Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0381%/8h= −41.7% APRpaid last 24h −0.033%

Price spread now: Phemex against RISEx−0.037%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.166%−$17 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.037%, 7d avg +0.045%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.082% cheaper against RISEx than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BNB/USDC	785.29	0.0432	pay 0.0054% / 1h	25m 06s	$1.1M	$905K	20x
Short	Phemex BNBUSDT	785.00	0.0051	get 0.0051% / 8h	2h 25m	$68.7M	$50.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$80.04
Price spread: −0.037% → +0.045%: −$8.16
Slippage, 4 orders: −$10.85
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$117.05
Costs to cover: 0.288%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Phemex: live order book, 4 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 RISEx live order book, 4 min ago	1.66 bp	4.7 bp −$5	7.9 bp −$79	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.13 bp	10.5 bp −$10	14.5 bp −$145	20.0 bp −$2,003	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 −0.0192% / S +0.0356%	1h	784.59	−0.089%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	783.99	−0.166%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	784.61	−0.087%	$846K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.70	−0.075%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0031%	8h	785.04	−0.032%	$6.1M	$19.0M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.521%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0042%	8h	784.42	−0.111%	—	$22.2M	—	as long as short
Phemex BNBUSDTshort	+0.0051%	8h	785.00	−0.037%	$68.7M	$50.5M	50x
MEXC BNB_USDT	+0.0055%	8h	785.20	−0.011%	$79.6M	$11.9M	200x	as long as short
Binance BNBUSDT	+0.0056%	8h	784.99	−0.039%	$489.0M	$811.3M	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	784.25	−0.133%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	784.62	−0.085%	$567K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.64	−0.083%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.68	−0.078%	$264K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.55	−0.094%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.87	−0.053%	$51.4M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.79	−0.063%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.28	−0.129%	$137.8M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.30	−0.126%	$53.3M	$112.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	785.20	−0.011%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.40	−0.113%	$36.4M	$58.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.10	−0.152%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.23	−0.135%	$75.9M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.67	−0.079%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	783.72	−0.200%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	784.31	−0.125%	$4.1M	$75.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.92	−0.047%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.82	−0.060%	$131K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.73	−0.071%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.62	+0.042%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.60	−0.088%	$386K	$993K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.48	−0.103%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	785.12	−0.022%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	784.18	−0.141%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.73	−0.071%	$377K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	784.35	−0.120%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERP	+0.0141%	8h	785.00	−0.037%	$160K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0169%	1h	784.37	−0.117%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0176%	8h	785.45	+0.020%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0208%	8h	785.52	+0.029%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	785.74	+0.057%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0298%	1h	785.69	+0.051%	$637K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	784.97	−0.041%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	784.61	−0.087%	$6K	$3K	40x	as long as short
RISEx BNB/USDClong	+0.0432%	1h	785.29	long leg	$1.1M	$905K	20x
Hibachi BNB/USDT-P	+0.0504%	1h	783.85	−0.183%	$67K	$39K	12x	as long as short