Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0102%/8h= +11.2% APRpaid last 24h +0.037%

Price spread now: BloFin against Phoenix+0.133%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$380.384% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 3 days (all we have)−0.170%−$17 · spread now +0.133%, 7d avg +0.006%

Together, before fees−0.201%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.127% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	798.57	0.0127	pay 0.0016% / 1h	18m 22s	$172K	$36K	10x
Short	BloFin BNB-USDT	799.63	0.0229	get 0.0229% / 8h	18m 22s	$18.2M	$2.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.133%Rate

Funding earned: $21.41
Price spread: +0.133% → +0.006%: $12.66
Slippage, 4 orders: −$19.38
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$4.31
Costs to cover: 0.384%
Break-even: 8.4 days

Slippage from Phoenix: live order book, 53 min ago; BloFin: live order book, 6 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, 53 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	0.69 bp	6.7 bp −$7	6.7 bp −$67	13.6 bp −$1,364	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	799.00	+0.054%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.30	+0.091%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	799.01	+0.055%	$2.5M	$970K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.68	+0.014%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.85	+0.160%	$864K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.98	+0.051%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0012%	8h	798.04	−0.066%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0035%	8h	798.99	+0.053%	—	$34.7M	—	as long as short
Bybit BNBUSDT	+0.0042%	8h	798.60	+0.004%	$138.6M	$76.8M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	+0.165%	$606K	$985K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0088%	8h	799.48	+0.114%	$6.2M	$19.1M	200x	as long as short
Lighter BNB	+0.0096%	1h	799.13	+0.070%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.74	+0.021%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.01	+0.055%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.80	+0.029%	$54.3M	$112.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.20	+0.079%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.75	+0.023%	$35.8M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.85	+0.035%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.70	+0.016%	$79.1M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.50	−0.008%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.21	+0.080%	$161K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.86	+0.036%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.93	+0.045%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.33	+0.095%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.47	+0.112%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.30	+0.091%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	799.56	+0.124%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.98	+0.051%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.52	+0.118%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.54	−0.004%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.25	+0.085%	$384K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0108%	8h	799.63	+0.133%	$69.9M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0108%	8h	799.90	+0.167%	$83.1M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0108%	8h	799.53	+0.120%	$498.2M	$818.5M	75x	as long as short
Phoenix BNBlong	+0.0127%	1h	798.57	long leg	$172K	$36K	10x
Kalshi KXBNBPERP	+0.0134%	8h	799.40	+0.104%	$89K	$2.9M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0168%	1h	799.22	+0.081%	$70K	$43K	12x	as long as short
Bulk BNB-USD	+0.0214%	1h	799.38	+0.101%	$649K	$17K	10x	as long as short
Hyperliquid BNB	+0.0217%	1h	799.75	+0.148%	$52.4M	$21.2M	10x	as long as short
BloFin BNB-USDTshort	+0.0229%	8h	799.63	+0.133%	$18.2M	$2.5M	75x
RISEx BNB/USDC	+0.0258%	1h	799.06	+0.062%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0280%	1h	799.59	+0.128%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.816%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.59	+0.002%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0357%	1h	798.70	+0.016%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0386%	1h	799.56	+0.124%	$2.7M	$5.7M	40x	as long as short