Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0051%/8hpaid last 24h −0.013%

Price spread now: Gate against Phoenix−0.123%62s7-day average −0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as 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−$440.436% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.252%−$25 on $10k

Price spread, last 3 days (all we have)−0.290%−$29 · spread now −0.123%, 7d avg −0.102%

Together, before fees−0.541%−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.021% cheaper against Phoenix than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.102%). Swap the legs. The two prices were read 62 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	799.88	0.0151	pay 0.0019% / 1h	6m 15s	$172K	$28K	10x
Short	Gate BNB_USDT	798.90	0.0100	get 0.0100% / 8h	4h 06m	$35.9M	$59.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.123%Rate

Funding earned: −$10.66
Price spread: −0.123% → −0.102%: −$2.08
Slippage, 4 orders: −$21.6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$56.33
Costs to cover: 0.436%
Break-even: never at this rate

Slippage from Phoenix: live order book, 21 min ago; Gate: live order book, 2 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, 21 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	0.31 bp	9.2 bp −$9	12.4 bp −$124	28.8 bp −$2,878	58.1 bp −$29.1K

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	799.18	−0.088%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.04	+0.020%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.79	−0.011%	$3.0M	$29.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.92	+0.005%	$865K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0008%	1h	799.18	−0.087%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	800.33	+0.056%	$19K	$513K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	800.07	+0.024%	$601K	$900K	50x	as long as short
Variational Omni BNB	+0.0070%	8h	798.95	−0.117%	$4.1M	$5.5M	—	as long as short
BingX BNB-USDC	+0.0078%	8h	799.54	−0.043%	—	$13.2M	—	as long as short
Aster BNBUSDT	+0.0090%	8h	799.80	−0.010%	$6.3M	$18.9M	200x	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	799.71	−0.021%	$2.9M	$3.9M	20x	as long as short
MEXC BNB_USDT	+0.0097%	8h	800.30	+0.053%	$83.9M	$15.2M	200x	as long as short
Binance BNBUSDT	+0.0097%	8h	799.69	−0.024%	$516.3M	$802.6M	75x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.83	−0.131%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.47	−0.051%	$1.2M	$916K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	798.80	−0.135%	$138.2M	$86.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.90	−0.123%	$54.9M	$116.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.30	−0.073%	$53K	$221K	10x	as long as short
Gate BNB_USDTshort	+0.0100%	8h	798.90	−0.123%	$35.9M	$59.6M	75x
KuCoin BNBUSDTM	+0.0100%	8h	799.00	−0.110%	$28.0M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.76	−0.140%	$78.3M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.11	+0.028%	$4.2M	$76.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.09	+0.026%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.18	−0.088%	$120K	$881K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.21	−0.084%	$386K	$627K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.26	−0.077%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.86	−0.003%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.20	−0.085%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.19	−0.086%	$8.2M	$7.0M	75x	as long as short
Bulk BNB-USD	+0.0100%	1h	799.93	+0.006%	$649K	$3K	10x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.79	−0.011%	$78K	$19K	50x	as long as short
Kalshi KXBNBPERP	+0.0101%	8h	800.20	+0.040%	$107K	$2.7M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	798.77	−0.139%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.25	−0.079%	$384K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0112%	8h	799.69	−0.024%	$69.9M	$51.7M	50x	as long as short
Phoenix BNBlong	+0.0151%	1h	799.88	long leg	$172K	$28K	10x
RISEx BNB/USDC	+0.0165%	1h	799.42	−0.057%	$1.1M	$1.5M	20x	as long as short
Kraken Futures PF_BNBUSD	+0.0185%	1h	799.13	−0.094%	$2.5M	$914K	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	799.60	−0.035%	$1.6M	$159K	25x	as long as short
BloFin BNB-USDT	+0.0218%	8h	800.22	+0.043%	$18.9M	$3.0M	75x	as long as short
Hyperliquid BNB	+0.0224%	1h	799.87	−0.001%	$51.3M	$21.4M	10x	as long as short
01 Exchange BNBUSD	+0.0280%	1h	799.89	+0.001%	$28K	$1K	10x	as long as short
Hibachi BNB/USDT-P	+0.0312%	1h	799.93	+0.006%	$70K	$47K	12x	as long as short
Reya BNBRUSDPERP	+0.0335%	1h	798.82	−0.132%	$9K	—	40x	as long as short
dYdX BNB-USD	+0.0364%	1h	799.53	−0.044%	$169K	$55K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0690%	1h	800.70	+0.103%	$3.0M	$5.3M	40x	as long as short