Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.004%

Price spread now: edgeX against Phemex−0.067%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)+0.072%+$7 · spread now −0.067%, 7d avg 0.000%

Together, before fees+0.175%+ Points / potential airdropedgeX: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.067% cheaper against Phemex than usual: you would sell low and buy high (spread −0.067% now, against its 7-day average of 0.000%). If the spread goes back, that is −$7 on $10k: about 9.4 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.103% in total) that is about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	788.45	0.0076	pay 0.0076% / 8h	1h 25m	$68.9M	$51.1M	50x
Short	edgeX BNBUSDC	787.92	0.0100	get 0.0050% / 4h	1h 25m	$4.1M	$76.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.067%Rate

Funding earned: $5.03
Price spread: −0.067% → 0.000%: −$6.74
Slippage, 4 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$32.71
Costs to cover: 0.310%
Break-even: 52.6 days

Slippage from Phemex: live order book, 4 min ago; edgeX: 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, 4 min ago	1.40 bp	10.1 bp −$10	17.6 bp −$176	32.6 bp −$3,260	doesn't fit
Sell edgeX live order book, 4 min ago	1.90 bp	6.4 bp −$6	6.4 bp −$64	9.5 bp −$945	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 −0.0170% / S +0.0337%	1h	787.63	−0.103%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.85	−0.076%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.35	−0.013%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.94	−0.065%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.110%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0051%	8h	787.82	−0.080%	—	$22.3M	—	as long as short
Aster BNBUSDT	+0.0052%	8h	788.16	−0.037%	$6.1M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0064%	8h	788.60	+0.019%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0065%	8h	788.05	−0.051%	$490.8M	$817.9M	75x	as long as short
dYdX BNB-USD	+0.0072%	1h	788.07	−0.049%	$160K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0076%	8h	788.45	long leg	$68.9M	$51.1M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.30	−0.146%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.91	−0.069%	$2.7M	$3.8M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.51	−0.120%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.23	−0.028%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.77	−0.086%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.40	−0.133%	$138.6M	$75.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.50	−0.120%	$53.6M	$113.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.00	−0.057%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.75	−0.089%	$37.6M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.23	−0.155%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.31	−0.145%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.05	−0.051%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.71	−0.094%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDCshort	+0.0100%	4h	787.92	−0.067%	$4.1M	$76.1M	30x
ApeX Omni BNBUSDT	+0.0100%	1h	788.27	−0.023%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.00	−0.057%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.91	−0.068%	$265K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.03	−0.307%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.38	−0.008%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.00	−0.057%	$387K	$981K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.81	−0.081%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	788.17	−0.036%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.21	−0.157%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.88	−0.072%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0135%	1h	788.01	−0.056%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0137%	8h	788.00	−0.057%	$170K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0185%	8h	788.46	+0.001%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	788.27	−0.022%	$1.5M	$145K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.76	−0.088%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0230%	8h	788.36	−0.011%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	788.54	+0.011%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0291%	1h	787.29	−0.147%	$638K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	787.81	−0.082%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	788.27	−0.023%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0512%	1h	788.08	−0.047%	$67K	$39K	12x	as long as short