Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.101%

Price spread now: dYdX against Phemex−0.128%7-day average −0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Phemex Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.518%+$52 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now −0.128%, 7d avg −0.068%

Together, before fees+0.680%+$68 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.059% cheaper against Phemex than usual: you would sell low and buy high (spread −0.128% now, against its 7-day average of −0.068%). If the spread goes back, that is −$6 on $10k: about 3.3 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.518% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	789.94	0.0064	pay 0.0064% / 8h	4h 38m	$69.1M	$49.9M	50x
Short	dYdX BNB-USD	788.93	0.0124	get 0.0016% / 1h	38m 10s	$160K	$64K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.128%Rate

Funding earned: $12.58
Price spread: −0.128% → −0.068%: −$5.94
Slippage, 4 orders: −$25.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$41.34
Costs to cover: 0.480%
Break-even: 30.0 days

Slippage from Phemex: live order book, 6 min ago; dYdX: live order book, 21 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, 6 min ago	0.32 bp	7.5 bp −$8	8.9 bp −$89	13.1 bp −$1,307	doesn't fit
Sell dYdX live order book, 21 min ago	11.42 bp	17.6 bp −$18	44.4 bp −$444	55.7 bp −$5,566	166.8 bp −$83.4K

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 −0.0185% / S +0.0350%	1h	789.65	−0.036%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.40	−0.068%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.98	+0.005%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.61	−0.042%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.918%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0040%	8h	790.26	+0.040%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0054%	8h	789.55	−0.049%	—	$34.4M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.062%	$582K	$1.9M	50x	as long as short
Phemex BNBUSDTlong	+0.0064%	8h	789.94	long leg	$69.1M	$49.9M	50x
Binance BNBUSDT	+0.0066%	8h	789.86	−0.010%	$493.0M	$788.9M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0066%	8h	790.20	+0.033%	$80.2M	$12.3M	200x	as long as short
Lighter BNB	+0.0096%	1h	789.35	−0.075%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.81	−0.016%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.80	−0.144%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.93	−0.001%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.29	−0.082%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.10	−0.106%	$138.8M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.20	−0.094%	$53.4M	$111.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.50	−0.056%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.40	−0.068%	$35.4M	$56.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.18	−0.096%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.24	−0.089%	$76.4M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.92	−0.003%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.90	−0.131%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.18	+0.030%	$4.1M	$73.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.91	−0.004%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.60	−0.043%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.90	−0.006%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.66	−0.036%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.60	−0.043%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.53	−0.052%	$8.1M	$9.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.79	−0.019%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.10	−0.106%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.84	−0.012%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.39	−0.070%	$170K	$35K	10x	as long as short
dYdX BNB-USDshort	+0.0124%	1h	788.93	−0.128%	$160K	$64K	10x
GRVT BNB_USDT_Perp	+0.0137%	8h	789.99	+0.006%	$2.9M	$28.2M	10x	as long as short
Kalshi KXBNBPERP	+0.0180%	8h	789.70	−0.030%	$124K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0187%	8h	789.44	−0.063%	$18.1M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	790.09	+0.019%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.24	−0.089%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0272%	1h	789.78	−0.020%	$640K	$9K	10x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	789.30	−0.081%	$6K	$3K	40x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	790.26	+0.041%	$1.5M	$143K	25x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.64	−0.037%	$1.1M	$973K	20x	as long as short
Hibachi BNB/USDT-P	+0.0472%	1h	789.36	−0.074%	$67K	$38K	12x	as long as short