Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0069%/8h= −7.5% APRpaid last 24h −0.024%

Price spread now: gTrade (Gains Network) against Phemex−0.078%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$284as in the Price arb table

costs, in and out, $10k−$2842.840% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now −0.078%, 7d avg −0.074%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.074%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	785.54	0.0076	pay 0.0076% / 8h	10m 51s	$68.6M	$51.0M	50x
Short	gTrade (Gains Network) BNB/USD	784.92	L +0.0007% / S −0.0007%	get 0.0001% / 1h	10m 51s	$9.5M	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.078%Rate

Funding earned: −$14.43
Price spread: −0.078% → −0.074%: −$0.47
Slippage, 4 orders: −$261.96
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$298.86
Costs to cover: 2.840%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; gTrade (Gains Network): virtual book (oracle venue), 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	0.06 bp	6.2 bp −$6	6.7 bp −$67	13.0 bp −$1,302	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 3 min ago	130.01 bp	135.0 bp −$135	135.0 bp −$1,350	484.2 bp −$48.4K	3301.4 bp −$1.65M

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 −0.0168% / S +0.0337%	1h	784.88	−0.084%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.33	−0.027%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	784.96	−0.074%	$2.5M	$1.2M	50x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	785.60	+0.008%	$171K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	785.87	+0.042%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USDshort	L +0.0007% / S −0.0007%	1h	784.92	−0.078%	$9.5M	—	150x
Aster BNBUSDT	+0.0033%	8h	785.51	−0.004%	$6.0M	$18.7M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.489%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0038%	8h	785.05	−0.062%	—	$22.1M	—	as long as short
MEXC BNB_USDT	+0.0048%	8h	786.10	+0.071%	$80.9M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0049%	8h	785.45	−0.011%	$488.3M	$814.0M	75x	as long as short
Phemex BNBUSDTlong	+0.0076%	8h	785.54	long leg	$68.6M	$51.0M	50x
Lighter BNB	+0.0096%	1h	785.07	−0.059%	$2.7M	$3.8M	20x	as long as short
Phoenix BNB	+0.0100%	1h	785.66	+0.015%	$158K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.65	−0.113%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	785.45	−0.011%	$51.5M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	785.12	−0.054%	$1.2M	$938K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.73	−0.103%	$138.1M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.70	−0.107%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	785.10	−0.056%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.85	−0.088%	$38.4M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.62	−0.117%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.52	−0.130%	$75.3M	$32.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	785.34	−0.025%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.65	−0.113%	$4.0M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.04	−0.063%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.82	+0.036%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.80	−0.094%	$131K	$942K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.90	−0.081%	$264K	$388K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	785.14	−0.051%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.39	−0.019%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	785.00	−0.069%	$386K	$962K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	785.37	−0.022%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	785.46	−0.011%	$78K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	784.56	−0.125%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.90	−0.082%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	785.03	−0.065%	$545K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0121%	1h	784.99	−0.070%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0169%	8h	785.51	−0.004%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0216%	8h	785.88	+0.043%	$2.9M	$27.9M	10x	as long as short
Bulk BNB-USD	+0.0231%	1h	784.93	−0.078%	$636K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	785.57	+0.004%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	785.35	−0.024%	$1.5M	$141K	25x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	784.63	−0.116%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0350%	1h	785.21	−0.042%	$1.1M	$902K	20x	as long as short
Hibachi BNB/USDT-P	+0.0448%	1h	785.37	−0.021%	$67K	$39K	12x	as long as short