6M	50x
Coinbase International BNB-PERP-INTX	+0.0072%	1h	787.19	−2.223%	$588K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.22	−2.095%	$169K	$35K	10x	as long as short
dYdX BNB-USD	+0.0096%	1h	787.16	−2.227%	$159K	$63K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.61	−2.171%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.73	−2.156%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.40	−2.197%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.91	−2.134%	$51.7M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.98	−2.125%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.30	−2.210%	$138.5M	$73.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−2.222%	$53.5M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.90	−2.135%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.30	−2.210%	$35.9M	$57.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.51	−2.184%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.34	−2.205%	$76.2M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.75	−2.154%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.50	−2.184%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.22	−2.096%	$4.1M	$74.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.44	−2.068%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.61	−2.171%	$132K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.76	−2.152%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.40	−2.073%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.80	−2.148%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.46	−2.190%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.10	−2.110%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.28	−2.212%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.72	−2.158%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0163%	8h	788.23	−2.094%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0174%	8h	788.49	−2.062%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0193%	1h	788.28	−2.088%	$638K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.41	−2.072%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.11	−2.108%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	787.34	−2.204%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	787.20	−2.223%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.09	−2.111%	$1.1M	$893K	20x	as long as short