Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.010%

Price spread now: Phoenix against KuCoin+0.079%48s7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.452% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.215%+$21 on $10k

Price spread, last 3 days (all we have)+0.063%+$6 · spread now +0.079%, 7d avg +0.097%

Together, before fees+0.278%+$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.097%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin BNBUSDTM	801.40	0.0100	pay 0.0100% / 8h	40m 37s	$28.0M	$10.3M	75x
Short	Phoenix BNB	802.03	0.0127	get 0.0016% / 1h	40m 37s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.079%Rate

Funding earned: $5.61
Price spread: +0.079% → +0.097%: −$1.83
Slippage, 4 orders: −$26.25
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.47
Costs to cover: 0.452%
Break-even: 58.7 days

Slippage from KuCoin: live order book, 3 min ago; Phoenix: live order book, 31 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 KuCoin live order book, 3 min ago	0.87 bp	10.3 bp −$10	20.5 bp −$205	doesn't fit	doesn't fit
Sell Phoenix live order book, 31 min ago	1.00 bp	12.4 bp −$12	43.2 bp −$432	doesn't fit	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 −0.0201% / S +0.0372%	1h	802.02	+0.077%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.26	+0.107%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	801.61	+0.026%	$2.6M	$970K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.87	+0.183%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.34	+0.242%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.96	+0.070%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0027%	8h	802.45	+0.131%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0048%	8h	801.24	−0.020%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0058%	8h	800.80	−0.075%	$139.0M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.085%	$607K	$995K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	801.71	+0.039%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	801.68	+0.035%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.47	+0.009%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.90	−0.062%	$54.6M	$113.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.60	+0.025%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.00	−0.050%	$35.9M	$57.8M	75x	as long as short
KuCoin BNBUSDTMlong	+0.0100%	8h	801.40	long leg	$28.0M	$10.3M	75x
Bitget BNBUSDT	+0.0100%	8h	801.04	−0.045%	$79.5M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.59	+0.274%	$4.2M	$77.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.34	+0.242%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.84	+0.055%	$117K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.89	+0.061%	$387K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.07	+0.084%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.20	+0.100%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	801.90	+0.062%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.87	+0.059%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.80	+0.049%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0100%	8h	802.07	+0.084%	$6.4M	$19.0M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	800.66	−0.092%	$1.8M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.90	+0.063%	$385K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0112%	8h	802.42	+0.127%	$70.1M	$50.9M	50x	as long as short
Kalshi KXBNBPERP	+0.0114%	8h	802.40	+0.125%	$110K	$2.9M	4.8x	as long as short
Binance BNBUSDT	+0.0122%	8h	801.75	+0.044%	$501.4M	$817.3M	75x	as long as short
MEXC BNB_USDT	+0.0123%	8h	802.10	+0.087%	$83.4M	$13.5M	200x	as long as short
Phoenix BNBshort	+0.0127%	1h	802.03	+0.079%	$172K	$36K	10x
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	802.17	+0.096%	$1.6M	$165K	25x	as long as short
Hyperliquid BNB	+0.0214%	1h	802.13	+0.091%	$52.0M	$21.4M	10x	as long as short
Hibachi BNB/USDT-P	+0.0224%	1h	801.92	+0.065%	$70K	$44K	12x	as long as short
BloFin BNB-USDT	+0.0243%	8h	802.44	+0.130%	$18.3M	$2.5M	75x	as long as short
RISEx BNB/USDC	+0.0258%	1h	801.35	−0.006%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0305%	1h	801.82	+0.052%	$651K	$20K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.460%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	801.53	+0.016%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	802.51	+0.139%	$28K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0366%	1h	802.53	+0.141%	$2.7M	$5.7M	40x	as long as short
dYdX BNB-USD	+0.0428%	1h	801.50	+0.012%	$162K	$62K	10x	as long as short