Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h −0.008%

Price spread now: HTX against Phoenix−0.064%48s7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as 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−$440.442% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 4 days (all we have)−0.204%−$20 · spread now −0.064%, 7d avg −0.094%

Together, before fees−0.383%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.030% dearer against Phoenix than usual: you sell high and buy low (spread −0.064% now, against its 7-day average of −0.094%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.7 days. At the pace of the last 7 days (−0.179% in total) that is about 28 hours. The two prices were read 48 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	789.14	0.0117	pay 0.0015% / 1h	13m 22s	$170K	$35K	10x
Short	HTX BNB-USDT	788.63	0.0100	get 0.0100% / 8h	4h 13m	$8.1M	$9.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$3.63
Price spread: −0.064% → −0.094%: $2.96
Slippage, 4 orders: −$25.17
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$44.84
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Phoenix: live order book, 38 min ago; HTX: live order book, 1 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, 38 min ago	1.01 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	0.81 bp	11.2 bp −$11	15.8 bp −$158	50.4 bp −$5,042	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 −0.0188% / S +0.0353%	1h	789.09	−0.007%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.09	−0.006%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	−0.013%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.15	+0.001%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.021%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0036%	8h	789.69	+0.070%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0050%	8h	789.13	−0.001%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0057%	8h	789.38	+0.030%	$69.0M	$50.0M	50x	as long as short
MEXC BNB_USDT	+0.0059%	8h	790.10	+0.122%	$80.1M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0060%	8h	789.74	+0.076%	$492.8M	$789.7M	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	+0.0064%	1h	789.45	+0.039%	$582K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.25	+0.014%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.16	+0.003%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.75	−0.049%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.72	+0.073%	$51.8M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.33	+0.024%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.00	−0.018%	$138.8M	$74.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	−0.005%	$53.4M	$111.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.30	+0.020%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.10	−0.005%	$35.5M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.03	−0.014%	$28.1M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.87	−0.034%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.45	+0.039%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.31	−0.105%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.25	+0.013%	$4.1M	$73.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.32	+0.023%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.98	−0.020%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.81	−0.042%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.42	+0.035%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.90	−0.030%	$388K	$1.0M	10x	as long as short
HTX BNB-USDTshort	+0.0100%	8h	788.63	−0.064%	$8.1M	$9.5M	75x
Paradex BNB-USD-PERP	+0.0101%	8h	789.56	+0.053%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.78	−0.045%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.77	−0.047%	$379K	$110K	10x	as long as short
Phoenix BNBlong	+0.0117%	1h	789.14	long leg	$170K	$35K	10x
dYdX BNB-USD	+0.0120%	1h	788.65	−0.062%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0152%	8h	789.61	+0.060%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERP	+0.0175%	8h	789.30	+0.020%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0180%	8h	789.62	+0.061%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0216%	1h	789.05	−0.011%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.71	+0.072%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0264%	1h	788.66	−0.060%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.17	+0.004%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.85	−0.036%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0376%	1h	788.88	−0.033%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.46	+0.040%	$1.1M	$967K	20x	as long as short