Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0079%/8h= +8.6% APRpaid last 24h +0.014%

Price spread now: Phoenix against Phemex−0.066%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 3 days (all we have)+0.106%+$11 · spread now −0.066%, 7d avg +0.012%

Together, before fees+0.390%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.078% cheaper against Phemex than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.012%). If the spread goes back, that is −$8 on $10k: about 3.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	799.44	0.0020	pay 0.0020% / 8h	7h 26m	$69.8M	$50.2M	50x
Short	Phoenix BNB	798.91	0.0099	get 0.0012% / 1h	26m 52s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.066%Rate

Funding earned: $16.57
Price spread: −0.066% → +0.012%: −$7.83
Slippage, 4 orders: −$26.41
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$36.67
Costs to cover: 0.454%
Break-even: 22.5 days

Slippage from Phemex: live order book, 2 min ago; Phoenix: live order book, 39 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, 2 min ago	1.31 bp	13.3 bp −$13	40.0 bp −$400	91.3 bp −$9,125	doesn't fit
Sell Phoenix live order book, 39 min ago	1.00 bp	12.4 bp −$12	43.2 bp −$432	doesn't fit	doesn't fit

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 −0.0159% / S +0.0334%	1h	798.72	−0.090%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.69	−0.094%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.51	+0.009%	$4K	$239	25x	as long as short
BingX BNB-USDC	−0.0028%	8h	799.22	−0.028%	—	$13.3M	—	as long as short
Bybit BNBUSDT	−0.0014%	8h	798.80	−0.080%	$138.8M	$75.5M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.48	+0.005%	$3.0M	$27.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.70	+0.033%	$864K	$2.9M	30x	as long as short
Gate BNB_USDT	+0.0001%	8h	798.70	−0.093%	$35.8M	$56.4M	75x	as long as short
Variational Omni BNB	+0.0003%	8h	798.43	−0.127%	$4.1M	$5.2M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.83	−0.076%	$9.7M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTlong	+0.0020%	8h	799.44	long leg	$69.8M	$50.2M	50x
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.707%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.12	−0.040%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0060%	8h	799.34	−0.013%	$6.2M	$19.2M	200x	as long as short
Binance BNBUSDT	+0.0081%	8h	799.40	−0.005%	$496.0M	$809.6M	75x	as long as short
MEXC BNB_USDT	+0.0082%	8h	799.80	+0.045%	$83.2M	$13.6M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.96	−0.060%	$2.8M	$4.0M	20x	as long as short
Phoenix BNBshort	+0.0099%	1h	798.91	−0.066%	$172K	$36K	10x
Nado BNB-PERP	+0.0100%	1h	798.61	−0.104%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.10	−0.043%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.90	−0.068%	$54.3M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.20	−0.030%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.64	−0.100%	$27.9M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.48	−0.120%	$78.8M	$27.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.99	−0.056%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.82	−0.078%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.89	−0.069%	$117K	$878K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.74	−0.088%	$386K	$458K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.85	−0.074%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.26	−0.023%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.90	−0.068%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.70	−0.093%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.53	+0.012%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.43	−0.127%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.73	−0.089%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.28	−0.020%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.96	−0.061%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0155%	8h	799.40	−0.005%	$90K	$2.8M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0200%	1h	799.61	+0.022%	$69K	$38K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	799.17	−0.034%	$1.6M	$161K	25x	as long as short
BloFin BNB-USDT	+0.0201%	8h	799.28	−0.020%	$18.1M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	799.57	+0.016%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0225%	1h	799.33	−0.014%	$161K	$63K	10x	as long as short
Hyperliquid BNB	+0.0306%	1h	799.59	+0.019%	$53.1M	$20.7M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.56	−0.110%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0392%	1h	799.50	+0.008%	$2.7M	$5.7M	40x	as long as short