Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h +0.003%

Price spread now: Injective against Phemex+1.967%7-day average −0.327% · you sell dearer than you buy

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

Long on Phemex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 4 days (all we have)−2.469%−$247 · spread now +1.967%, 7d avg −0.327%

Together, before fees−2.550%−$255 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.294% dearer against Phemex than usual: you sell high and buy low (spread +1.967% now, against its 7-day average of −0.327%): +$229 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	789.56	0.0057	pay 0.0057% / 8h	4h 14m	$69.1M	$50.0M	50x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	14m 43s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now +1.967%Rate

Funding earned: −$4.98
Price spread: +1.967% → −0.327%: $229.35
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $212.35
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 4 min ago; Injective: 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	0.19 bp	6.4 bp −$6	6.8 bp −$68	13.2 bp −$1,317	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 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 −0.0188% / S +0.0352%	1h	788.79	−0.097%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.82	−0.094%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.06	−0.063%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.93	−0.079%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+1.967%	$19K	$789K	30x
Aster BNBUSDT	+0.0036%	8h	789.38	−0.022%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0050%	8h	788.91	−0.082%	—	$34.4M	—	as long as short
Phemex BNBUSDTlong	+0.0057%	8h	789.56	long leg	$69.1M	$50.0M	50x
Binance BNBUSDT	+0.0060%	8h	789.31	−0.032%	$492.6M	$789.7M	75x	as long as short
MEXC BNB_USDT	+0.0060%	8h	789.60	+0.005%	$80.1M	$12.4M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.014%	$582K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.96	−0.076%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.94	−0.079%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.45	−0.141%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.39	−0.022%	$51.8M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.00	−0.071%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.63	−0.118%	$138.7M	$74.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.60	−0.122%	$53.4M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.00	−0.071%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.70	−0.109%	$35.5M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.71	−0.108%	$28.1M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.50	−0.134%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.50	−0.008%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.31	−0.158%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.65	+0.011%	$4.1M	$73.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.38	−0.023%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.80	−0.096%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.07	−0.062%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.43	−0.016%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.10	−0.058%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.65	−0.115%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.17	−0.049%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.38	−0.149%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.07	−0.063%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.14	−0.053%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0121%	1h	788.65	−0.115%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0152%	8h	789.95	+0.050%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERP	+0.0175%	8h	790.10	+0.068%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0180%	8h	789.62	+0.008%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0216%	1h	789.05	−0.065%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.50	−0.008%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	788.85	−0.090%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.42	−0.018%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.55	−0.128%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0392%	1h	788.93	−0.080%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.09	−0.060%	$1.1M	$967K	20x	as long as short