Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h +0.003%

Price spread now: Lighter against Phemex−0.063%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.063%, 7d avg −0.046%

Together, before fees+0.080%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: −$1 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	798.24	0.0113	pay 0.0113% / 8h	7h 50m	$69.7M	$50.8M	50x
Short	Lighter BNB	797.74	0.0096	get 0.0012% / 1h	50m 44s	$2.8M	$4.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$3.61
Price spread: −0.063% → −0.046%: −$1.67
Slippage, 4 orders: −$5.43
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$22.72
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 7 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	0.56 bp	6.6 bp −$7	6.8 bp −$68	10.6 bp −$1,058	doesn't fit
Sell Lighter live order book, 7 min ago	0.75 bp	2.0 bp −$2	5.1 bp −$51	14.2 bp −$1,423	66.2 bp −$33.1K

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 −0.0201% / S +0.0372%	1h	797.85	−0.049%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.44	−0.100%	$2.5M	$975K	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	797.73	−0.064%	$4K	$239	25x	as long as short
Bybit BNBUSDT	−0.0011%	8h	797.30	−0.118%	$138.4M	$77.1M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.92	+0.085%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.87	+0.079%	$863K	$2.9M	30x	as long as short
Gate BNB_USDT	+0.0006%	8h	797.40	−0.105%	$35.7M	$55.8M	75x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	797.85	−0.049%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0008%	8h	797.13	−0.140%	$4.1M	$5.4M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.858%	$19K	$789K	30x	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	+0.0048%	1h	798.00	−0.030%	$601K	$987K	50x	as long as short
Aster BNBUSDT	+0.0069%	8h	798.05	−0.024%	$6.2M	$19.3M	200x	as long as short
BingX BNB-USDC	+0.0077%	8h	797.74	−0.063%	—	$13.3M	—	as long as short
MEXC BNB_USDT	+0.0091%	8h	798.40	+0.020%	$82.9M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0092%	8h	798.10	−0.017%	$496.1M	$818.0M	75x	as long as short
Lighter BNBshort	+0.0096%	1h	797.74	−0.063%	$2.8M	$4.0M	20x
Phoenix BNB	+0.0099%	1h	798.71	+0.059%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	796.91	−0.167%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	797.79	−0.056%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.30	−0.118%	$54.1M	$112.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.00	−0.030%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	797.40	−0.105%	$27.9M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.31	−0.117%	$78.7M	$27.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.80	+0.071%	$4.1M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.21	+0.122%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.44	−0.100%	$118K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	797.67	−0.071%	$385K	$481K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	797.83	−0.052%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	797.88	−0.044%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	797.90	−0.043%	$392K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	797.55	−0.086%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.56	+0.041%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.20	−0.130%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.78	+0.068%	$384K	$108K	10x	as long as short
Phemex BNBUSDTlong	+0.0113%	8h	798.24	long leg	$69.7M	$50.8M	50x
Hibachi BNB/USDT-P	+0.0136%	1h	798.39	+0.019%	$70K	$43K	12x	as long as short
Kalshi KXBNBPERP	+0.0153%	8h	798.20	−0.005%	$89K	$2.9M	4.8x	as long as short
RISEx BNB/USDC	+0.0155%	1h	797.81	−0.054%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0158%	1h	799.24	+0.125%	$649K	$14K	10x	as long as short
BloFin BNB-USDT	+0.0212%	8h	798.30	+0.008%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	797.93	−0.039%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0281%	1h	797.28	−0.120%	$161K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	798.19	−0.006%	$1.6M	$160K	25x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.16	−0.135%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0370%	1h	798.59	+0.044%	$2.7M	$5.7M	40x	as long as short
Hyperliquid BNB	+0.0377%	1h	798.31	+0.009%	$53.2M	$20.8M	10x	as long as short