Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0010%/8h= −1.0% APRpaid last 24h −0.003%

Price spread now: Polymarket Perps against Phemex−0.117%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$9 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now −0.117%, 7d avg −0.072%

Together, before fees+0.217%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Polymarket Perps is 0.045% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.072%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.085%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	803.95	0.0110	pay 0.0110% / 8h	45m 47s	$70.3M	$51.0M	50x
Short	Polymarket Perps BNB-USD	803.01	0.0100	get 0.0013% / 1h	45m 47s	$119K	$873K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$2
Price spread: −0.117% → −0.072%: −$4.49
Slippage, 4 orders: −$8.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$34.54
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Polymarket Perps: live order book, 32 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	0.87 bp	7.4 bp −$7	7.8 bp −$78	12.5 bp −$1,247	doesn't fit
Sell Polymarket Perps live order book, 32 min ago	2.06 bp	6.1 bp −$6	7.7 bp −$77	13.5 bp −$1,350	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 −0.0201% / S +0.0372%	1h	803.28	−0.083%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.55	−0.050%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	803.22	−0.091%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.05	−0.112%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.38	−0.071%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.33	−0.077%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0029%	8h	802.05	−0.236%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	803.05	−0.112%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0063%	8h	802.72	−0.153%	$139.4M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.402%	$607K	$995K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	803.60	−0.044%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.81	−0.141%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	803.23	−0.090%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.80	−0.143%	$54.7M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.40	−0.068%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.95	−0.124%	$35.9M	$57.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	803.02	−0.116%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.80	−0.143%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.19	−0.095%	$4.2M	$77.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.77	−0.147%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USDshort	+0.0100%	1h	803.01	−0.117%	$119K	$873K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	803.31	−0.080%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	803.57	−0.047%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.93	−0.003%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.98	−0.121%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.69	−0.032%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0104%	8h	803.91	−0.005%	$6.4M	$19.0M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	802.68	−0.158%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.37	−0.073%	$386K	$40K	10x	as long as short
Phemex BNBUSDTlong	+0.0110%	8h	803.95	long leg	$70.3M	$51.0M	50x
Kalshi KXBNBPERP	+0.0113%	8h	803.60	−0.044%	$110K	$2.9M	4.8x	as long as short
Binance BNBUSDT	+0.0125%	8h	803.75	−0.025%	$502.7M	$817.8M	75x	as long as short
MEXC BNB_USDT	+0.0125%	8h	804.00	+0.006%	$83.6M	$13.5M	200x	as long as short
SoDEX BNB-USD	+0.0125%	1h	803.40	−0.068%	$395K	$1.0M	10x	as long as short
Phoenix BNB	+0.0127%	1h	803.03	−0.114%	$173K	$36K	10x	as long as short
Hibachi BNB/USDT-P	+0.0232%	1h	802.49	−0.182%	$71K	$49K	12x	as long as short
Hyperliquid BNB	+0.0244%	1h	803.93	−0.002%	$52.1M	$21.4M	10x	as long as short
BloFin BNB-USDT	+0.0245%	8h	803.42	−0.066%	$18.2M	$2.6M	75x	as long as short
RISEx BNB/USDC	+0.0258%	1h	803.33	−0.077%	$1.1M	$1.4M	20x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	803.80	−0.019%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.142%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0309%	1h	803.58	−0.046%	$653K	$20K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	802.71	−0.154%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0359%	1h	804.14	+0.024%	$2.7M	$5.7M	40x	as long as short
01 Exchange BNBUSD	+0.0376%	1h	803.92	−0.004%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0482%	1h	802.89	−0.132%	$162K	$62K	10x	as long as short