Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0051%/8hpaid last 24h −0.005%

Price spread now: Coinbase International against Phemex+0.022%7-day average −0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$330.333% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 3 days (all we have)−0.141%−$14 · spread now +0.022%, 7d avg −0.086%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.108% dearer against Phemex than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of −0.086%): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 7 days (−0.008% in total) that is about 3 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	800.19	0.0107	pay 0.0107% / 8h	4h 28m	$70.0M	$51.7M	50x
Short	Coinbase International BNB-PERP-INTX	800.37	0.0056	get 0.0007% / 1h	28m 04s	$601K	$904K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$10.66
Price spread: +0.022% → −0.086%: $10.83
Slippage, 4 orders: −$11.28
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$33.12
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 4 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 Phemex live order book, 5 min ago	0.81 bp	7.2 bp −$7	7.8 bp −$78	12.1 bp −$1,213	doesn't fit
Sell Coinbase International live order book, 4 min ago	3.06 bp	8.5 bp −$8	14.4 bp −$144	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 −0.0197% / S +0.0371%	1h	799.85	−0.042%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.51	−0.085%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.00	−0.024%	$3.0M	$30.1M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	800.10	−0.011%	$108K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	799.62	−0.071%	$865K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0008%	1h	799.85	−0.042%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	800.43	+0.030%	$19K	$407K	30x	as long as short
Coinbase International BNB-PERP-INTXshort	+0.0056%	1h	800.37	+0.022%	$601K	$904K	50x
Variational Omni BNB	+0.0073%	8h	799.45	−0.093%	$4.1M	$5.5M	—	as long as short
BingX BNB-USDC	+0.0080%	8h	799.84	−0.044%	—	$13.2M	—	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	799.97	−0.028%	$2.9M	$3.9M	20x	as long as short
Aster BNBUSDT	+0.0097%	8h	799.96	−0.029%	$6.3M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.90	−0.161%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.52	−0.084%	$1.2M	$916K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	799.18	−0.126%	$138.3M	$87.5M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.40	−0.099%	$55.0M	$116.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.80	−0.049%	$53K	$221K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	799.30	−0.111%	$35.9M	$59.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.32	−0.109%	$27.9M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.12	−0.134%	$78.4M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.01	−0.022%	$4.2M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.68	−0.064%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.69	−0.062%	$118K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.57	−0.077%	$386K	$627K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.76	−0.054%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.08	−0.013%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.70	−0.061%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.64	−0.069%	$8.2M	$6.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.07	−0.015%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.18	−0.127%	$1.9M	$6.3M	50x	as long as short
MEXC BNB_USDT	+0.0104%	8h	800.60	+0.051%	$83.8M	$15.1M	200x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.75	−0.054%	$384K	$40K	10x	as long as short
Binance BNBUSDT	+0.0104%	8h	800.16	−0.003%	$516.1M	$801.0M	75x	as long as short
Phemex BNBUSDTlong	+0.0107%	8h	800.19	long leg	$70.0M	$51.7M	50x
Bulk BNB-USD	+0.0120%	1h	799.94	−0.031%	$651K	$15K	10x	as long as short
Phoenix BNB	+0.0151%	1h	799.99	−0.025%	$170K	$28K	10x	as long as short
RISEx BNB/USDC	+0.0165%	1h	799.96	−0.029%	$1.1M	$1.4M	20x	as long as short
Kraken Futures PF_BNBUSD	+0.0185%	1h	799.68	−0.064%	$2.5M	$919K	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	800.10	−0.012%	$1.6M	$159K	25x	as long as short
BloFin BNB-USDT	+0.0225%	8h	800.12	−0.009%	$19.0M	$3.0M	75x	as long as short
Hyperliquid BNB	+0.0242%	1h	800.41	+0.027%	$51.3M	$21.4M	10x	as long as short
01 Exchange BNBUSD	+0.0280%	1h	800.48	+0.036%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	799.46	−0.091%	$9K	—	40x	as long as short
Hibachi BNB/USDT-P	+0.0336%	1h	799.70	−0.061%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0372%	1h	799.59	−0.075%	$173K	$51K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0702%	1h	800.63	+0.055%	$3.0M	$5.3M	40x	as long as short