Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.010%

Price spread now: SunX against Phoenix+0.041%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$700.700% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 3 days (all we have)−0.152%−$15 · spread now +0.041%, 7d avg −0.006%

Together, before fees−0.334%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.047% dearer against Phoenix than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.006%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	800.03	0.0155	pay 0.0019% / 1h	4m 32s	$172K	$35K	10x
Short	SunX BNB-USDT	800.36	0.0100	get 0.0100% / 8h	1h 04m	$13K	$1.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$11.57
Price spread: +0.041% → −0.006%: $4.74
Slippage, 4 orders: −$55.05
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$76.88
Costs to cover: 0.700%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; SunX: live order book, 10 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, 7 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	15.07 bp	23.5 bp −$23	30.7 bp −$307	doesn't fit	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	799.71	−0.040%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.40	+0.046%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.27	+0.030%	$3.0M	$29.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.47	+0.055%	$865K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.71	−0.040%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0028%	8h	798.74	−0.161%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	799.74	−0.036%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0065%	8h	799.60	−0.054%	$139.0M	$78.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.37	+0.042%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	799.17	−0.107%	$605K	$994K	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	+0.0097%	8h	800.60	+0.071%	$6.3M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.64	−0.048%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.12	+0.011%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.70	−0.041%	$54.7M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.40	+0.046%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	799.70	−0.041%	$35.7M	$59.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.13	+0.012%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.89	−0.017%	$80.7M	$26.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.61	−0.053%	$4.2M	$77.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.21	+0.022%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.83	−0.025%	$121K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.77	−0.032%	$386K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.95	−0.010%	$32K	$5K	10x	as long as short
SunX BNB-USDTshort	+0.0100%	8h	800.36	+0.041%	$13K	$1.7M	50x
SoDEX BNB-USD	+0.0100%	1h	799.90	−0.016%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.38	−0.081%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.58	+0.068%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.55	−0.060%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.78	−0.031%	$384K	$40K	10x	as long as short
Kalshi KXBNBPERP	+0.0107%	8h	800.30	+0.034%	$110K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0116%	8h	800.90	+0.109%	$83.2M	$13.9M	200x	as long as short
Binance BNBUSDT	+0.0117%	8h	800.53	+0.062%	$500.7M	$818.0M	75x	as long as short
Phemex BNBUSDT	+0.0118%	8h	800.33	+0.037%	$70.0M	$51.1M	50x	as long as short
Phoenix BNBlong	+0.0155%	1h	800.03	long leg	$172K	$35K	10x
Kraken Futures PF_BNBUSD	+0.0207%	1h	799.53	−0.063%	$2.6M	$965K	50x	as long as short
Hibachi BNB/USDT-P	+0.0224%	1h	799.23	−0.101%	$71K	$48K	12x	as long as short
BloFin BNB-USDT	+0.0237%	8h	800.44	+0.051%	$18.3M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0298%	1h	800.20	+0.022%	$650K	$21K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.24	+0.026%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.632%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0317%	1h	800.87	+0.105%	$51.8M	$21.6M	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.14	+0.013%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	800.82	+0.099%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.52	−0.064%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0359%	1h	799.99	−0.005%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0563%	1h	800.58	+0.069%	$2.7M	$5.7M	40x	as long as short