Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.003%

Price spread now: Phemex against Lighter+0.061%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now +0.061%, 7d avg +0.044%

Together, before fees−0.077%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, 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	Lighter BNB	787.57	0.0096	pay 0.0012% / 1h	18m 59s	$2.7M	$3.9M	20x
Short	Phemex BNBUSDT	788.05	0.0074	get 0.0074% / 8h	1h 18m	$68.9M	$51.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$4.64
Price spread: +0.061% → +0.044%: $1.72
Slippage, 4 orders: −$5.6
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$20.52
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; Phemex: live order book, 5 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 Lighter live order book, 9 min ago	0.75 bp	1.4 bp −$1	3.8 bp −$38	15.4 bp −$1,543	65.8 bp −$32.9K
Sell Phemex live order book, 5 min ago	0.63 bp	6.7 bp −$7	7.5 bp −$75	12.6 bp −$1,260	doesn't fit

BNB on 45 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	787.41	−0.021%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.91	+0.044%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.46	+0.113%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.72	+0.019%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.225%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0051%	8h	788.07	+0.064%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0051%	8h	787.66	+0.012%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0062%	8h	788.70	+0.144%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0063%	8h	788.00	+0.054%	$490.8M	$819.8M	75x	as long as short
dYdX BNB-USD	+0.0065%	1h	787.95	+0.049%	$160K	$62K	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTshort	+0.0074%	8h	788.05	+0.061%	$68.9M	$51.1M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.30	−0.034%	$568K	$1.9M	50x	as long as short
Lighter BNBlong	+0.0096%	1h	787.57	long leg	$2.7M	$3.9M	20x
Nado BNB-PERP	+0.0100%	1h	787.55	−0.002%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.12	+0.070%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.76	+0.024%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.30	−0.034%	$138.5M	$75.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.30	−0.034%	$53.6M	$113.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.80	+0.030%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.40	−0.021%	$37.7M	$59.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.13	−0.056%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.28	−0.036%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.86	+0.037%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.41	−0.020%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.00	+0.055%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.19	+0.079%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.52	−0.006%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.45	−0.015%	$265K	$470K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.99	+0.053%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.60	+0.004%	$387K	$979K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.89	+0.041%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	788.21	+0.081%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.17	−0.050%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.45	−0.015%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0126%	8h	788.00	+0.055%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	787.70	+0.017%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0183%	8h	788.12	+0.070%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.85	+0.036%	$1.5M	$145K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.37	−0.026%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0230%	8h	788.19	+0.079%	$2.9M	$29.6M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	788.11	+0.069%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0262%	1h	788.32	+0.095%	$639K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	787.31	−0.033%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.76	+0.025%	$1.1M	$914K	20x	as long as short
Hibachi BNB/USDT-P	+0.0504%	1h	787.94	+0.047%	$67K	$39K	12x	as long as short