Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h 0.000%

Price spread now: Binance against Phoenix−0.108%65s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.351% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.251%−$25 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now −0.108%, 7d avg −0.004%

Together, before fees−0.271%−$27 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 Binance is 0.104% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.004%). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	805.62	0.0125	pay 0.0016% / 1h	6m 24s	$173K	$35K	10x
Short	Binance BNBUSDT	804.75	0.0115	get 0.0115% / 8h	2h 06m	$519.9M	$805.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.108%Rate

Funding earned: −$2.08
Price spread: −0.108% → −0.004%: −$10.42
Slippage, 4 orders: −$18.14
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$47.63
Costs to cover: 0.351%
Break-even: never at this rate

Slippage from Phoenix: live order book, 10 min ago; Binance: live order book, 8 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 Phoenix live order book, 10 min ago	0.99 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.06 bp	5.3 bp −$5	7.2 bp −$72	15.0 bp −$1,498	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 −0.0195% / S +0.0371%	1h	804.06	−0.194%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	804.60	−0.127%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.17	−0.055%	$3.0M	$29.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	805.10	−0.065%	$114K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	804.76	−0.107%	$870K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	804.10	−0.189%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	804.15	−0.183%	$2.5M	$919K	50x	as long as short
Variational Omni BNB	+0.0049%	8h	804.63	−0.123%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0056%	8h	804.21	−0.175%	—	$34.5M	—	as long as short
Bybit BNBUSDT	+0.0080%	8h	803.70	−0.238%	$139.5M	$81.7M	75x	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	+0.0088%	1h	805.15	−0.058%	$608K	$881K	50x	as long as short
Lighter BNB	+0.0096%	1h	804.49	−0.140%	$2.8M	$4.2M	20x	as long as short
Aster BNBUSDT	+0.0098%	8h	804.84	−0.097%	$6.4M	$18.8M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	803.91	−0.213%	$1.5M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	804.45	−0.145%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	804.00	−0.201%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	804.60	−0.127%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	804.00	−0.201%	$36.1M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	804.01	−0.200%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	803.86	−0.218%	$78.9M	$24.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	805.38	−0.030%	$4.2M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	804.81	−0.101%	$159K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	804.08	−0.191%	$116K	$873K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	804.16	−0.181%	$389K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	804.58	−0.129%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	805.05	−0.070%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	804.85	−0.096%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	804.90	−0.089%	$8.2M	$7.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	804.98	−0.080%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	803.81	−0.225%	$1.9M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	804.49	−0.140%	$386K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0115%	8h	805.00	−0.077%	$84.5M	$13.7M	200x	as long as short
Binance BNBUSDTshort	+0.0115%	8h	804.75	−0.108%	$519.9M	$805.6M	75x
Phoenix BNBlong	+0.0125%	1h	805.62	long leg	$173K	$35K	10x
Phemex BNBUSDT	+0.0137%	8h	804.88	−0.092%	$70.2M	$51.8M	50x	as long as short
SoDEX BNB-USD	+0.0191%	1h	804.30	−0.164%	$396K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0203%	1h	804.78	−0.104%	$51.8M	$22.0M	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	804.54	−0.134%	$1.1M	$1.4M	20x	as long as short
dYdX BNB-USD	+0.0235%	1h	804.12	−0.186%	$170K	$55K	10x	as long as short
BloFin BNB-USDT	+0.0235%	8h	805.16	−0.057%	$18.9M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0258%	1h	805.37	−0.031%	$651K	$14K	10x	as long as short
Hibachi BNB/USDT-P	+0.0264%	1h	804.72	−0.112%	$71K	$48K	12x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	803.80	−0.227%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0344%	1h	805.02	−0.074%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.89	−0.091%	$19K	$627K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0650%	1h	805.27	−0.043%	$3.0M	$5.5M	40x	as long as short