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 −0.023%

Price spread now: Variational Omni against Phoenix−0.092%84s7-day average −0.116% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.137%−$14 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now −0.092%, 7d avg −0.116%

Together, before fees−0.163%+ Points / potential airdropVariational Omni: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.024% dearer against Phoenix than usual: you sell high and buy low (spread −0.092% now, against its 7-day average of −0.116%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.7 days. At the pace of the last 3 days (−0.137% in total) that is about 15 hours. The two prices were read 84 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	789.73	0.0117	pay 0.0015% / 1h	21m 50s	$170K	$35K	10x
Short	Variational Omni BNB	789.00	0.0100	get 0.0100% / 8h	4h 21m	$4.1M	$4.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.092%Rate

Funding earned: −$3.63
Price spread: −0.092% → −0.116%: $2.42
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.21
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 30 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 30 min ago	1.01 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.34 bp	doesn't fit	6.8 bp −$68	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 −0.0187% / S +0.0351%	1h	789.31	−0.053%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.67	−0.008%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.36	−0.047%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.31	−0.054%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.945%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0039%	8h	789.65	−0.010%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0052%	8h	789.43	−0.038%	—	$13.4M	—	as long as short
Binance BNBUSDT	+0.0064%	8h	789.84	+0.014%	$492.9M	$790.3M	75x	as long as short
MEXC BNB_USDT	+0.0064%	8h	790.00	+0.034%	$80.2M	$12.4M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.035%	$582K	$1.9M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0065%	8h	789.78	+0.006%	$69.1M	$50.0M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.34	−0.050%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.40	−0.042%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.20	−0.067%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.61	−0.015%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.49	−0.030%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.24	−0.062%	$138.8M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	−0.080%	$53.4M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.50	−0.029%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.25	−0.061%	$35.5M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.25	−0.061%	$27.9M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.80	−0.118%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.44	−0.037%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNBshort	+0.0100%	8h	789.00	−0.092%	$4.1M	$4.6M	—
edgeX BNBUSDC	+0.0100%	4h	789.89	+0.020%	$4.1M	$73.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	790.13	+0.051%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.24	−0.062%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.55	−0.022%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.97	+0.030%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.50	−0.029%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.38	−0.044%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.94	+0.027%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.89	−0.106%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.32	−0.052%	$379K	$110K	10x	as long as short
Phoenix BNBlong	+0.0117%	1h	789.73	long leg	$170K	$35K	10x
dYdX BNB-USD	+0.0130%	1h	789.35	−0.048%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0145%	8h	790.08	+0.044%	$2.9M	$28.5M	10x	as long as short
Kalshi KXBNBPERP	+0.0178%	8h	789.80	+0.009%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0184%	8h	789.74	+0.001%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.050%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.96	+0.029%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.04	−0.087%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.80	+0.009%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	789.15	−0.074%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	789.51	−0.028%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.63	−0.012%	$1.1M	$967K	20x	as long as short