Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0166%/8h= −18.2% APRpaid last 24h +0.011%

Price spread now: Kraken Futures against Phemex−0.076%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.076%, 7d avg −0.076%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.076%, so right now this pair is about funding alone: −$5 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	788.15	0.0042	pay 0.0042% / 8h	3h 16m	$68.9M	$50.7M	50x
Short	Kraken Futures PF_BNBUSD	787.55	−0.0124	pay 0.0016% / 1h	16m 04s	$2.5M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$34.92
Price spread: −0.076% → −0.076%: $0.05
Slippage, 4 orders: −$13.52
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$70.39
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Kraken Futures: 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	0.06 bp	6.3 bp −$6	6.3 bp −$63	16.9 bp −$1,686	doesn't fit
Sell Kraken Futures live order book, 3 min ago	5.59 bp	12.2 bp −$12	14.8 bp −$148	35.0 bp −$3,504	105.7 bp −$52.8K

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 −0.0192% / S +0.0356%	1h	787.50	−0.083%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSDshort	−0.0124%	1h	787.55	−0.076%	$2.5M	$1.2M	50x
Hotstuff BNB-PERP	−0.0080%	1h	787.97	−0.023%	$4K	$42	25x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	788.00	−0.019%	$126K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.39	+0.030%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.50	−0.082%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0022%	8h	788.17	+0.003%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.149%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0034%	8h	787.78	−0.047%	—	$22.3M	—	as long as short
Binance BNBUSDT	+0.0042%	8h	788.25	+0.012%	$491.4M	$801.8M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0042%	8h	788.15	long leg	$68.9M	$50.7M	50x
MEXC BNB_USDT	+0.0042%	8h	788.60	+0.057%	$80.0M	$12.0M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	787.19	−0.122%	$588K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0087%	1h	787.24	−0.115%	$159K	$63K	10x	as long as short
Phoenix BNB	+0.0092%	1h	787.84	−0.039%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.74	−0.052%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.62	−0.067%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.40	−0.095%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.16	+0.001%	$51.7M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.71	−0.056%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.54	−0.077%	$138.6M	$73.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.50	−0.082%	$53.4M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.60	−0.070%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.55	−0.076%	$36.0M	$58.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.43	−0.091%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.33	−0.104%	$76.2M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.08	−0.009%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.41	−0.094%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.05	−0.013%	$4.1M	$74.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.89	−0.033%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.42	−0.093%	$132K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.66	−0.062%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.20	+0.007%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.80	−0.044%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.58	−0.072%	$8.1M	$9.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.89	−0.033%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.33	−0.104%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.65	−0.063%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0162%	8h	788.00	−0.019%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0175%	8h	788.39	+0.030%	$2.9M	$28.6M	10x	as long as short
Bulk BNB-USD	+0.0193%	1h	788.28	+0.017%	$638K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.10	−0.006%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.08	−0.009%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	787.30	−0.107%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	787.87	−0.036%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	787.85	−0.038%	$1.1M	$893K	20x	as long as short