Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0007%/8h= −0.7% APRpaid last 24h −0.006%

Price spread now: Orderly against Phoenix−0.152%66s7-day average −0.050% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now −0.152%, 7d avg −0.050%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.101% cheaper against Phoenix than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.050%. The two prices were read 66 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	785.13	0.0107	pay 0.0013% / 1h	27m 42s	$169K	$35K	10x
Short	Orderly PERP_BNB_USDC	783.94	0.0100	get 0.0100% / 8h	2h 27m	$264K	$489K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.152%Rate

Funding earned: −$1.4
Price spread: −0.152% → −0.050%: −$10.14
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$24.54
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 13 min ago; Orderly: no order-book sample. Net counts fees only.

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, 13 min ago	1.02 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	783.65	−0.188%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.00	−0.017%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	785.52	+0.050%	$847K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	783.79	−0.171%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0031%	8h	784.50	−0.081%	$6.0M	$18.9M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.542%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0042%	8h	784.07	−0.135%	—	$22.1M	—	as long as short
Phemex BNBUSDT	+0.0052%	8h	784.45	−0.087%	$68.6M	$50.5M	50x	as long as short
MEXC BNB_USDT	+0.0053%	8h	784.80	−0.042%	$79.5M	$11.9M	200x	as long as short
Binance BNBUSDT	+0.0054%	8h	784.54	−0.075%	$488.7M	$809.6M	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	783.73	−0.178%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	783.79	−0.171%	$567K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.05	−0.137%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	783.94	−0.152%	$264K	$489K	50x
Nado BNB-PERP	+0.0100%	1h	783.80	−0.169%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.47	−0.084%	$51.3M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.32	−0.103%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.90	−0.157%	$137.7M	$74.5M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	783.70	−0.182%	$53.3M	$112.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.30	−0.106%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	783.85	−0.163%	$36.4M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.79	−0.171%	$27.5M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.56	−0.200%	$75.9M	$30.9M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.46	−0.085%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.13	−0.128%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.38	+0.031%	$4.1M	$75.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.10	−0.004%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	783.80	−0.169%	$131K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	783.98	−0.146%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	784.57	−0.071%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.00	−0.144%	$385K	$994K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	783.94	−0.151%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.39	−0.094%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.58	−0.197%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.08	−0.133%	$377K	$110K	10x	as long as short
Phoenix BNBlong	+0.0107%	1h	785.13	long leg	$169K	$35K	10x
Kalshi KXBNBPERP	+0.0146%	8h	784.40	−0.093%	$154K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0162%	1h	784.37	−0.097%	$159K	$61K	10x	as long as short
BloFin BNB-USDT	+0.0174%	8h	785.33	+0.025%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0206%	8h	784.96	−0.022%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0288%	1h	784.74	−0.050%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0298%	1h	785.69	+0.071%	$637K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	784.32	−0.103%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	783.66	−0.187%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	784.37	−0.097%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0496%	1h	784.92	−0.026%	$67K	$39K	12x	as long as short