Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0099%/8h= −10.8% APRpaid last 24h −0.014%

Price spread now: Phemex against Phoenix+0.197%73s7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as 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−$450.454% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.283%−$28 on $10k

Price spread, last 3 days (all we have)−0.236%−$24 · spread now +0.197%, 7d avg −0.012%

Together, before fees−0.520%−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.209% dearer against Phoenix than usual: you sell high and buy low (spread +0.197% now, against its 7-day average of −0.012%): +$21 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.0 days. The two prices were read 73 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	798.91	0.0099	pay 0.0012% / 1h	25m 56s	$172K	$36K	10x
Short	Phemex BNBUSDT	800.48	0	get 0.0000% / 8h	7h 25m	$69.9M	$50.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.197%Rate

Funding earned: −$20.8
Price spread: +0.197% → −0.012%: $20.86
Slippage, 4 orders: −$26.41
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.35
Costs to cover: 0.454%
Break-even: never at this rate

Slippage from Phoenix: live order book, 40 min ago; Phemex: live order book, 3 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, 40 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	1.31 bp	7.3 bp −$7	8.6 bp −$86	12.8 bp −$1,280	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 −0.0159% / S +0.0335%	1h	800.16	+0.156%	$48K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0120%	1h	800.13	+0.153%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.06	+0.019%	$4K	$239	25x	as long as short
BingX BNB-USDT	−0.0024%	8h	800.21	+0.163%	—	$35.0M	—	as long as short
Bybit BNBUSDT	−0.0009%	8h	799.80	+0.111%	$139.0M	$75.6M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.48	+0.071%	$3.0M	$27.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.70	+0.099%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDTshort	0.0000%	8h	800.48	+0.197%	$69.9M	$50.1M	50x
Variational Omni BNB	+0.0003%	8h	799.72	+0.101%	$4.1M	$5.2M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.14	+0.154%	$9.8M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BNB_USDT	+0.0023%	8h	799.80	+0.111%	$35.8M	$56.5M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.774%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	800.35	+0.180%	$616K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0060%	8h	800.66	+0.220%	$6.2M	$19.3M	200x	as long as short
MEXC BNB_USDT	+0.0081%	8h	800.90	+0.249%	$83.3M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0081%	8h	800.59	+0.211%	$496.8M	$810.4M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.46	+0.194%	$2.8M	$4.0M	20x	as long as short
Phoenix BNBlong	+0.0099%	1h	798.91	long leg	$172K	$36K	10x
Nado BNB-PERP	+0.0100%	1h	799.30	+0.049%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.65	+0.093%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.80	+0.111%	$54.3M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.70	+0.099%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.90	+0.124%	$27.9M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.12	+0.151%	$78.9M	$27.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.99	+0.011%	$4.2M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.82	−0.011%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.01	+0.138%	$117K	$878K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.09	+0.148%	$387K	$458K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.36	+0.181%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.78	+0.234%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.40	+0.187%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.40	+0.061%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.29	+0.172%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.62	+0.089%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.14	+0.154%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.28	+0.046%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.74	+0.104%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0156%	8h	800.40	+0.187%	$90K	$2.8M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0200%	1h	799.61	+0.088%	$69K	$38K	12x	as long as short
BloFin BNB-USDT	+0.0201%	8h	799.28	+0.046%	$18.1M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	800.19	+0.160%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0225%	1h	799.33	+0.052%	$161K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.74	+0.229%	$1.6M	$161K	25x	as long as short
Hyperliquid BNB	+0.0306%	1h	801.24	+0.292%	$53.2M	$20.7M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	799.76	+0.106%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0393%	1h	800.89	+0.248%	$2.7M	$5.7M	40x	as long as short