Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h +0.008%

Price spread now: SoDEX against Phemex−0.042%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$290.294% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.052%+$5 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.042%, 7d avg −0.049%

Together, before fees+0.048%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, 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	784.43	0.0055	pay 0.0055% / 8h	2h 26m	$68.6M	$50.5M	50x
Short	SoDEX BNB-USD	784.10	0.0100	get 0.0013% / 1h	26m 14s	$386K	$993K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $9.54
Price spread: −0.042% → −0.049%: $0.7
Slippage, 4 orders: −$9.44
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$19.19
Costs to cover: 0.294%
Break-even: 21.1 days

Slippage from Phemex: live order book, 3 min ago; SoDEX: live order book, 33 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	0.13 bp	9.0 bp −$9	9.7 bp −$97	15.0 bp −$1,499	doesn't fit
Sell SoDEX live order book, 33 min ago	0.64 bp	4.6 bp −$5	8.5 bp −$85	82.0 bp −$8,199	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 −0.0192% / S +0.0356%	1h	783.93	−0.064%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	783.99	−0.056%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	784.86	+0.055%	$846K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	783.91	−0.067%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0031%	8h	784.46	+0.003%	$6.0M	$19.0M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.634%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0042%	8h	784.07	−0.046%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0054%	8h	784.70	+0.034%	$79.5M	$11.9M	200x	as long as short
Phemex BNBUSDTlong	+0.0055%	8h	784.43	long leg	$68.6M	$50.5M	50x
Binance BNBUSDT	+0.0055%	8h	784.66	+0.029%	$488.8M	$810.4M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	783.85	−0.074%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	783.79	−0.082%	$567K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.17	−0.033%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.08	−0.045%	$264K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	783.55	−0.112%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.35	−0.010%	$51.3M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	783.90	−0.068%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.85	−0.074%	$137.7M	$74.5M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	783.80	−0.080%	$53.3M	$112.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.10	−0.042%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	783.95	−0.061%	$36.4M	$58.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.57	−0.110%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.64	−0.101%	$75.9M	$30.8M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	783.93	−0.064%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.13	−0.038%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.32	+0.113%	$4.1M	$75.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.72	+0.164%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	783.72	−0.091%	$131K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.15	−0.035%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	784.23	−0.026%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USDshort	+0.0100%	1h	784.10	−0.042%	$386K	$993K	10x
HTX BNB-USDT	+0.0100%	8h	783.75	−0.086%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.19	−0.031%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.63	−0.102%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.08	−0.045%	$377K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	785.13	+0.089%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0146%	8h	784.20	−0.029%	$154K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0170%	1h	783.67	−0.097%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0174%	8h	784.07	−0.046%	$17.6M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0208%	8h	785.52	+0.139%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	784.57	+0.018%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0298%	1h	785.69	+0.161%	$637K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	783.56	−0.111%	$6K	$3K	40x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	784.46	+0.004%	$1.5M	$143K	25x	as long as short
RISEx BNB/USDC	+0.0432%	1h	784.26	−0.022%	$1.1M	$905K	20x	as long as short
Hibachi BNB/USDT-P	+0.0504%	1h	783.85	−0.074%	$67K	$39K	12x	as long as short