Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0411%/8h= −45.0% APRpaid last 24h −0.111%

Price spread now: GMX against Phemex−0.084%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and GMX is 0.084% cheaper against Phemex than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	788.26	0.0074	pay 0.0074% / 8h	1h 20m	$68.9M	$51.1M	50x
Short	GMX BNB/USD [WBTC.b-USDC]	787.60	L −0.0170% / S +0.0337%	pay 0.0042% / 1h	20m 37s	$43K	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$86.25
Price spread: −0.084% → 0.000%: −$8.39
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$118.64
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; GMX: no order-book sample. Net counts fees only.

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	0.63 bp	7.6 bp −$8	9.1 bp −$91	12.7 bp −$1,266	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BNB on 45 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]short	L −0.0170% / S +0.0337%	1h	787.60	−0.084%	$43K	—	200x
Hotstuff BNB-PERP	−0.0080%	1h	788.00	−0.033%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.06	−0.025%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.72	−0.069%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.135%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0051%	8h	788.24	−0.003%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0051%	8h	787.84	−0.053%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0062%	8h	788.80	+0.069%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0063%	8h	788.33	+0.009%	$491.0M	$819.0M	75x	as long as short
dYdX BNB-USD	+0.0066%	1h	787.95	−0.039%	$160K	$62K	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0074%	8h	788.26	long leg	$68.9M	$51.1M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.30	−0.122%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.94	−0.041%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.65	−0.077%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.23	−0.004%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.01	−0.031%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.61	−0.082%	$138.6M	$75.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.80	−0.058%	$53.6M	$113.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.00	−0.033%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.85	−0.052%	$37.7M	$59.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.39	−0.110%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.50	−0.096%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.09	−0.022%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.41	−0.108%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.00	−0.033%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.70	−0.071%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.62	−0.081%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.68	−0.074%	$265K	$470K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.26	−0.001%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.80	−0.058%	$387K	$980K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.76	−0.063%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	788.54	+0.036%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.46	−0.101%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.66	−0.076%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0129%	8h	788.50	+0.030%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	787.70	−0.071%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0183%	8h	788.19	−0.009%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	788.09	−0.021%	$1.5M	$145K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.59	−0.085%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0230%	8h	788.19	−0.009%	$2.9M	$29.6M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	788.37	+0.014%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0262%	1h	788.32	+0.007%	$639K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	787.40	−0.109%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	788.02	−0.031%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0512%	1h	787.65	−0.077%	$67K	$39K	12x	as long as short