Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.005%

Price spread now: Extended against Phemex−0.085%7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now −0.085%, 7d avg −0.122%

Together, before fees+0.096%+ Points / potential airdropExtended: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Extended is 0.037% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.122%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	786.59	0.0075	pay 0.0075% / 8h	1h 45m	$68.8M	$51.0M	50x
Short	Extended BNB-USD	785.92	0.0104	get 0.0013% / 1h	45m 55s	$1.8M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.085%Rate

Funding earned: $6.1
Price spread: −0.085% → −0.122%: $3.72
Slippage, 4 orders: −$4.42
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$11.59
Costs to cover: 0.214%
Break-even: 20.3 days

Slippage from Phemex: live order book, 3 min ago; Extended: live order book, 3 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, 3 min ago	0.89 bp	7.4 bp −$7	8.2 bp −$82	15.6 bp −$1,561	doesn't fit
Sell Extended live order book, 3 min ago	0.06 bp	3.8 bp −$4	5.4 bp −$54	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 −0.0170% / S +0.0337%	1h	785.95	−0.082%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.95	+0.046%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.33	+0.094%	$849K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.02	−0.072%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.352%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0048%	8h	786.77	+0.023%	$6.0M	$19.0M	200x	as long as short
BingX BNB-USDC	+0.0054%	8h	786.28	−0.039%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0067%	8h	787.30	+0.090%	$81.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	786.70	+0.014%	$490.1M	$816.3M	75x	as long as short
dYdX BNB-USD	+0.0068%	1h	786.47	−0.016%	$159K	$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	+0.0075%	8h	786.59	long leg	$68.8M	$51.0M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	786.56	−0.004%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.25	−0.044%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.12	−0.060%	$264K	$471K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.25	−0.043%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	786.42	−0.022%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.13	−0.058%	$138.3M	$75.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.10	−0.062%	$53.4M	$113.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.40	−0.024%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.15	−0.056%	$37.1M	$58.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.05	−0.069%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	785.97	−0.079%	$76.1M	$31.1M	75x	as long as short
Variational Omni BNB	+0.0100%	8h	786.52	−0.009%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.23	+0.081%	$4.1M	$75.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.07	+0.061%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	785.97	−0.079%	$131K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.29	−0.038%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.54	−0.006%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.30	−0.037%	$387K	$985K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.21	−0.048%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.84	+0.031%	$76K	$17K	50x	as long as short
Extended BNB-USDshort	+0.0104%	1h	785.92	−0.085%	$1.8M	$6.2M	50x
Aevo BNB-PERP	+0.0104%	1h	786.17	−0.053%	$378K	$110K	10x	as long as short
Hyperliquid BNB	+0.0120%	1h	786.73	+0.018%	$51.5M	$17.6M	10x	as long as short
Backpack BNB_USDC_PERP	+0.0131%	1h	786.50	−0.011%	$2.2M	$6.1M	40x	as long as short
Phoenix BNB	+0.0135%	1h	787.01	+0.053%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0141%	8h	787.10	+0.065%	$170K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0187%	8h	786.90	+0.039%	$17.7M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	785.97	−0.078%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0226%	8h	787.27	+0.086%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	786.58	−0.001%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	786.50	−0.011%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	785.86	−0.093%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0328%	1h	787.20	+0.078%	$638K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.44	−0.019%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0552%	1h	786.67	+0.010%	$67K	$39K	12x	as long as short